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RegTech is the “bridge” between firms and Regulatory Authorities
Streamlined procedures, time efficiency, operational risk reduction and optimisation of data, are just some of the benefits that firms seek today when looking to adopt Regulation Technology software solutions.
These and more, were analysed in detail in the special feature of Gold Magazine titled ‘Mind the Compliance Gap’ by Mr. Fanos Christofi, Managing Director and Founder of eBOS.
In his analysis, Mr. Christofi mentioned that RegTech is increasingly seen as the bridge between firms and regulatory requirements, enabling a business to fulfil its regulatory obligations with more efficiency and therefore enabling it to focus on its core offering.
Moreover, Mr Christofi quoted that RegTech solutions drastically reduce the amount of time needed to research and retrieve pertinent data, as well as the time required to complete compliance checks.
Additionally, RegTech can help in decreasing the volume of repetitive and mundane tasks for staff and can therefore reduce the risk of errors, as he declared.
Mr.Christofi added that with the implementation of RegTech, combined with Artificial Intelligence and Natural Language Processing to intelligently automate processes, already established digital infrastructures can also be made more adaptable, flexible and efficient.
Most importantly, as indicated in the article, RegTech solutions add value to firms and free up significant time and resources ultimately delivering a higher return on investment.
Finally, Mr. Christofi explained that the companies that develop and commercialize RegTech solutions will continue to mature their products by incorporating lessons learnt from the past year, making their products more efficient, more effective and more user-friendly.