Over the years RegTech has become the new way in which to describe technology that has been specifically developed to help businesses manage regulatory compliance. These types of solutions are generally created to help manage PRA and/or FCA regulations.
But what exactly is RegTech, you may be asking. Let us break it down for you to help you understand what exactly it is.
What is it?
RegTech is the abbreviation for Regulatory Technology. The technology itself is is designed to help businesses comply with regulatory requirements and can cover a myriad of topics, from for example managing complaints, all the way through to managing employee competence.
RegTech solutions are typically designed to work in real-time to assist firms in either managing, and/or reporting against regulatory requirements. This could be in the form of helping managing money laundering requirements all the way through to support transaction reporting.
RegTech is designed to help businesses in the financial sector meet wide ranging regulatory responsibilities
Typically, RegTech is employed to improve process management, reduce risk, improve oversight and support regulatory reporting requirements.
RegTech vs FinTech what’s the difference?
RegTech and FinTech are typically solutions and/or capabilities that are used in the financial sector, however, their purpose are somewhat different
FinTech is the shortened name for Financial Technology, and this describes solutions that enable organisations to digitise their approach in a variety of different areas.
From online payment solutions to apps for the management of travel money wallets, FinTech is all about providing technology solutions that challenge the market, make it easier for consumers to transact and provide challenge to the traditional banking/savings/consumer credit services. The biggest and most popular example of this is PayPal.
Other examples of FinTech that are used daily are Google Pay, Klarna or Crowdfunding services.
With this type of technology, the main benefit is that individuals can transact quicker, more securely and in alternative manners than to the traditional banking services.
Why should my firm use RegTech?
If your firm operates in the financial services industry, then RegTech can take a lot of pain away from complying with regulations, improving process management, and reducing risks (to name but a few.)
Paper-based systems are long becoming a thing of the past, so making sure your RegTech solutions are as simple and easy to use as possible is essential to as firms seek to adopt supportive technology.
There are a variety of solutions that can assist in different areas. Solutions for SM&CR built to manage all the governance and competence requirements, Tracsmart designed to assist with Training & Competency and Checksmart shaped to provide the best quality assurance to any business.
Here at Worksmart, we offer a variety of RegTech solutions l aid a wide range of compliance, governance, and regulatory processes.
Compatible with firm’s in house systems and processes and designed with FCA regulations in mind, you can feel at ease knowing that our solutions will make regulatory compliance easier and save you time in a multitude of areas.
Learn more about our award-winning RegTech solutions today.
Call us on +44 1908 613 613 or email firstname.lastname@example.org and see how our solutions can help you.