We hosted an insightful webinar exploring how regulatory technology (RegTech) is revolutionizing compliance for organizations. Presented by compliance expert Sean Kennedy, the webinar provided a comprehensive overview of the RegTech landscape and how leading companies are leveraging these solutions to streamline regulatory workflows, reduce costs, and enhance risk management.

The Rising Complexity of Regulations

As Sean outlined, the regulatory environment has become exponentially more complex over the past decade. There are a myriad of new regulations like GDPR, SEC rules, ISO standards, and more that organizations must navigate. This expansion has made legacy compliance programs based on manual processes and spreadsheets wholly inadequate. Simply put, traditional methods can’t effectively manage today’s regulatory complexity and pace of change.

Automation is now mandatory to stay on top of regulatory monitoring, reporting, and risk management. RegTech solutions provide the agility and scalability to transform compliance from a cost center to a value creator.

Top Use Cases for RegTech

Some major ways RegTech improves compliance programs include:

• Automating regulatory reporting through integrated data systems. This eliminates manual assembly of disclosures.
• Centralizing compliance data for a single source of truth. No more siloed spreadsheets.
• Leveraging AI for smarter regulatory monitoring and fraud detection. Algorithms identify risks humans would miss.
• Streamlining identity management and KYC processes. Onboarding time slashed from weeks to days.
• Enabling continuous compliance auditing and controls testing. Improves readiness for regulators.

These use cases demonstrate how RegTech applies advanced technologies to revolutionize legacy compliance functions. Leading financial services firms and public companies are already realizing the benefits.

Cost Savings and Risk Reduction

Adopting RegTech solutions provides material cost savings, process efficiency gains, and risk reduction based on data shared during the webinar:

• Compliance costs decrease 30-50% through workflow automation and digitization
• 90% of executives reported improved efficiency after RegTech implementation
• 60-80% reduction in compliance risk due to preventative data analytics and monitoring
• 60% of clients surveyed had lower fines and penalties thanks to proactive RegTech.

The numbers speak for themselves – RegTech delivers monetary ROI while preventing regulatory exposure.

RegTech in Action

Verify, created by Fizen Technologies, offers an example of how RegTech strengthens compliance. Verify centralizes data, automates workflows, and provides compliance analytics. Use cases include customer due diligence, transaction monitoring, regulatory reporting, and more.

Verify allows organizations to holistically manage compliance while reducing busy work for teams. It integrates regulatory requirements and risk management guardrails to ensure consistency.

Conclusion