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Business Solutions / Regtech Makes Regulatory Compliance Easy And Efficient

RegTech Makes Regulatory Compliance Easy and Efficient

Today, when industry regulations have become dynamic, it is essential to have a common tool for ensuring compliance with latest regulations and avoid heavy fines. The financial, life science, Pharmaceuticals, Government are among the sector which are certainly few of the strictest in terms of industrial regulations worldwide. It is vital to comply with the complex and ever-changing regulations for the various small and large processes and operations.

RegTech Makes Regulatory Compliance Easy and Efficient

Today, when industry regulations have become dynamic, it is essential to have a common tool for ensuring compliance with latest regulations and avoid heavy fines. The financial, life science, Pharmaceuticals, Government are among the sector which are certainly few of the strictest in terms of industrial regulations worldwide. It is vital to comply with the complex and ever-changing regulations for the various small and large processes and operations.

With RegTech (Regulatory Compliances Management through use of Technology) it becomes easiest to integrate the latest in industry regulations effectively into your everyday business functioning. RegTech is an excellent approach to ensure complete and consistent compliance which gives returns in terms of decreasing compliance costs, risk, making the process more efficient and simplifying the complicated compliance process for all.

RegTech: Evolution of Regulatory Compliance Technology

RegTech is not just any efficiency-enhancing approach for industrial processes. Overall, it is an excellent way to get live prompt insight for regulatory compliance, apart from providing the necessary intelligence output for detecting and solving problems with regulation compliance beforehand.

RegTech finds vast application in a variety of industrial constructs, such as monitoring the corporation for compliance with environmental regulations. It is also extensively applied in the banking and insurance sector through the ideal use of NLP with Machine Learning to translate the industrial regulations and convert them to business-oriented regulations. Use of right productivity tools and cloud also helping pharmaceuticals and manufacturing companies to ease out the processes and better business and IT governance.

Applications of RegTech

Some of the most common applications of RegTech include:

Automation of Regulatory Compliance – The RegTech platform is designed to interpret regulations, each change in said regulations and the impact these will have on the overall business workflow.
Preventing Fraud – The RegTech platform monitors transactions in real-time and helps to quarantine suspected fraudulent transactions, thus helping to prevent avoidable losses.
Regulatory Reporting – The Regulatory Reporting area can be made increasingly efficient by generating instant customized compliance risk reports, as and when required by the user. This report is based on the relevant data collected from different sources, using big data analytics and cloud storage platforms. The AI is most helpful in analyzing the information with respect to the requirements of the regulations.
Managing Risks – For better Risk Management, this application utilizes predictive analysis function, by including large data to predict any operational or regulatory risk, which could affect the corporation directly. Also, this is an excellent way to preview and analyze earlier regulatory breaches and help to model a better regulatory structure and workflow for your business.
Identity Management – Saving customer identity with efficient KYC (You’re your customer) techniques for better Identity Management is of utmost importance for every corporation. This is an efficient way to ensure that the web tools, AI and Machine Learning utilities can be used to improve analysis of customer information gathered from varied structured and non-structured data sources. This helps in improving the customer on-boarding process, along with ensuring compliance such as Anti-Money Laundering and Anti-Fraud monitoring, data protection laws, specific method of data protection and management such as HIPPA, CFR 21 part 11 in Pharma businesses and detection regulations.
 

RegTech is set to completely change the way your business handles mundane processes by automating them. It can efficiently help to automate compliance reporting and other such everyday business processes which reduce overall operational costs significantly and ensures better business practices. Please get in touch with Bitscape to understand how our expertise and Bitscape Vault framework can help you achieve your data protection and regulatory reporting requirements.