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RegTech: Crucial Pillar of Financial Technology
RegTech: Crucial Pillar of Financial Technology
The financial sector adheres to strict regulations, including the FinTech companies changing the world of finance, but the technology handling regulatory compliance is also adapting.
Regulatory Technology (RegTech) is emerging as a means to handle the data and security that make dealing with finances so sensitive in the digital era. Organizing data through analytics with identification and authority is important for any financial entity, and FinTech companies are no exception.
By managing more and more data, FinTech companies require tools to ensure compliance with greater agility and credibility. As they evolve their own technologies, RegTech has done the same, forging an unlikely situation where various sides of the equation are working closer together.
RegTech brings together unlikely partners — banks, regulators, and technology & IT firms, like Storm IT Financial — to create solutions that will benefit the financial services industry as a whole. It’s only through collaboration that financial institutions can achieve reliable, cost-effective compliance while regulators can ensure that regulatory control is being managed effectively.
This does mark a significant shift for all involved, because legacy systems have long managed compli- ance from a distance. RegTech can have a more immediate impact, with basic tasks that reduce oper- ational risks in meeting compliance and reporting obligations.
It could also help FinTech align more resources and focus on security and risk mitigation, which is critical when identification and au- thority need to be protected from being compromised. Gateway and access point security through portable devices (mobile phones, tablets, laptops) are also paramount in todays new working environment and need to be protected, which is why here at Storm IT Finan- cial, we have embraced this modern era with new technology to protect people’s portable devices on the move to be able to monitor, track and, if needs be, totally wipe devices remotely, in the event equipment are lost or stolen, giving peace of mind to the firm their information and data are protected.
RegTech offers an opportunity to repurpose compliance teams, to automate typically mundane but burdensome tasks and allowing them instead to establish a renewed focus on risk mitigation. The goal is to continue to remove hurdles that would hinder FinTech’s contribu- tion to creating an enhanced, fair and resilient financial system — from this perspective RegTech is an innovation enabler.
Reducing De-Risking with RegTech
RegTech has already gained the full attention of both the UK and Australian governments. Treasurer Scott Morrison said in a speech that for Australia, RegTech will help create “a regulatory system which is technologically advanced”. By leveraging the advantages offered by RegTech solutions, fintech companies can decisively address concerns that banks might have about risk in the sector. Companies that adopt RegTech make a strong statement by showing their commitment to high standards of regulatory compliance. RegTech offers these firms the opportunity to reduce their perceived level of risk and establish a high level of trust with financial institutions and regulators alike, all thanks to firms like Storm IT Financials innovations and use of compliant, regulatory technology.
Storm IT Financial FinTech News & Trends picks: Week 13th-17th Feb 2017
Why is RegTech a must-have for asset managers?
RegTech solutions can help ease the regulatory burdens faced by asset managers and asset servicers:
http://www.itproportal.com/features/why-is-regtech-a-must-have-for- asset-managers/
Looming Regulations Will Drive Regtech Adoption in 2017
With an increase in regulation requiring automated processes and accu- rate data, adoption of so-called regtech tools is likely to snowball:
Cyber security chief: changing passwords frequently makes you more vulnerable to hacks
Changing passwords all the time is a bad idea, says top cyber security chief:
Key updates to Microsoft Azure Backup Server
Microsoft Azure Backup Server (MABS) is a cloud-first backup solution to protect data and workloads across heterogeneous IT environments of en- terprises:
https://azure.microsoft.com/en-us/blog/azure-backup-server-key- features/
Capital Markets primed for next phase of market data services delivery with the cloud
The advent of cloud-based service delivery is bringing change for the options available to the capital markets community:
What is the point of hybrid cloud – or, is it time to re-evaluate hybrid?
There used to be a buzz around hybrid cloud….:
Calculating the Cost of Moving to the Cloud
Thinking of making a move to the cloud ? :
https://solutionsreview.com/cloud-platforms/calculating-the-cost-of-moving-to-the-cloud/
London to lead growth in RegTech investments as sector set to soar in 2017
London is set to lead a dramatic growth in the regula- tory technology (“RegTech”) industry:
https://thefintechtimes.com/london-lead-growth- regtech-investments-sector-set-soar-2017/
New hub to help grow UK’s £6 billion fintech sector
A new specialist fintech hub, backed by the UK and Scottish governments, will open its doors to entrepre- neurs in May 2017:
http://www.cityam.com/258840/new-scottish-hub- help-grow-uks-6bn-fintech-sector
Banks stumbling over hurdles as they race to em- brace cloud technology
Worries about concerns over security breaches are among the hurdles preventing banks from taking up cloud technology as quickly as other firms:
http://www.cityam.com/258914/banks-stumbling- over-hurdles-they-race-embrace-cloud
Hybrid cloud popularity soars, while private cloud plummets
Microsoft Azure adoption is up:
