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Adopting RegTech: A practical guide
Journal of Financial Compliance,
6
(1),
80-94
(2022)
Abstract
As the regulatory burden increased over the last decade, financial institutions aimed to consolidate their regulatory solution to improve efficiency and enhance compliance. RegTech grew as a segment with multiple vendors, financial institutions and regulators all working together to find solutions that would enable adherence to the rules. Newer technologies such as cloud, artificial intelligence (AI) and data analytics began to dominate, with further innovations making regulatory systems more foolproof. Underpinning these advancements is the ability of the RegTech system to improve data management. In return, data quality enhancements provide reliable AI and more trustworthy RegTech systems. This paper analyses insights from global regulators on RegTech and underlying technologies, and provides practical guidance for implementation.
Keywords: RegTech; SupTech; cloud; artificial intelligence (AI); banking and capital markets; digital technology; regulatory systems; regulation; compliance; data quality; financial services; DaaS; IaaS; PaaS; SaaS
The full article is available to subscribers to the journal.
Author's Biography
Harpreet Singh leads Banking and Capital Markets Post-Trade Solutions for Luxoft. He is responsible for delivering business and fintech solutions to clients in post-trade functions, such as regulatory, liquidity management and operational resilience. Harpreet has over 20 years' experience in implementing change and driving growth as programme director, consulting head and COO for large banks, such as Citigroup, Deutsche Bank and UBS, as well as consulting organisations. As guest speaker at international events, he shares insights on regulatory, cloud and data challenges, and has published several papers on these subjects. Harpreet has a bachelor's degree in engineering and a post-graduate degree in finance.
