RegTech Makes Regulatory Compliance Easy and Efficient
Traditional IT boundaries are disappearing, and organizations now need to protect data on employee-owned mobile devices and SaaS applications not operated by the IT team. If they do not adapt their approach to security, companies face the risk of significant financial loss, damage to customer satisfaction, and market reputation.
Bitscape is focused on Information protection and identity and access management using already in place solution framework and practice which is combined approx. US$100B market opportunity as per IDC.
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:
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.