The rapid introduction of regtech—which involves using new technologies to meet regulatory and compliance requirements— suggests that using big data analytics allows firms to accelerate the cumbersome and costly process of implanting new regulation. There are a number of areas of compliance and reporting where technology can have significant benefits, such as risk data aggregation, modeling and real-time transactions monitoring. Machine learning, artificial intelligence, and biometrics have been particularly promising in tackling compliance challenges.
RegTech is information technology (IT) that (a) helps firms manage regulatory requirements and compliance imperatives by identifying the impacts of regulatory provisions on business models, products and services, functional activities, policies, operational procedures and controls; (b) enables compliant business systems and data; (c) helps control and manage regulatory, financial and non-financial risks; and (d) performs regulatory compliance reporting.
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