INDUSTRY OUTLOOK
Synthesis ’ s role in bringing regulation and technology together which is shared in this whitepaper .
RegTech
Understanding the term ‘ RegTech ’ encompasses cybersecurity , data quality , compliance and money laundering prevention that all play a part in our fight against financial crime . Using technology to create innovative ways of automating regulation processes is where Synthesis fits in . The uptake from the financial sector has been relatively low however , a spotlight has been placed in the past year on compliance with AML / CFT policies and working with FATF for better regulation practices . Special attention to updating frameworks to adopt financial sanctions and the improvement of risk-based supervision across all levels of an organisation are key areas to focus on .
‘ RegTech ’ encompasses cybersecurity , data quality , compliance and money laundering prevention .
Key challenges for regulators
Advancements in the RegTech space include better monitoring of reporting and personalised due diligence . The shift of regulations has allowed digital banks to grow that much faster with automated systems that make managing processes easier . Data quality plays a pivotal role in creating a business case for regulation management and processes , where the personalisation of systems contributes effectively to compliance automation .
The impact of poor national governance has definitely had its impact on regulations and regulators with a massive skills gap when it comes to understanding regulation within the IT and finance sectors . Some of the key challenges that regulators are faced with are highlighted below :
• The South African financial crisis and instability result in a lack of financial resources available for investment opportunities to automate regulation and compliance processes . www . intelligentfin . tech
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