RegTech: Innovation to Enable Compliance
What Is RegTech?
Rapid technological evolution in the financial services industry continues to gain pace. This new environment is challenging traditional financial institutions to meet consumer demand for digital solutions by accelerating innovation in-house and by partnering with financial technology, or fintech, companies.
FinTech companies are applying innovative technology and evolving business concepts to the challenges firms face. Of these challenges, one priority is managing regulatory risk and compliance. RegTech (regulatory technologies) are tools that enable firms to enhance their compliance capabilities while becoming more efficient and cost-effective.
Based on our analysis of the market, regtech is associated with the following key competencies:
Protiviti is continuously exploring avenues that, combined with our risk management and regulatory expertise, can assist our clients to utilize technology and data in order to enhance regulatory compliance. We are collaborating with various technology partners in order to offer solutions that can be tailored to individual institutions.