How has Compliance Technology revolutionized the regulatory world?
Compliance function has now become a part and parcel of any financial organization. All transactions, asset exchange, and management protocols are governed by a set of compliance regulations. Failing to comply with the regulations might invite legal penalties and fines. Many severe frauds and engagement in illicit activities lead to the permanent shutdown of the company. All of these ramifications are quite disastrous for a company. Thus, in order to deal with such situations, fintech startups have introduced automated compliance solutions which led to the evolution of compliance technology.
A thought-provoking podcast brought to you by Compliance Time discusses the whole domain of compliance and how efforts have already begun in the field of technology to confront several roadblocks.
Pivoting the area of financial compliance, Densita, the host, interviews Shub Nandi, CEO and Co-Founder of PiChain to know more about the upcoming revolutions in the area of compliance technology. The podcast series covers topics related to fintech startups, regulatory solutions, compliance technology, and dives deep into the other terms associated with it. Updating us on the ongoing happenings, this podcast will fill you in with various compliance information.
The discussion starts with how AI and Blockchain, two prominent technologies, are being used by RegTech & Fintech startups to achieve sustainable compliance in the forms of confidence scores, costs, and efficient utilization of regulatory capital. The discussion then exhibits ideas and thoughts of compliance officers and what worries them most in the field of compliance.
Shub answers the question of “What makes good compliance?” and presents a model where good and sustainable compliance is actually cost-effective.
Compliance policies also apply to a lot of non-financial companies as well. Even though it comes in different forms and names, Regulatory compliance technology still plays a critical role in running an organization. To get more insights into how the finance industry works & the compliance requirements, click on the link below.