Open innovation and RegTech

Leverage regulatory technology for corporate compliance

Complying with the regulatory agenda has become increasingly complicated. To address these complexities, regulatory technology solutions, commonly referred to as RegTech, have emerged.

Leveraging analytics, distributed ledger technology and artificial intelligence (AI), RegTech tools can help businesses stay compliant through automation, agility and scale—helping to reduce risk and unnecessary cost.

While mostly associated with the financial services industry, the benefits of RegTech apply to most industries subject to regulation and complex compliance requirements, including telecommunications, pharmaceuticals, and energy.

Stay ahead of the game with open innovation

Such advances in RegTech—and their implementation—have been enhanced with "open innovation.” Open innovation facilitates experimental collaboration to accelerate innovation within the business, as compared to operating in guarded silos.

This dynamic and open approach to innovation relies heavily on cooperation across sectors as well as organizations within and outside of a firm. Understandably, companies vary in how much they’ve adopted this strategy, and as a result, to what degree they’re making use of RegTech’s many benefits.

Read Deloitte Italy’s report

Sharing our RegTech expertise, we recently collaborated with Deloitte Italy to take a closer look at the open innovation between RegTech startups and businesses in highly regulated fields.

While there are risks to consider with any new innovation, the benefits of RegTech and collaborative, open innovation are numerous.

Download the report to:

• Take a deeper look at RegTech.
• Get a sense of where your company falls in terms of tech adoption.
• Learn the benefits of open innovation and five key ways to put it into practice.
• Take a closer look at the collaboration between several RegTech startups across industries.
• Identify risks and things to consider when choosing RegTech companies to work with.

Acknowledgements:

Giulia Pescatore | Senior Manager
gpescatore@deloitte.lu