RegTech: The Financial Industry Disruptor

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Guest Post | May 13, 2020

Regtech sector - RegTech: The Financial Industry DisruptorSince the global financial crisis of 07/08, firms have had more and more stringent rules enforced upon them to ensure that such a catastrophe isn’t allowed to happen again. This increase in regulatory burden has gone a long way in keeping disasters at bay, but at the same time it has put a lot of pressure on people working in the financial industry.

Observing an ever-changing onslaught of compliancy rules is no mean feat, that much is for certain. Professionals in the field of finance could have the rug pulled out from underneath them at any moment, which is why they’ve long called for a bit more support. Fortunately, thanks to the emergence of RegTech, they now have the exact level of assistance that they require.

See:  TC Webinar (May 21, 2020): FinTech, RegTech, and SupTech Community of Practice with Simone di Castri

RegTech has well and truly changed the face of the financial industry… and many will say for the better. To find out what kind of an impact it has had, be sure to read on.

The impact of RegTech

The Institute of International Finance has recently pinpointed seven key areas of compliance and regulatory reporting that RegTech has had a distinct impact on:

Risk-data aggregation

This makes it easier for finance professionals to draw up capital and liquidity reports.

Modelling and forecasting

Finance professionals now have the capacity to better manage their risk because of the fact that it is now easier for them to analyse future trends.

Payment transaction monitoring

This gives finance professionals a tighter grip whenever they enter into an agreement with a new client/partner.

Market trading

Finance professionals can now calculate interest margins and study the choice of trading venue, which in turn allows them to make much sounder investments.

New regulations

RegTech automates the interpretation of new compliancy regulations, which ultimately allows finance professionals a better chance of being able to observe the rules that are enforced upon them.

 

The different types of RegTech

To ensure that it is capable of optimizing the daily workflow of a wide range of finance professionals, RegTech comes in a plethora of shapes and size. Here are the three different types of Regulator Technology that you should be aware of:

Tracking

Finance professionals can automate the process of tracking their compliancy laws by investing in CUBE DRP regulatory compliance software.

Reporting

This allows finance professionals the opportunity to submit reporting data with ease, which in turn allows them to draw up important reports at a much quicker pace.

Training

The training feature that is installed into most RegTech solutions makes it possible for whole workforces to learn about this type of technology while on the job.

Ask all of your friends in the finance industry what they think about RegTech, and they’ll no doubt all say the same thing — it has made life a whole lot easier. Without this tech at hand, finance professionals would be forced to study a countless amount of compliancy documents each day. This would inevitably lead to errors being made, and it would drain the workforce of any enthusiasm they once had for regulator reporting.

 


NCFA Jan 2018 resize - RegTech: The Financial Industry Disruptor The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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