What is RegTech and how can it help you meet your regulatory/compliance requirements?

Regulatory Technology, commonly referred to as “RegTech” is a new term in many industries but it’s nothing to be intimidated by.

RegTech is simply applying technology solutions/tools to regulatory and compliance processes/tasks such as audits, risk management, inspections, reporting requirements etc.

RegTech aims to:

  • Manage regulatory and compliance requirements 
  • Create efficiencies & improve productivity
  • Automate and simplify processes as current regulatory/compliance processes tend to be extremely manual
  • Digitize regulatory/compliance information
  • Integrate systems
  • Establish cost effective solutions
  • Increase collaboration and information sharing
  • Proactively identify risks in advance
  • Remediate existing regulatory/compliance issues or gaps

Benefits of RegTech solutions:

  • Automated processes – cost savings, efficiencies and reduced risk
  • Digital datasets – information is securely stored and always accessible
  • Information sharing – when processes are manual, it’s hard to share information with other stakeholders or partner groups. Digital datasets allows information to be shared easily and quickly. 
  • Integrated systems – systems are able to work together to identify gaps/risks and pull data from multiple sources
  • Reporting and analytics – allows users to identify real-time risks, predict & forecast
  • Proactive identification of risks/gaps
  • Reduced consulting/remediation costs as issues are prevented or remediated proactively 
  • Ability to meet regulatory/compliance requirements
  • Assistance with new regulations and processes that need to be completed in order to meet new regulatory/compliance requirements

How can you leverage RegTech?:

  • First, you need to understand your existing regulatory and compliance requirements
  • Secondly, you need to identify issues, gaps or areas for improvement in your current processes
  • It’s important that you understand your existing technology capabilities – what it can do and can’t do
  • Seek out information on RegTech solutions applicable to your needs

**Tap Report is a RegTech tool helping users meet their regulatory/compliance requirements of routine inspections. Check out the Tap Report website for more information on how Tap Report can help.

Looking for more information?

Below are some additional resources on RegTech:

RegTech is the new FinTech: How agile regulatory technology is helping firms better understand and manage their risks
Deloitte, 2017

The changing landscape: How to use RegTech and make regulatory compliance your strategic advantage
PWC, 2016

The Rise Of RegTech And What It Means For Your Business
John Humphries, 2016