Insurance and Banking firms are increasingly facing tighter controls from governing bodies to ensure they are completing all transactions in a responsible manner. Adhering to these tighter controls – in other words regulatory compliance, requires knowing:
Who the responsible managers within the firms are.
What their responsibilities are.
What functions and roles they carry out within the business.
What the governing body compliance regulations are.
Which compliance rules apply – and to whom.
Confirmation of compliance status of the individual managers.
If not compliant, what steps have been taken (ie courses) to make that individual compliant.
What the global picture of the firm is in terms of governance and responsibility compliance.
All of the above – in real time!
It’s no surprise therefore that compliance managers are increasingly turning to RegTech to manage compliance in a more efficient manner. Let’s look at RegTech in more detail:
What is RegTech? RegTech; meaning regulatory technology, is technology used to complete regulatory tracking and reporting.
How can RegTech help? RegTech solutions help by offering a central repository of all relevant employee compliance information. This innovative technology can offer automatic alerting on updates and actions required (through workflow), enable easy reporting (through the production of a Governance or Responsibilities Map), check the individual’s status (fit and properness), and even help schedule courses required to obtain compliance.
What are the benefits to RegTech? RegTech solutions save firms time, money and help protect them from regulatory fines due to non-compliance. Time is saved by the reduction in information collating to generate reports. Money is saved in employee time to complete tasks and by using one solution across the business, and though automatic alerting those responsible for ensuring compliance can automatically be alerted to non-compliance status and be proactive in ensuring deadlines are met.
What are the downsides to RegTech? As with all systems implementations there will be some initial disruption to the IT department. An extra project to work on, data mapping, migration, security, testing, any bespoke development and unified global rollout of any new system will need to be evaluated before going ahead. However, this disruption can be part managed by the inhouse team and can – where available – be part managed by the solution provider.
Weighing up the benefits to the disadvantages of implementing a RegTech solution, I can only offer advice to go ahead. Not only because we offer RegTech solutions, but also because it will save lots of headaches in the longer term and ultimately help protect any Finance firm from missing compliance deadlines which could in turn cost the business millions in fines.
Who are we?
We are proud of our team of highly experienced & well connected professionals, who have been successfully delivering business solutions across diverse technologies and in multiple industry sectors.
Our particular expertise is in the financial services and insurance sectors.
Along with this, we are able to call on our extensive network of consultants, partners and associates to augment our delivery capacity. TechFINIUM currently has operations in the UK, South Africa and India.
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