So RegTech is the application of innovative technologies to help companies achieve compliance and tackle increased regulation which is no longer just a problem for FS as a sector but also crossing over into other areas such as retail.
These RegTech solutions often incorporate the latest greatest tech,be it cloud technology,artificial intelligences, big data analytics and it is so important that these companies are tackling and achieving compliance because they are living in a more regulated world and they want to offer their services, often globally and also to their consumers 24/7.
So the way that companies can keep up is to be constantly re-evaluating their application of technology, is it adaptable enough, is it scalable? With increased regulation,companies must ensure that they have robust solutions in place,but that can flex over time and scale up or down based on needs and changing regulations.
There is so much investment in tackling compliance at the moment,it is absolutely a number one board issue. If companies really tackle this effectively they find that they not only stop the bad getting into the organisation, but they can help get the good in as well.
So it becomes a positive aspect as well for them. So when they tackle compliance with an affective,accurate process they are clearly meeting regulation but they are allowing for a smooth journey for their good customers which can enable growth for their business.