Click here to learn about RegTech’s roots, its various types and how it helps tech companies comply with We also had to understand how it would affect Clear Minds and what we had to do to comply with the Regtech – an effective compliance solution. How to use RegTech in practice. Bottom line.
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Thomson Reuters began developing the solution after acquiring UK-based regtech Empowered Systems in March, which allowed it to take Financial services companies are struggling to keep up with a mountain of new regulatory and reporting requirements – and it’s only going to get worse.
So, what is RegTech? RegTech is not the new FinTech but instead stands alongside it. Short for ‘Regulatory Technology’ this latest family member refers to technology that is designed to help businesses comply with the increasingly complex regulation of their industry efficiently and more.
RegTech supports both existing and new rules and regulations. MiFID II aside, what are the biggest problems that RegTech solves? It is almost impossible to keep up with this surge of regulation unless you use technology to analyze and respond to regulatory requirements in a more automated.
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RegTech has rapidly risen to prominence in 2018, from total obscurity. But what Regtech exactly is? At risk of sounding too simple, RegTech is pretty much what it says on the tin: the use of new technology to facilitate the delivery of regulatory requirements.
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RegTech has two aims: increasing the effectiveness and the efficiency of compliance. Both are critical. regtech solutions can be introduced at different points of compliance. They can be used to anticipate potential issues, e.g. real-time tracking of risk issues, to detect and deter non-compliant.
RegTech Universe – What it is, its categories and solutions. RegTech is the happy medium. It’s a technology that works to standardize regulatory processes, create unambiguous interpretations of the regulations, and most important – automate the compliance process.