Head of Enterprise Risk Management
2:00 PM Exploring the Use of Regtech and Fintech to Evolve Financial Service Regulation to Optimise Responses and Improve Effectiveness and Efficiency
The innovation of technology is creating new pathways to manage and mitigate risk compliance as it continues to meet regulatory demands for data. The global demand for regulatory, compliance and governance software is expected to reach $160 billion by 2020 and regulatory changes are increasing by 492% with 50,000 compliance documents generated in the 5 years between 2009-2014. There are simply too many new regulations coming too quickly and institutions are struggling to keep up. Regtech and fintech will be streamlining and simplifying outcomes and will have the potential to give way to effortless customisation and scalability.
- Improving capabilities and cost efficiencies
- Drawing from these new methods to create better customer and regulatory outcomes
- Overcoming the cost of regulatory compliances by automating and simplifying processes