In part 1 of this vlog series, you learned about what RegTech (Regulatory Technology) is and why it’s important for financial services. Part 2 covered the biggest achievements in RegTech over the past year, what the future holds for RegTech, and the next steps your organization should take to be successful. In part 3 of this series we’ll discuss the new regulations to watch for and the nature of the changes.
What Are the New Regulations to Watch out For?
There are a lot of regulations on the horizon, but it’s not just about the regulations, it’s about the regulatory challenge. The key is to look at the business problems and the regulatory problems, not just the regulations. For example, how do we solve for fraud? Anti-money laundering? Cyber security? Regulations come and go. For that reason, it’s critical to look at these challenges both from a business problem and regulatory problem perspective.
How is the Nature of Regulation Changing?
The nature of regulation is changing in the sense that regulation now needs to be solved for technology and its advancements. Much of the regulation was written many years ago and didn’t take into account all the changes we’re seeing today. Before regulators come up with new practices and write new policies, it would be beneficial to test them with the technology first, which would solve many of the issues.
Check back for more vlogs around RegTech and why it’s important for the financial services industry in our 5-part vlog series.
How Hitachi Vantara Can Help
With regulations constantly changing and data volumes rising, many of the largest financial institutions are looking to Hitachi Vantara for actionable insights into customers, operations, and risks. Learn more about Hitachi Vantara’s RegTech solutions here.