RegTech is the platform that combines regulations with technology. These are technologies created to facilitate the process of compliance with increasingly complex regulations and to serve users in-process monitoring. Regtech provides to detect points that not comply with regulations and makes these points compatible. Companies are expected to generate both cost-effective and real-time solutions from risk and compliance units. Regtech is a technology to meet the needs of these units.
Each country has its own audit and rules especially in sectors such as banking, finance, communication and energy. There are also institutions that regulate them. The cost of dealing with these regulations is very high. It’s even higher if you don’t comply. In this case, Regtech companies are getting interest. By 2020, regtech companies are expected to create a large market. In global reports, we see the intensity of regtech companies in the United States of America, the UK, and Ireland, but Turkey is not on the list.
What are the main objectives of RegTech?
The main objectives of RegTech include enhancing transparency and consistency and to standardize regulatory processes. Regtech conducts the in-house compliance processes, audits and risk workflows. It ensures compliance with regulations and compliance requirements in real-time. Uses the latest Technologies and RegTech differs from other methods by being cloud-based. Reduces compliance costs. It builds trust for investors.
Which industries use RegTech?
At the top of the list is the financial institutions with the highest risk of illegal activity. In addition, high-risk sectors, health, casino, law, insurance, financial services and etc. sectors. Regtech is a need for these sectors.
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