It’s more evident now than ever before that the compliance and RegTech space is rapidly evolving. We’ve seen transformations in rules and regulations, administration and leadership, and new, innovative ways in which regulatory agencies operate. However one thing is certain: compliance and RegTech aren’t going anywhere. As Jo Ann Barefoot puts it, “We’ll look back on 2019 as a turning point for the compliance industry -- the year in which RegTech becomes the dominant theme.”
We asked a group of compliance and RegTech influencers a single question: “What do you expect to be the top-of-mind consideration in the compliance industry in 2019?” Here’s what they had to say:
“Compliance professionals will be educating themselves on digitally-native RegTech, educating their organizations, educating their regulators and mapping out how to incorporate these new, young technologies and vendors into their systems. The industry will begin a multi-year redesign that moves compliance away from today's model of centralized IT with specialty data systems tacked on, to a new platform model that will be agile and modular, smart and data-rich, enabling flexible optimization and continuous, automatic updating and upgrading. It will be a journey, and it starts next year.”
“I expect compliance directors will focus increasingly on responding to investigations and examinations by state attorneys general and state bank regulators. The states are continuing to ramp up both resources and coordination in the consumer finance space.”
“FinTechs are growing at lightning speeds. From a risk manager’s perspective, it can be challenging to keep up with the pace of change when you have such a diverse set of rules to manage against. Compliance is everyone’s responsibility and luckily, the process is becoming more efficient through the use of customizable and scalable technology. An automated solution to provide oversight is key to managing risk and compliance.”
"In 2019, I expect that we will continue to see compliance cement itself as an integral stakeholder of growth. Companies will work to expand their compliance funnel by ensuring they have coverage over all of their channels and leveraging machine learning technologies to drive automated outcomes at scale from the ever-growing quantity of data and tightening budgetary realities."
Regardless of the ever-changing regulatory landscape, these new developments in compliance and RegTech will continue to disrupt the industry. The importance of education will stand out, State AG enforcement will step up and innovative technology will promote efficiency and growth at scale.
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