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The Future of Legal Services
Why are legal firms heavily investing in RegTech?
Legal firms play a fundamental role in the regulatory ecosystem as they understand the necessity of the compliance function and help to advise on the development and adoption of RegTech.
Legal advisors themselves are now required to have a comprehensive understanding of local and international regulations, technical infrastructure requirements, data protection, data privacy and data models. They also need to comprehend the legal risks of utilizing manual and automated procedures. All of which are critical to be equipped to effectively advise clients and internal stakeholders. Regtech is where they are now turning to leverage technology to reduce regulatory risk and operational costs while automating repetitive processes and streamlining risk-management procedures, to deliver a better client experience, and avoid repetitive procedures.
eBOS offers WiseBOS RiSC – Risk Intelligence, Scoring & Compliance – an advanced, comprehensive, next-generation solution that provides more efficient and effective risk-based compliance capability. WiseBOS RiSC minimises exposure to financial fraud while maintaining and fulfilling regulatory compliance requirements.