4 Ways Regtech Solves Regulatory Compliance Challenges

Financial firms manage most of the world’s wealth, and with that comes the responsibility to manage IT well, including managing their regulatory risk.

Using RegTech Solutions

Firms are increasingly investing in regtech solutions to help with efficiency, streamlining processes, avoiding fines and penalties, and reducing regulatory risk.  

Many of these solutions incorporate technologies including AI (artificial intelligence) and RPA (robotic process automation) and are SaaS solutions, enabling easier implementation and management globally.

These firms are also under the watchful eye of the regulators and have been encouraged, by those same regulators, to embrace new technologies to support overall market stability.

The benefits of using RegTech

Regulatory affairs departments have been using regtech solutions to help them with their various challenges, including:

  1. Regulatory risk reduction through moving from manual processes and solutions such as spreadsheets, where incorrect keying of data and other errors can easily occur, to a robust, highly automated solution including analytics, dashboards, and a single view of regulatory data.
  2. Using automation and auto-routing for data collection and workflow, including feeding into a GRC (Governance, Risk and Compliance) solution.
  3. Satisfying the relevant regulators that your firm has taken necessary steps towards operational resilience through the utilization of regulatory technologies. Regulators have shown themselves to have an increasingly proactive approach to oversight of financial services actors since the financial crash of 2008. This links to reason 4.
  4. Better manage the ongoing onslaught of published regulatory content and keep on top of regulatory change management.

A Risk-Based Approach To Regulatory Compliance

Corlytics provides a risk-based approach to regulatory compliance. We help compliance, risk, legal and audit teams globally. 

We monitor, assess, map, and align regulatory changes, so firms know what regulatory content is relevant, where to focus and what’s emerging.

Contact our team of experts for more information and a demo of our award-winning Corlytics platform www.corlytics.com

Lavanya Rathnam

Lavanya Rathnam is an experienced technology, finance, and compliance writer. She combines her keen understanding of regulatory frameworks and industry best practices with exemplary writing skills to communicate complex concepts of Governance, Risk, and Compliance (GRC) in clear and accessible language. Lavanya specializes in creating informative and engaging content that educates and empowers readers to make informed decisions. She also works with different companies in the Web 3.0, blockchain, fintech, and EV industries to assess their products’ compliance with evolving regulations and standards.

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