{"id":251040,"date":"2023-06-19T15:19:03","date_gmt":"2023-06-19T15:19:03","guid":{"rendered":"https:\/\/imarticus.org\/?p=251040"},"modified":"2024-04-04T09:56:13","modified_gmt":"2024-04-04T09:56:13","slug":"regtech-how-technology-is-simplifying-regulatory-compliance","status":"publish","type":"post","link":"https:\/\/imarticus.org\/blog\/regtech-how-technology-is-simplifying-regulatory-compliance\/","title":{"rendered":"Regtech: How Technology is Simplifying Regulatory Compliance"},"content":{"rendered":"

The growth of information technology has led to major industries around the world seeking out digital solutions for streamlining their operations. Keeping up the pace, fintech has also adapted to digital tools, bringing forth new products and services that lean towards accessibility and user convenience.<\/span><\/p>\n

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In recent years, RegTech has emerged as one of the commonly used tools implemented by fintech organisations to support regulatory compliance, in addition to monitoring audit trails and preventing fraudulent activities across platforms. If you are pursuing a <\/span>blockchain course<\/a><\/strong>, this article is a quick guide to RegTech and its potential in the fintech industry.<\/span><\/p>\n

What is RegTech?<\/strong><\/h2>\n

Regulatory Technology, or RegTech as it is commonly known, has been steadily growing popular as an automated, technology-driven digital tool allowing organisations to keep up with their regulatory compliance commitments. In the era of digital solutions and technologies, RegTech has been noted for its immense potential in the financial industry, where RegTech can be implemented to monitor a company\u2019s regulatory compliance and monitoring.\u00a0<\/span><\/p>\n

In addition to streamlining the process of regulatory compliance, RegTech can reduce expenses, and eliminate the risks of fraudulent activities such as cyber hacks and data breaches. RegTech can simultaneously monitor and keep up with changes in various aspects of the regulatory space, including data analysis and management, employee surveillance, tracking transactions, detection of fraudulent activities, and more.<\/span><\/p>\n

What makes RegTech relevant in the fintech industry?<\/strong><\/h2>\n

RegTech has been recognised for the promises it brings in support of regulatory compliance, with integration, analytics and speed being its principal assets. With the ability to seamlessly process and organize data sets, as well as generate quick reports, RegTech is an incredible addition to the rapidly evolving environment of regulatory compliance.\u00a0<\/span><\/p>\n

RegTech has also drawn attention in terms of adaptability and can be integrated into systems, even with limited resources. Mentioned below are some of the capabilities that make RegTech adaptable to conditions with limited resources:<\/span><\/p>\n