Nearly every business across different industries spend huge budgets on governance, risk and compliance to avoid fines from regulators. As businesses and financial institutions struggle to stay compliant with existing and upcoming regulations, Regtech's ability to make the process seamless is gaining traction. With Regtech, businesses can breathe in relief as it provides firms with technology that reduce costs associated with compliance and provides them with the ability to run compliance operations efficiently. As companies are bogged down by increased pressure for cost savings and risk reduction, they are tapping into Regtech's transformative potential. From offering automated options to get through regulations, to offering insights, Regtech is changing the face of financial firms. In an effort to master local and international regulatory frameworks, financial firms are now deploying and integrating Regtech solutions into their programmes. By having the right Regtech solutions in place, enterprises will have the ability to identify high-risk factors at the click of a button as well as the regulatory impact on a particular business strategy. Regtech's higher capabilities include assessing case-specific risks and making available global databases to users at different touchpoints like while forming business relationships or checking against money laundering.With rapid changes occurring in industries, firms need to equip themselves with the right tools and technology that can not only handle the present regulations but also the ones that could come up in the future. Regtech will be an instrumental part of companies going forward. There is no doubt Regtech will be essential in cutting down the increasing compliance costs and will offer organisations an edge over its competitors who are yet to invest or deploy advanced technology for regulatory compliance. These are exciting times for companies investing in Regtech.Let us know your thoughts.Copyright © 2020 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Contact Us:phone:510.402.1463Fax:510-894-8405Email:sales@bankingciooutlook.comeditor@bankingciooutlook.commarketing@bankingciooutlook.com NOVEMBER - 2020, Volume 06 - 09 (ISSN 2644-2418) Published by ValleyMedia, Inc. To subscribe to Banking CIO OutlookVisit www.bankingciooutlook.com Editorial StaffSalesT:510.402.1464Annie Mathewsannie.mathews@bankingciooutlook.comVisualizerJason JaseIssac GeorgeManaging EditorJames RobertsonStaying Ahead in the Game of RegulationsJames RobertsonManaging Editor editor@bankingciooutlook.comCarolynn WaltersJustin SmithJoseph MichaelEditorialKenneth ThomasRussell ThomasPaul Barber*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staff
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