RegTech (Regulatory Technology) includes technologies such as big data, cloud computing, artificial intelligence, machine learning, and blockchain that help companies comply with regulatory requirements. RegTech targets industries such as the financial and healthcare domains notorious for their large number of regulations and rules.
Financial institutions use many different internal data systems, making it difficult for them to quickly compile data to fully satisfy the ever-changing requests from regulators. This way, as the amount of data stored increases, so does the challenge of meeting regulatory requirements. The report by BI Intelligence claims that in the wake of the 2008 financial crisis, the volume of regulatory changes and announcements has gone up by as much as 492%.
What is more, compliance with a large number of rules is both time-consuming and costly. The main item of expenses is the payment of various fines. According to the analytical company Boston Consulting Group, since 2008, the largest banks have spent more than $300 billion on fines globally, and this figure is increasing.
Regarding such volatile regulatory and reporting requirements, the only efficient solution to compliance risk management lies in the implementation of new technologies. Regtech apps have landed among the top fintech trends for 2021, and are expected to establish a $53B-worth market by the end of this year.
Our Solution
We invite fintechs and startups in the RegTech sector to take a look at the Regulatory Change Management Dashboard and be the first among its early adopters. The template is a ready-to-use solution for RegTech compliance and change management with front-end implementation. The use of the dashboard reduces development time and saves up to 50% on its further management. Fully automated, the dashboard includes a robust set of analytic tools, including customer identity verification, reports compilation and submissions, transaction monitoring, and reporting.
How Does It Work?
The dashboard provides the opportunity to track and monitor regulatory changes so that every business can tune it up according to the data it needs (legislation acts and regulations targeted at a particular industry). The solution's flexible functionality offers plenty of customization features to businesses in practically every business domain.
Akveo’s Regulatory Change Management Dashboard informs businesses about the regulations that have changed and how they may affect their operations. What that means is that all policies, regulations, rules, and processes are interconnected, and the system knows how exactly. If a regulatory change occurs, the system will automatically highlight all the rules, processes, policies, and documents that are affected by this particular regulatory change.
Main Features and Modules:
- Parsing of regulations. The digitalization of risk management and regulatory compliance makes the parsing of regulations much easier.
- Comparing regulations with their older versions to discover all the changes. If a few lines have been changed among hundreds of pages, the algorithm within the dashboard will take a few seconds to locate all the changes. At the same time, this very task would take an employee at least several hours to complete.
- Discovering conflicts caused by changes. The solution comes with a dashboard that allows employees to quickly discover all the possible compliance-related issues.
- Effective regulatory change management. Thanks to the convenient visualization of all links, employees can capture all this data across the various departments and locations of an organization.
The template is a perfect match for any business in any domain regardless of the regulatory requirements' complexity. Moreover, the template significantly speeds up the process of the in-house regulatory software development if a business has such plans.
All in all, the template provides businesses with a vital strategic advantage, not to mention reduced costs on regulations compliance and harmonized coordination between departments.
To Sum Up
As said earlier, in the aftermath of the global financial crisis, regulators around the world have noticeably increased requirements for the financial sector. Banks have to cope with the new reality, but at the same, time they continue to use old legacy systems. That approach often results in increased regulatory costs.
The problem is that the regulatory framework hasn’t been written in stone – the rules evolve and sometimes get overhauled. These changes mean that a certain business process may become non-compliant in an instant. At the same time, new business processes can be established to take advantage of the new opportunities driven by those changes. That is why businesses need regulatory change management tools to make sure that their business stays compliant to take advantage of all the market opportunities.
Regulatory Change Management Dashboard provides:
- accurate analytics, including customer identity verification, reports compilation, and submissions
- transaction monitoring and reporting
- collaboration tools: no email or spreadsheets required
- increased customer retention rates.
The template is fully customizable, so our team can develop it according to your individual business needs and goals. Get early access to the template and let us know what you think about it.
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