The International RegTech Association (IRTA) has launched new open standard principles for RegTech firms.
The association has unveiled the first iteration of its ‘IRTA Principles for RegTech Firms’, which are spearheaded by the IRTA Innovation Working Group. They aim to facilitate innovation and protect innovators as they work on developing high-quality RegTech solutions. The overarching framework is intended to ‘shape engagement and good practice’ for RegTech providers when working with all stakeholders, including customers, consumers, regulators and peer firms.
RegTech provider members of the not-for-profit IRTA are invited to sign up to these voluntary high-level principles.
Ben Richmond, IRTA chief executive, said: “The IRTA has gathered great momentum throughout its inaugural year, and the IRTA Board has formulated a solid and evolutionary strategic plan for the Association’s second year of operation. The enthusiasm and support of our members has been outstanding; I would urge all RegTech stakeholders to embrace these new standards and to join us in our mission to advance the industry as a whole.”
The principles are outlined in a launch webinar, featuring its co-authors Diana Paredes, Vice Chair of the IRTA Innovation Working Group, Executive Board Member Jane Walshe, and leading academic and regulatory advisor Dr. Daniel Gozman from the University of Sydney in Australia. IRTA members will also receive a fully-documented review copy.
Work on these Principles will be ongoing; following the webinar, the IRTA has issued a ‘Call for Input’ to gather feedback from RegTech stakeholders around the globe and will publish a second iteration in March 2019.
Earlier this year, The Disruption House (TDH) has formed a partnership with the International RegTech Association (IRTA) to accelerate the adoption of RegTech solutions.
TDH, a specialist ratings agency for early stage companies, will provide all IRTA members with access to its scorecard service at a ‘generously discounted rate’. The TDH Scorecard provides analysis on a company and their technology, together with analytical commentary on the longer-term potential and viability of the business.
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