Facing the Reg Tech wave in financial crime – Quarterly GRC Professional – December 2016 – Anthony Quinn – Though it has been stated that regtech is the new fintech, it is different in one fundamental aspect: it is not there to compete but to facilitate GRC frameworks in organisations and to make them more efficient.
According to Richard Gluyas at The Australian, Treasurer Scott Morrison said that “The automation of compliance with regtech has the potential to overcome individual foibles and human error in a way that provides the quantum leap in culture and compliance that our regulators, customers, policymakers and the community are increasingly demanding.”
This would suggest regtech has grown overnight. In fact, regtech simply means ‘regulatory technology’ and has existed in some form for many years.
“We have been developing what we have been developing for the last four years, way before even hearing the term regtech,” Anthony Quinn CEO of Arctic Intelligence.
He said that from his perspective, it is a good thing because finally, there is a platform to showcase what his company is doing and why they think regtech is important.
“We codify regulations, take them from the rule books of different regulations like AML, and then put them into our platform,” Quinn explained. “Then, we have people go through those and assess how their internal policies map against that particular external obligation, and what the risks are of getting it wrong. What are the potential consequences of failing to meet that compliance obligation?
“Broadly, what we are trying to do is apply smart technology to regulations to make it easy for regulators and regulated entities to comply with and identify where their gaps are so they can track, manage and report them,” Quinn added .Read full article…