RegTech trends you need to know
Experts Voice
18 February 2019
RegTech trends you need to know
Experts Voice
18 February 2019

RegTech trends you need to know

RegTech, short for regulation technology, is an emerging industry that combines technology and financial services to help organizations comply with regulations. It focuses on utilizing automation and innovative solutions to simplify regulatory monitoring and reporting processes. By leveraging RegTech solutions, companies can avoid costly mistakes and ensure adherence to the numerous financial regulations in force worldwide. This industry has experienced significant growth and is expected to continue expanding in the coming years. Here are five key Regtech trends to watch for in this dynamic field.

Some key RegTech trends to keep an eye on

1. Consolidation as an independent industry

In the first half of 2018, the RegTech industry received $1.37 billion in investments, surpassing the total investments made in 2017. This surge in funding demonstrates the increasing recognition of RegTech as a major industry in its own right, separate from its parent industry, FinTech. As RegTech continues to mature, it will attract even more corporate interest and substantial investments, further solidifying its position as a prominent sector.

2. Integration into risk management

Managing risks is a critical aspect of any business, particularly in the financial services industry. RegTech plays a pivotal role in risk management by significantly reducing the time required for regulatory compliance checks. This streamlines the onboarding process for new companies and facilitates ongoing compliance for existing organizations. RegTech solutions help identify potential risks, automate compliance procedures, and provide real-time monitoring, empowering companies to proactively address regulatory challenges.

3. Industry interest in the RegTech sector will increase

The growing demand for RegTech solutions has spurred the development of industry-specific conferences and platforms. These gatherings provide regulators, thought leaders, and industry experts with opportunities to collaborate, share best practices, and devise innovative solutions. Collaboration and transparency in the RegTech community will drive sector advancements, fostering a vibrant ecosystem of knowledge exchange and support.

4. GDPR will fuel increased demand for RegTech

The General Data Protection Regulation (GDPR), implemented in 2018 by the European Union, has become one of the world's most stringent data protection and privacy regulations. Non-compliant companies face severe fines that can jeopardize their long-term viability. While GDPR is an EU regulation, its extraterritorial scope means that international companies operating within EU borders must also comply with its policies. As a result, there has been a heightened demand for RegTech solutions that assist organizations in achieving and maintaining GDPR compliance. RegTech platforms offer tools for data privacy management, consent tracking, breach notification, and other essential aspects of GDPR compliance.

May interest you: Testing as a Service (TaaS) explained.

5. Future government regulations will drive new RegTech requirements

GDPR is not the only data protection regulation in the world. As more countries introduce their own data protection laws, such as the California Consumer Privacy Act (CCPA) and Brazil's General Data Protection Law (LGPD), the demand for RegTech solutions will continue to grow. RegTech providers are adapting their offerings to meet the compliance needs of these evolving regulatory landscapes. They help organizations navigate the complexities of multiple regulatory frameworks, streamline compliance processes, and ensure data protection across borders.

These trends illustrate the expanding role of RegTech in the financial industry and other regulated sectors. Through technological innovation and automation, RegTech offers companies the means to effectively manage compliance, reduce risks, and stay ahead of evolving regulatory landscapes. As the industry continues to mature, we can expect further advancements in RegTech solutions, fostering a culture of compliance, efficiency, and trust in the business world.

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