The Financial Conduct Authority (FCA) describes regtech as the “adoption of new technologies to facilitate the delivery of regulatory requirements”.
Most of the business leaders that I interact with these days often use two terms, “digital innovation” and “regulatory compliance”. I wonder if they are intrinsically linked? Indeed, successfully addressing multitude of regulatory risks can be a complex, time-consuming and an expensive task.
Subas Roy, director in EY’s financial services practice, explains how regtech can help and how to avoid the pitfalls.
The Financial Conduct Authority (FCA) describes regtech as the "adoption of new technologies to facilitate the delivery of regulatory requirements". In other words, regtech signifies one of the key benefits that fintech promises to deliver, that of "enhancing trust and compliance while promoting innovation and new ways of doing business".
Increasingly, I see regulatory technology – regtech – as a common theme among the many, including the firms, the regulators, the digital solution providers and the consultancy houses.
While digital innovation can help understand our clients’ behaviour and aspirations better, the question I always ask is how the underlying technology could help running the business better, drive costs down including demonstrating an effective regulatory compliance environment? Surely, growth is dependent on both innovation and trust, and therefore the need for technology to help drive both the agendas together?
Founded in 2011 by entrepreneurs Roger Carson and Wayne Johnson, and operating from the UK, encompass is the creator of unique, innovative Know Your Customer (KYC) software for banking, finance, legal and accountancy that enable better, faster commercial decisions. The company is driven by the belief that the best decisions are made when people understand the full picture.
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