Article

RegTech: Get Onboarding The challenges of compliance

The regulatory context is constantly changing: since 2012, over 50,000 regulations have been published throughout the G20. In this regulatory landscape, compliance functions are facing some key challenges:

  • Managing Regulators: Respond to regulatory requirements with timeliness, protecting both the brand and reputation;
  • Compliance Strategy: Lead the strategic decision-making process from a regulatory compliance standpoint;
  • Compliance Operations: Reduce compliance costs by promoting transparency and managing inefficiencies in paper-driven processes;
  • Consumer Protection: Implement new solutions to enhance customers’ protection. 

Current compliance tools used by financial institutions are gradually reducing the capability to meet regulatory demands. Therefore, in order to gather, analyze and compute all the required data, financial institutions are using a variety of IT systems and are increasing manual processes and the related operational risks.

A key issue is clearly arising: “how can a financial institution address compliance in a more efficient and less resource-consuming manner while improving the quality of data reported to regulatory supervisory authorities?” Within FinTech ecosystem there are a group of companies focused on meeting regulatory demands through innovative technologies: the RegTech Universe.

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