Increased regulation in the aftermath of the financial crash of 2008 has led to the global banking industry placing the burden of compliance on their heavy shoulders. A decade later, the wave of new regulations is still advancing, creating the need for compliance and adaptation to the strategic concerns for the C-level operatives.
The fast pace of change in the regulatory landscape has been matched by technological advances. Hence, the emergence of RegTech - using information technology to enhance regulatory processes. Its rapid growth over the last few years is redefining the future of financial services.
Managers facing an increasing number of regulatory requirements are better able to streamline compliance, improve effectiveness, enhance customer experience and reduce the risk of compliance failures, ultimately giving firms competitive advantage over new market entrants. The strict industry-wide regulations mean that banks and financial services firms cannot afford to overlook compliance and risk management.
Financial institutions are looking at suitable solutions which provide immediate results and comply with the latest regulations, making the compliance process easier to manage. This is how RegTech can help, by creating cost-effective, automated regulatory compliance solutions, making life easier for compliance professionals required to meet regulatory requirements, whilst at the same time increasing profitability.
Tangible benefits from RegTech include:
- Increased revenue
- Lower costs
- Greater efficiency
- Reduced risk
A large extent of RegTech is focused on compliance in the financial services industry and an increasing number of institutions will be focused on RegTech solutions to manage compliance and regulatory requirements. However, as the sector evolves, its potential will drive machine learning towards supporting complex decision-making and greater profitability.
The RegTech Automation and Compliance Forum 2019 in London will address the challenges that financial institutions are still facing in maintaining the capacity to deliver safe and secure operations whilst maximising the benefit of RegTech solutions.
The Forum will present strategies and examples of best practice that will help financial institutions gain competitive advantage by mastering compliance through automation and innovation.
The Simplifie Solution
Simplifie are delighted to be a key sponsor of this year’s event.
As RegTech has emerged as a lifeline to help firms ease the burden of increasing regulation and compliance and streamline labour-intensive and costly tasks, Simplifie solutions have led the way for financial firms to become more efficient.
Simplifie understands the frustrations that financial services firms are facing in today’s tough regulatory environment.
We appreciate that compliance requires a greater level of automation in order to bring benefits of cost and time savings, enhanced brand consistency and speed to market.
Streamlining the management of standardised and automated processes, providing clarity and accountability, our solutions aim to make regulatory reporting for banks comprehensive, transparent and accurate.
You can find out more about Simplifie, our solutions and ethos at the 3rd RegTech Automation and Compliance Forum taking place on Thursday 19 September 2019.
We look forward to seeing you there!
* NOTE: Book your place now and receive a 30% delegate discount by quoting ‘REGTSF’
For more information please visit: www.cityandfinancialconferences.com/RegTech2019