RegTech connects Regulatory Systems with Technology
RegTech’s name combines the words “regulatory” and “technology”, and RegTech itself links specialist knowledge of regulation with technology. New software technologies boost agility, speed, and data quality for compliance to achieve better data at lower cost.
To this end, RegTech offers several components:
- Combine the specialist knowledge of the compliance officer with self-learning data knowledge (machine learning)
- Automate processes such as monitoring and clarifications
- Provide external hosting by migrating data storage to the cloud
- Analytics for recognizing unusual patterns in data