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RegTech on the Rise

Do you still have doubts about implementing RegTech solution in your financial institutions? Probably you should read this to learn how other institutions have faced penalties and the challenges due to non-compliance over regulatory requirements. Also, download this infographic to learn about the emerging technologies of RegTech and its potential benefits. <br><br>Visit Sensiple website to read more https://www.sensiple.com/infographics/regtech-on-the-rise

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RegTech on the Rise

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  1. ON THE RISE What is RegTech? What it does? Streamline complex end-to-end regulatory processes through process automation and help financial firms to comply with one or more regulatory authorities through Automated Regulatory Process, Regulatory Reporting and Monitoring, RegTech enables investor protection. Evolution of RegTech RegTech 1.0 RegTech 2.0 RegTech 3.0 Introduction of new technologies to monitor and analyze risk of specific regulations or processes. These formed into a portion of the quantitative risk management & rehearses that we're acquainted with today. (1990-2000) Post 2000s, devices have helped organizations to be consent to rules and improve their supervision exercises. Most RegTech applications have concentrated on 'know your client' (KYC) by improving purchaser security and testing bad practices (2000-2020) The future of RegTech is all about shifting gear from digitization of money to monetization of data. The data will influence the informed decisions and primarily the focus will shift to security and the privacy of the data. Cost of Compliance 1 $270 Billion is being spent annually by Financial institutions 2 >$300 Billion Fines are being paid by banks since 2008 3 $10.6 Billion Regulatory spending by 2022 would jump to $76bn from $10.6bn 10-15% of financial institutions’ staffs to work on governance, risk management and compliance 4 300+ Million pages of regulatory documents will be published by 2020 750 6 global regulatory bodies send an average of 200 alerts daily 5 The Biggest challenge in adopting RegTech 49% 37% 32% Developing data strategy to link technology, workflow and compliance requirements. Identifying technology that delivers as expected Having accurate and up-to-date data 30% 30% 27% Cybersecurity Concerns Hiring and training Inadequate budget 22% 17% Complying with data privacy regulations Standardizing the data across jurisdictions or products Source: Duff and Phelps Emerging Technologies of RegTech embraced by Financial Firms Big Data & Analytics Cloud Computing 40% Robotic Process Automation 48% 29% Machine Learning Business Process Modeling Tools 38% 25% 19% 24% Business Decision Modeling Tools Cognitive Analytics Potential Benefits of RegTech Track real-time risks and deter non-compliant behavior Increased regulatory compliance efficiency Increased revenue with high customer retention Identifying the frauds and predicting anomaly behavior Faster Adaptation to the new regulatory requirement Improved data collection and data analytics process www.sensiple.com marketing@sensiple.com Source: FT, KPMG, TCS, Bloomberg

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