{"id":1559,"date":"2018-09-26T10:29:00","date_gmt":"2018-09-26T10:29:00","guid":{"rendered":"https:\/\/digiterrebestg.wpengine.com\/?p=1559"},"modified":"2024-05-30T13:04:58","modified_gmt":"2024-05-30T13:04:58","slug":"the-regtech-revolution-is-here-are-you-in-on-it","status":"publish","type":"post","link":"https:\/\/www.digiterre.com\/us\/2018\/09\/26\/the-regtech-revolution-is-here-are-you-in-on-it\/","title":{"rendered":"The RegTech revolution is here \u2013 are you in on it?"},"content":{"rendered":"
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The RegTech revolution is here \u2013 are you in on it?<\/h1>\n\n

As the complexity and speed of change in the tech ecosystem for financial services increase, so do the risks involved. Huge investment in digital capabilities and emerging technologies, together with continued customer and market impacting technology failures have driven regulators to enforce much, much tighter rules of engagement. As a result, since the financial crisis, financial institutions (FIs) have paid more than $321 billion dollars in fines and there\u2019s now said to be a change to global financial regulation every 10 minutes!<\/p>\n \n <\/div>\n<\/section>\n\n\n

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FIs are increasingly challenged on their ability to understand, manage and mitigate risk exposure, with regulators asking that additional capital be held where firms are unable to demonstrate this. Simultaneously, unprecedented levels of complex tech change have increased the need for assurance over outcomes, whilst the pressure to curb or reduce costs remains. The outcome? A massive boom in regulatory technology solutions, otherwise known as \u2018RegTech\u2019; best defined as new technology that facilitates the delivery of regulatory requirements. So what areas of business is RegTech having most impact?<\/p>\n\n\n\n

Multiple business compliance issues for RegTech to impact<\/h4>\n\n\n\n


There are at least seven issue areas according to the IIF (Institute of International Finance), as follows:<\/p>\n\n\n\n

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