Welcome to the Protiviti RegTech Roundup, a monthly collection of curated articles and analysis. We hope you’ll find this newsletter to be a valuable tool for understanding the RegTech landscape.
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Regards,
Vishal Ranjane
Managing Director
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A quick roundup of the articles, charts, and whitepapers we've been reading from around the web. All views expressed are those of the original publisher and do not necessarily reflect the views of Protiviti.
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Legal Risk: Using Artificial Intelligence to Fight Financial Crime
LawFuel
#AML #FCA #AI
AI has the “capability to greatly amplify the effectiveness of the machine’s human counterparts” for addressing financial crime, especially AML efforts, Rob Gruppetta, head of the UK's Financial Conduct Authority ("FCA"), said in a recent presentation.
This article expands on Gruppetta’s thoughts and highlights the potential of AI to support AML efforts, its role on the global stage, and four specific risks that come from using AI to fight financial crimes: interpretability, bias, data protection, and vendor risks.
10 min read
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Lack of Consistency in US, Global Divergence Create Systemic Issues
Daily Fintech
#fintech #regulators #data
Inconsistent regulatory responses to fintech across countries may make it more difficult to address future stress scenarios according to this article. For example, the author notes that China and U.S. regulators are responding with two different extreme approaches to regulating customer data. This forces fintech and financial services firms to adopt a variety of operating models that could make responses to another recession inconsistent and less effective.
3 min read
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RegTech: the saviour of financial services?
ITProPortal
#compliance #rulesets #RegTech
Rule changes impacting global financial institutions have increased at an average rate of nearly 200 each day since 2011 and banks have responded by significantly increasing compliance staff. This market has created an opportunity for software, writes the author.
This report looks at RegTech’s ability to solve current compliance issues. The author suggests that technology can address many challenges and provides examples, but believes the biggest hurdle RegTech will face next is the creation of rulesets that can be understood, tested, and executed by machines on their own.
6 min read
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RegTech’s Effort To Ease The Cost Of Compliance
PYMNTS.com
#survey #AML #RegTech
A recent SWIFT and Dow Jones Risk & Compliance survey found that half of companies view technology as a top way to remain compliant with AML efforts and plan to invest in RegTech in “the coming years.”
Large enterprises unsurprisingly represent a larger opportunity due to their ability to afford the investment. However, as regulatory requirements continue to evolve and burden smaller businesses, the RegTech market will have a lot on its plate to address the needs of smaller firms.
3 min read
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4 questions to ask RegTech vendors
CUInsight
#vendor #RFP
Every RegTech advancement comes with potential issues depending on who provides the service and system. To help you understand if you’re making a smart vendor choice in this emerging field, this article provides four questions to ask about past successes, qualifications, protections, and operations.
3 min read
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There’s ‘flawed’ optimism in the speed of RegTech benefits
American Banker
#hype #ROI
Market hype in RegTech is creating confusion by leading executives astray at how quickly and effectively software can ease their regulatory burdens. This article looks at the “flawed sense of optimism” of the current market as well as true short-term realities of financial institutions that adopt RegTech.
"For banks, implementing RegTech can at times feel akin to piecing together a complex puzzle without the picture that shows the final result. But it’s important for executives to remember that the transformational value can be very significant, even if it does not immediately translate to dollars saved."
4 min read
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The Regulation Revolution: 3 reasons your RegTech is failing
LinkedIn
#RegTech #adoption #barriers
RegTech services are poised to explode in terms of interest and market spending, but that doesn’t mean your offering is guaranteed success. This article claims the market is potentially over-saturated and provides three barriers and responses to give RegTech businesses a clear path forward.
2 min read
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