We recently joined other leaders in Regulatory Technology at the RegTech Summit US in NYC to discuss some of the hottest topics in the industry. Technology is increasingly bridging the gap between regulations and compliance, and financial services leaders are investigating their options.
Whether it be cyber security, anti-money laundering, or consumer protection, leading financial services companies are looking to RegTech to mitigate risks while bringing efficiencies and cost-savings to the process.
Here are 3 of the hottest topics that kept coming up throughout the day:
- The skill set for compliance is calling for more tech folks. The vast number of regulations created in the past few years has made tech solutions the key to scaling up compliance programs. RegTech solutions are automating compliance processes to increase compliance coverage without increasing the number of compliance personnel required. With companies adopting RegTech for their compliance processes, the field of compliance requires professionals who are able evaluate and understand the right technology for their company that enables them to keep up with regulatory change and demands.
- Just as RegTech helps companies keep up with regulatory change, RegTech can help regulators keep pace with companies’ innovation. While financial products are scaling at an unprecedented pace, regulators do not have an increase in resources to keep pace easily. Regulators may find themselves inundated with big data and may not have the resources to analyze it for insights. The rise of consumer complaint platforms like the CFPB Consumer Complaint Database provides a trove of data that is often underutilized by regulators and companies alike. RegTech not only improves compliance efficiencies, but can also help regulators understand new innovations and trends in the financial services space.
- RegTech can help companies maintain the perfect audit trail. Regulators are increasingly sending more requests for information to companies. This means that companies not only need a way to document all of their actions and show that their actions are compliant with regulations, but they also must be able to easily access and organize that data. When companies have millions of actions to track, comprehensive and streamlined recording and reporting powered by RegTech can significantly automate and simplify that process—allowing companies to be ready for an audit at any time.
RegTech is the way of the future for compliance. We’re proud to be a leading RegTech company, and we are excited to keep innovating and helping companies monitor their consumer interactions for regulatory and brand compliance.
To learn more about how PerformLine monitors consumer interaction channels for compliance, visit our website, performline.com.