Regtech is a smart legal tool that uses innovative technology to help people and businesses generally understand and comply with applicable regulations. While legaltech covers all types of products and services related to innovative technology-based services to improve service in terms of legality.
This association is a place for various companies engaged in the legal sector with one goal, namely increasing literacy and education about the law. Also, as a community partner to connect with regulators and the government. The community can deal directly with the association to understand the law, so it is expected that there will be no more multi-interpretation on a legality or regulation.
Regulatory technology, also known as a "RegTech" is a new field within the financial services industry that utilizes information technology to enhance regulatory processes. It puts a particular emphasis on regulatory monitoring, reporting and compliance and is thus benefiting the finance industry.
The objective of RegTech is to enhance transparency as well as consistency and to standardize regulatory processes, to deliver sound interpretations of ambiguous regulations and thus to provide higher levels of quality at lower cost. Oftentimes RegTech companies utilize the cloud through software-as-a-service.
RegTech to date has been focused on the digitization of manual reporting and compliance processes, for example in the context of Know your customer requirements. This offers significant cost savings to the financial services industry and regulators. However, a 2016 academic paper suggested that the potential of RegTech is far greater stating that "it has the potential to enable a close to real-time and proportionate regulatory regime that identifies and addresses risk while also facilitating far more efficient regulatory compliance".
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Regtech is a smart legal tool that uses innovative technology to help people and businesses generally understand and comply with applicable regulations. While legaltech covers all types of products and services related to innovative technology-based services to improve service in terms of legality.
This association is a place for various companies engaged in the legal sector with one goal, namely increasing literacy and education about the law. Also, as a community partner to connect with regulators and the government. The community can deal directly with the association to understand the law, so it is expected that there will be no more multi-interpretation on a legality or regulation.
Downvoting a post can decrease pending rewards and make it less visible. Common reasons:
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Regulatory technology, also known as a "RegTech" is a new field within the financial services industry that utilizes information technology to enhance regulatory processes. It puts a particular emphasis on regulatory monitoring, reporting and compliance and is thus benefiting the finance industry.
The objective of RegTech is to enhance transparency as well as consistency and to standardize regulatory processes, to deliver sound interpretations of ambiguous regulations and thus to provide higher levels of quality at lower cost. Oftentimes RegTech companies utilize the cloud through software-as-a-service.
RegTech to date has been focused on the digitization of manual reporting and compliance processes, for example in the context of Know your customer requirements. This offers significant cost savings to the financial services industry and regulators. However, a 2016 academic paper suggested that the potential of RegTech is far greater stating that "it has the potential to enable a close to real-time and proportionate regulatory regime that identifies and addresses risk while also facilitating far more efficient regulatory compliance".
Source: https://en.m.wikipedia.org/wiki/Regulatory_technology
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