What is RegTech?

What is RegTech?

Also known as Regulatory Technology, RegTech is cloud-computing technology used to help companies comply with regulations. Through big data and machine-learning technology, RegTech companies are able to monitor transactions and to analyse and identify irregularities, such as fraudulent activities. RegTech also generates reports and helps to integrate solutions to current regulatory systems.

Why use a RegTech?

RegTech makes it easier and faster for financial institutions to manage their compliance with regulations and to correct any potential errors more effectively. This technology analyses big sets of data in a short amount of time, something that a traditional compliance team might have a harder time doing. It benefits the company internally, as it boosts the company’s capacity to respond to compliance performance issues and offers protection against any type of risks.

The future of RegTech

There is an increasing demand from companies to oversee data and combat fraud, so RegTech has a lot of potential to expand in this area. Tax and anti-money laundering (AML) regulations will require more information from the clients to be collected and analysed, and it is crucial for this to be an accurate process, so improving data collection will be an important focus for RegTech in the future.

Recruiting RegTech talent

Candidates in RegTech must be highly skilled in performing reports, analysing data and creating datasets. Amongst other skills, RegTech recruiters are looking for experienced individuals that can build, manage and develop products, whether that is a Chief Compliance Officer to identify potential risks, or a Head of Credit Risk to analyse credit performance. The possibilities for RegTech are endless, and as RegTech continues to grow over the next years, so does the importance of having outstanding Risk and Compliance talent in your team.

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Connecting FinTech Talent

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