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Simplifying the Complexities of Regulation with RegTech

Jim Garlock By: Paul Bracht

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There is an undeniable truth in that the more progress we make, the more complex regulatory policies become. The growing volume and complexity of regulations that companies must observe in today’s world has given birth to a technological solution that helps them navigate regulatory challenges with ease and maintain compliance. RegTech, short for “Regulatory Technology,” is the solution companies use to comply with regulations in today’s digital age.

This solution can make a company’s processes more efficient, effective, and less costly using a wide range of technologies such as artificial intelligence (AI), cloud computing, and natural language processing (NLP). Ultimately, it helps companies address and manage industrial challenges like cyber security, anti-money laundering, know-your-customer compliances, and more.

Complex Problems, Complex Solutions

Several factors make this technology necessary in this modern era, such as growing regulatory complexity, rising costs, increasing enforcement, and technological innovation. Hence, the industries with the heaviest regulations experience the double edge sword known as progress the most. Industries like finance, healthcare, energy, and insurance are some of those most affected.

However, RegTech, as mentioned above, encompasses various technical solutions. Below is an analysis of the core four:

All of these technical solutions are not mutually exclusive. They can work in tandem to enhance compliance, improve the accuracy of decisions, reduce risks, and enhance the customer experience. Other technologies like natural language processing (NLP) and robotic process automation (RPA) can also be utilized to meet the following industrial challenges.

The finance, healthcare, energy, and insurance industries can benefit from the implementation of RegTech. With the help of seasoned software developers, benefits like automating compliance processes, enhancing customer due diligence, and ensuring that sensitive data is secure and private to manage risk can be possible. As a result, the four core technlologies that RegTech comprises can help companies stay ahead of complex and constantly evolving regulatory requirements.

Optimizing Regulatory Processes

Our society is set to continue to evolve and grow, both in population size and technological complexity. Therefore, we require the somewhat ironic assistance of new technology to help us guarantee the best outcomes for as many people as possible. Whether it's with elaborate solutions like artificial intelligence or blockchain, various benefits are just waiting. Regulatory Technology, or “RegTech,” can help us get there.

To combat today’s challenges that are made up of hacks, malfunctions, and pure human error, expert software specialists can work with companies across various industries like e-commerce, manufacturing, healthcare, and more in the development of custom RegTech solutions to help mitigate or eliminate them. This will improve customer satisfaction and drive businesses toward stronger security and increased revenue.

Disclaimer:

Chetu, Inc. does not affect the opinion of this article. Any mention of specific names for software, companies or individuals does not constitute an endorsement from either party unless otherwise specified. All case studies and blogs are written with the full cooperation, knowledge and participation of the individuals mentioned. This blog should not be construed as legal advice.

Chetu was incorporated in 2000 and is headquartered in Florida. We deliver World-Class Software Development Solutions serving entrepreneurs to Fortune 500 clients. Our services include process and systems design, package implementation, custom development, business intelligence and reporting, systems integration, as well as testing, maintenance and support. Chetu's expertise spans across the entire IT spectrum.

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