How do Regtech firms harness technology?
Regtech industry provides compliance management system solutions to financial institutions that offers digital financial services through AI-powered GRC systems (Governance, Risk and Compliance Management systems) coupled with AML screening software. Any financial institution should afford fintech solutions to their customers to ease all the processes to provide seamless services and solutions to their customers in order to boost their business. This has become even more vital and essential since the COVID19 pandemic had hit the world where there are a lot of restrictions for people to move around. They are also reluctant to move around due to fear of inclusion by COVID19 and not due to FOMO towards COVID19.
Listen to an informative and interesting podcast, Serious Privacy, from TrustArc hosted by Paul Breitbarth and K Royal. In this podcast, they discuss with Shub Nandi, CEO and Co-Founder of PiChain, about the role of Regtech industry in harnessing technology to provide Sustainable Compliance Management Systems to financial institutions that offers digital financial services.
The podcast by the trio is fact and fun filled as they converse and analyse about the challenges faced by the risk and compliance officers of any financial institutions across the world in maintaining data privacy of their customers, curbing money laundering and implementing regulatory guidelines according to the geography of business operations. They also discuss various fintech solutions such as electronic signatures, digital onboarding solutions for both customers and businesses, fintech payment solutions, GRC systems and e-contracts. They also cover the roles and responsibilities of risk and compliance officers and the ways in which technology can augment cognitive compliance solutions to them to make their work effective, efficient and effortless which will improve their decision making.
The GRC systems provided by Regtech industry to financial institutions that provides fintech solutions help them in attaining sustainable compliance by increasing their compliance confidence score, using the regulatory capital efficiently and reducing the cost of compliance. To crack any organised crime involving digital financial services, we need to connect all the data points involving all the transactional data and behavioural data. This involves a great deal of effort in combining data science, big data, block chain and artificial intelligence together to develop a sustainable compliance management system. This helps in accurate prediction of risks and stringent compliance to regulatory processes.
Have you implemented effective and efficient GRC systems in your organisation from an Regtech industry expert? Do you want to know more about an AI-powered compliance management system that can help you in implementing and complying with the regulatory processes?
Listen to the podcast to know more details on organized crimes involved in money laundering, the importance of compliance to regulatory processes, the reasons for compliance still being a challenge and the advantages of involving a Regtech industry expert in implementing compliance and regulatory processes in your organisation. It also provides an overview about the commitment of Regtech industry in handling real-time data of customers while developing an AI-powered sustainable compliance management system.