Digital technology is having a big impact on risk management and regulatory compliance in financial services. And it’s not just hype. By harnessing the power of risk & regulatory technologies (RegTech)—which includes innovations such as artificial intelligence, advanced analytics, and robotic process automation—financial services firms are boosting their risk management and compliance capabilities and quality while dramatically reducing the required time, cost, and effort.
RegTech might not sound particularly new or revolutionary – after all, financial services firms have been using technology to automate their processes for decades, right? However, the level of sophistication that is possible today—as well as the resulting impact and benefits—is much greater than in the past.