Risks and regulations applicable to financial services – Many see it as a challenge, we see it as an opportunity. An opportunity to distinguish yourself. An opportunity for growth. An opportunity to build trust.
'In this day and age it’s important to marry innovation with risk avoidance’, argues Olaf Sleijpen, director at De Nederlandsche Bank (the Dutch central bank) in conversation with tech expert Mary-Jo de Leeuw.
Regulatory Technology (RegTech) helps financial institutions to increase their trustworthiness, to improve user-friendliness, speed of action for clients and employees and to reduce costs. Trust, convenience and low costs are the preconditions for every financial institution to stay relevant.
RegTech can also help to detect risks earlier, ensuring greater flexibility and agility and an increase in the capacity for your compliance talents. In the past the financial institutions saw regulations as a barrier to innovate data storage, privacy and digital identity verification. Today they realise that RegTech can offer a great competitive advantage. That is why RegTech is hot.
RegTech can also be a response to the increasing demand for data by the regulatory bodies. Consider in this regard AQR, BCBS239 and AnaCredit. Also, RegTech can contribute to efforts from regulatory bodies to improve monitoring tools, enabling a more modular and effective monitoring.
Wondering how we can help you with your RegTech solutions? We would like to help you with:
PwC has put together a multidisciplinary team of experts in the field of business and software development that is able to generate IT solutions to manage business issues.