Why RegTech is proving to be the watchword for compliance leaders


For compliance teams that want to make their company’s technology more efficient and in tune with the demands of the consumer, the promise of RegTech is continuing to rise in favour.

In a previous discussion, Rik Appleby – Head of Digital Compliance & Conduct at NatWest Group, Philippa Girling – Former Chief Impact Officer at Varo Bank, Aaron Wolf – Managing Director, Anti-Financial Crime at Deutsche Bank and Brian Fahey – CEO at MyComplianceOffice, sat down to discuss the role of RegTech and how it is quickly climbing up the pecking order of importance for compliance professionals.

With technological innovation evolving year-by-year, the potential routes for disruption within the financial sector continue to change and develop. With this ongoing evolution, compliance teams abound that exist at financial businesses are considering the power of RegTech.

With this said, what is at top of the agenda for compliance professionals? In the view of Appelby, who was at HSBC at the time – it is a truly fascinating time for the industry.

He said, “Particularly in the digital space, there has been a significant change in consumer expectations around what they can do with their bank, in their pocket and on their phone, and we are seeing a massive acceleration of the technology that we have and the technology that we’re looking to implement to make our customers lives easier.”

Appelby explained that COVID-19 served to be a massive accelerant in this, with the restrictions in people’s movement, the industry had to look at accelerating new ways to help customers engage with their banks and building societies.

He went on, “We operate in multiple jurisdictions around the world with multiple different regulatory landscapes, and we’re frequently dealing with regulation that didn’t necessarily foresee us performing some of these activities in a ‘digital-first way’ – and that’s challenging.

“It’s challenging interpreting them and working out how you comply with them when you’ve been doing things very differently. We’re also seeing increasing regulation, particularly in the open banking space. That’s really exciting because it opens up huge opportunities for both us and our customers. But particularly when regulators approach that in slightly different ways that creates challenges for us, because it’s not always possible to reuse what we did in one market in another market.”

To listen to the whole presentation, enrol in the Professional RegTech Certificate.

About the Professional RegTech Certificate

The Professional RegTech Certificate course offers a comprehensive and practical exploration of Regulatory Technology (RegTech) for professionals working in the financial industry. With a focus on real-world applications, the course covers key topics such as the fundamentals of RegTech, adoption strategies for financial institutions, the regulators’ perspectives, data reporting, KYC and onboarding, anti-money laundering, cybersecurity, advanced technologies such as AI and ML, and specific legislations.

The course stands out from others by providing a holistic view of the RegTech landscape, combining real-world case studies with insights from leading-edge RegTech innovators and senior leaders from financial institutions.

You can enrol here.

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