Some key takeaways from the IBF Singapore / FINTRAIL masterclass, 25 April 2022
What is Regulatory Technology (“RegTech”)?
RegTech is a subset of financial technology (“FinTech”) centred on technologies that effectively facilitate the delivery of regulatory requirements. There are many different types of RegTechs on the market that serve an expansive ecosystem of services, not limited to financial crime.
Risks involved in adopting RegTech
While there is no doubt adopting RegTech solutions can improve the efficiency and effectiveness of your financial crime-fighting functionalities, there are multiple risk factors to consider throughout the various phases of engagement:
Technical risks including any technical issues from integration to BAU operations
Business continuity risks including core risks that may impact your firm’s ability to operate
Vendor management risks including any service level agreement issues, contractual risks, and obligations around change management…