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The REGTECH Book
book

The REGTECH Book

by Janos Barberis, Douglas W. Arner, Ross P. Buckley
August 2019
Intermediate to advanced content levelIntermediate to advanced
392 pages
14h 11m
English
Wiley
Content preview from The REGTECH Book

Protecting Consumers and Enabling Innovation

By Stuart Lacey

Founder and Director, Trunomi

What Is RegTech?

Regulatory technology (RegTech) was previously defined as a subset of financial technology (FinTech) and applied to technology that focused on solving regulatory challenges in the financial services sector. RegTech meant innovative, agile technology that helped financial service providers comply with regulations more efficiently by helping them better understand and manage their risks and automate their compliance processes. Now, RegTech is being applied beyond financial services and has the potential to revolutionize customer experiences across all industries.

The financial sector is one of the most regulated globally, and regulation is seen as a necessary evil to protect consumer rights and fight money laundering and fraud. However, few people associate regulation with innovation, and most firms see it as a straitjacket that can reduce operational agility. The rise of RegTech in financial services opens the door for innovation beyond compliance – a way to enhance the customer relationship while reducing compliance costs and operational inefficiency.

The term RegTech was first promoted in 2015 by the UK Financial Conduct Authority (FCA); It was heralded as a welcome solution to banks globally, as the snowballing rules and regulations and escalating costs of compliance were resulting in what has been called ‘regulatory fatigue’. Compliance departments worldwide were overwhelmed ...

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Publisher Resources

ISBN: 9781119362142Purchase book