Book description
The Regulatory Technology Handbook
The transformational potential of RegTech has been confirmed in recent years with US$1.2 billion invested in start-ups (2017) and an expected additional spending of US$100 billion by 2020. Regulatory technology will not only provide efficiency gains for compliance and reporting functions, it will radically change market structure and supervision. This book, the first of its kind, is providing a comprehensive and invaluable source of information aimed at corporates, regulators, compliance professionals, start-ups and policy makers.
The REGTECH Book brings into a single volume the curated industry expertise delivered by subject matter experts. It serves as a single reference point to understand the RegTech eco-system and its impact on the industry. Readers will learn foundational notions such as:
• The economic impact of digitization and datafication of regulation
• How new technologies (Artificial Intelligence, Blockchain) are applied to compliance
• Business use cases of RegTech for cost-reduction and new product origination
• The future regulatory landscape affecting financial institutions, technology companies and other industries
Edited by world-class academics and written by compliance professionals, regulators, entrepreneurs and business leaders, the RegTech Book represents an invaluable resource that paves the way for 21st century regulatory innovation.
Table of contents
- Cover
- A FinTech and RegTech Overview: Where We Have Come From and Where We Are Going
- About the Editors
- Acknowledgements
- 1. Introduction
-
2. The RegTech Landscape
- Islamic RegTech
- How RegTech Could Help Determine the Future of Financial Services
- Introducing the RegTech Quality Compass: The Five Factors of RegTech Quality
- How Banks Are Managing Their Risk Through Technology and Market Infrastructure
- RegTech and the Science of Regulation
-
GDPR and PSD2: Self-Sovereign Identity, Privacy, and Innovation
- A Market in Data-led Services
- The Need for a More Nuanced and Better Understood Working Definition of Privacy
- Privacy Is Not Just About Withholding Information from Others; It Is About the Individual Having Control Over Who Has Access to It
- How Can Technology Help Implement These Principles and the Intention of GDPR?
- The Future: Privacy and Innovative Markets Both Better Served by Self-Sovereign Identity
- Rise of RegTech in the German Market
- The Power of RegTech to Drive Cultural Change and Enhance Conduct Risk Management Across Banking
-
3. Regulatory Innovation and Sandboxes
- Discover the Innovative Technology Behind RegTech Leaders
- Enabling RegTech Up Front: Unambiguous Machine-readable Regulation
- Align Open Banking and Future-Proof RegTech for Regulators and Third-Party Providers to Deliver the Optimal Consumer Convenience and Protection
- A Seat at the Table – Bringing the Voice of FinTech to the US Regulatory Process
- Sandbox Games for RegTech
- Legal Guidance for Entering the Sandbox and Taking Advantage of Cross-Border Cooperation Agreements
- RegTech and the Sandbox − Play, Innovate, and Protect!
- 4. A Call for Innovation or Disruption?
-
5. RegTech Investment and Compliance Spending
- Why a Substantial Investment in Financial Services RegTech Now Will Strategically Reduce Your Future Regulatory Compliance Costs
- Old Tech + New Tech = RegTech: Excel Spreadsheets and End User Computing in a Regulated World
- Will Financial Institutions Ever Achieve a 100% Compliance with Anti–Money Laundering and Combating the Financing of Terrorism Rules?
-
Merits and Demerits of a Shared Risk Engine
- Cloud Infrastructure for Storage
- Data Handler
- Model Silos
- Stress Testing and Scenario Analysis
- Integrated Risk Reporting
- Architecture Details
- Rapid Scaling
- Reduced Cost
- Improved Data Quality
- Faster and Modular Modelling
- Improved Supervisory Comparability
- Data Privacy
- Standardization of Internal Models
- Systemic Model Risk
- Conclusions
- Spend on Compliance: A Necessary Evil or Business Enabler?
- 6. RegTech for Authorized Institutions
-
7. RegTech from a Regulatory Perspective
- The Role of Anti–Money Laundering Law and Compliance in FinTech
- Banking Supervision at a Crossroads – RegTech as the Regulators’ Toolbox
- FinReg, FinTech, and RegTech – Quo Vadis, EU?
- The RegTech Landscape from a Regulator’s Perspective
-
RegTech is for Regulators Too, and its Future is in Emerging Markets
- Regulators Are Starting to Innovate as Well
- For Emerging Market Regulators, the Risk of Inaction Is Too High
- Glimpses of a RegTech Approach to Regulation are Emerging
- In Emerging Economies, We Are at the Beginning of a Wave of Regulatory Experimentation with RegTech
- Where RegTech for Regulators Is Headed
-
8. Blockchain and AI in RegTech
- The ROI of RegTech
- The Augmented Compliance Office
-
Dissolving Barriers: A Global Digital Trust Protocol
- Attempts at Unified Global Identity
- Getting to Know More About This Identity (Due Diligence)
- Beyond One-time KYC: Keeping Records
- Underlying Core Global Regulatory Principles
- Core Function of Compliance Can Be Replaced by an AI Platform
- The Power of a Common Global KYC Platform
- Keeping Records Beyond KYC
- Conclusion
- Can AI Really Disrupt Monitoring for Suspicious Activity?
- Forging a Responsibility and Liability Framework in the AI Era for RegTech
- Compliance with Data Protection Regulations by Applying the Blockchain Technology
- Blockchains Are Diamonds’ Best Friend: The Case for Supply Chain Transparency
-
9. RegTech Applicability Outside the Financial Services Industry
- Protecting Consumers and Enabling Innovation
- RegTech Impact on the Private Security Industry
- ArtTech: How Blockchain Can Improve Provenance
- The Potential of RegTech in Improving the Effectiveness of Environmental Regulation
- RegTech Applicability Outside the Financial Services Industry
-
Using RegTech as a Cross-Industry Digitization Tool
- Lessons Learned in the Financial Services Industry
- Data Protection Is a Now a Cross-industry Problem
- Consequences of Not Protecting Data (and the Benefits of Doing So)
- Issues Related to Industries Outside of the Financial Services Sector
- How RegTech Can Be Applied to Industries Outside of the Financial Services Sector
- Conclusion
- Note
- RegTech Unleashed: Discovering the Pathways Beyond Finance
- RegTech Outside Finance: Four Options, One Clear Choice
-
RegTech: A Safe Bet for Tackling AML and Fraud in the Gambling Sector
- The RegTech Technology Toolbox
- RegTech in a Gambling Context
- Supervised Learning Techniques
- Unsupervised Learning Techniques
- 360° View of Bettors
- Improving Efficiency by Centralizing Data for Compliance Teams
- Assembling Everything in a Real-time Architecture
- Machine Learning’s Black Box Problem
- The Positive RegTech Externality
-
10. Social Impact and Regulation
- The FinTech Ecosystem Between Legal Compliance and Social Dimension
- The End Justifies the Means: Putting Social Purpose Back at the Heart of Banking and Financial Regulation
- RegTech’s Impact on Trust and Identity
- How Technology Is Driving Financial Inclusion
- Banking the Unbanked and Underbanked: RegTech as an Enabler for Financial Inclusion
- Superhero Way: Enhancing Regulatory Supervision with Superpowers
- 11. The Future of RegTech
- List of Contributors
- Index
- End User License Agreement
Product information
- Title: The REGTECH Book
- Author(s):
- Release date: August 2019
- Publisher(s): Wiley
- ISBN: 9781119362142
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