Thursday 15 July 2021
The weight of regulation and reporting requirements is increasing across various industries. This has resulted in new technologies and solutions entering the market aimed at easing the compliance burden. In the last few years, hundreds of start-ups have begun to apply digital technology – including APIs, artificial intelligence (AI) and robotic process automation (RPA) to numerous and burdensome tasks related to regulation and compliance.
One key digital transformation is achieved through the use of Regulatory Technology. Commonly known as RegTech, it refers to the management of regulatory processes and compliance through the use of digital technology.
Though pioneered by the financial industry, RegTech is increasingly realising its true potential through application to a vast array of sectors, and therefore its use should no longer be seen as limited to banks and financial institutions only. Having successfully introduced RegTech to the UK Energy sector, Gemserv is making three key recommendations for organisations to consider:
The impact of RegTech and the synergies with initiatives that can be carried out internally is an opportunity to be seized. This paper builds the case for the application of RegTech beyond the financial sector and beyond compliance to score efficiency, costs and competitive benefits.
To find out more about the benefits on RegTech and how it is helping companies across sectors manage compliance burdens more efficiently, please download and read our thought leadership paper “The RegTech Advantage”.