Manual Compliance Processes- Regulatory Compliance Technology
Introduction
Keeping up with regulatory changes can be a challenge within any industry, and the post-2008 financial sector is no exception. However, companies that are embracing new developments in regulatory technology (regtech) are developing systems capable of maintaining compliance with the millions of pages of new regulatory documents published each year.
Managing the Deluge of New Regulations
With over 200 new regulatory changes coming down from government financial agencies every day, managing regulatory change is a real challenge, especially for financial service providers that are still relying on manual processes for compliance updates.
Tools for the Modern Regulated Marketplace
Once a compliance team has an effective mechanism for regulatory change management, the organization can use technology to collect, tag, search, and crossreference electronic communications like emails, voice mails, app messages, and other digital information together with relevant contextual and trade data.
modern regulatory technologies are offering solutions
Global financial institutions are actively seeking RegTech to solve their compliance challenges. According to the survey of these companies cited above, the vast majority of financial institutions have either already replaced or are investigating the replacement of manual compliance processes with RegTech.
Leveraging Technology to Solve Compliance Problems
Compliance officers of the future will be working in streamlined environments where regulatory changes are automatically integrated into operational systems and AI-enriched compliance data on a smart platform is able to immediately point to activities or individuals that may be contravening the law.
Conclusion It’s no secret that banks across Europe are struggling to comply with new regulations like MiFID II, GDPR, MAR, and other international regulations that apply to the financial service industry. At its very core, all technology is a tool. Increasingly complicated tasks – such as those required within the average compliance department of a global financial institution – demand increasingly sophisticated technological tools to achieve them.
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