Confluence Blog
The Next Phase of RegTech: Automation, Consistency and More It’s no secret that the 2008 financial crisis served as a major turning point for asset managers and in particular their compliance and regulatory oversight teams. Beginning with the passage of the Dodd-Frank Act in 2010, these firms faced a tidal wave of new regulations designed to foster transparency and accountability in the capital markets. This flurry of activity propelled the growth of a relatively new domain: regulatory technology, or RegTech.
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Fast forward to today, the need to remain compliant is more relevant than ever as regulators around the globe continue to beef up reporting requirements. As the space continues to mature, focus is shifting from the what to the how – that is, from simply being compliant to identifying how asset managers and service providers can leverage technology to refine existing compliance and reporting procedures and execute them with efficiency, precision and cost-effectiveness. To do this, the industry needs integrated solutions that streamline processes and standardize actions across the myriad of reports that are now required. Here, we’ll explore some exciting innovations that signify the next phase of RegTech – and how we at Confluence are working to deliver this future. Manually sifting through massive quantities of data to create standardized reports isn’t a tenable situation. The sheer volume of reporting requirements means errors are inevitable, and data automation is the only solution. By leveraging RegTech solutions, asset managers can digitalize and streamline reporting processes, easing the burden on their compliance teams and enabling better performance and scalability. This kind of straight-through processing enables a higher level of nimbleness and scalability as this era of regulatory uncertainty continues.
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