Automated Regulation and Supervision: The Impact of RegTech on Banking Compliance

Miglionico, Andrea

doi:10.54648/eulr2020025

Cited by 3 publications

(3 citation statements)

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“…Regulatory Technology (RegTech) has emerged as a transformative force in the realm of compliance management, offering innovative solutions to enhance accuracy, speed, and adaptability to regulatory changes within various sectors, particularly in banking and finance. The advent of RegTech is characterized by its capacity to automate regulatory compliance processes, thereby minimizing the necessity for manual intervention and enhancing the agility and efficiency of compliance activities (Miglionico, 2020). This automation potential not only streamlines compliance but also fosters cost savings and value creation for both regulators and financial institutions.…”

Section: Assessment Of Regtech's Impact On Enhancing Compliance Manag...mentioning

confidence: 99%

RegTech innovations streamlining compliance, reducing costs in the financial sector

Olufunke Olawale,

Funmilayo Aribidesi Ajayi,

Chioma Ann Udeh

et al. 2024

GSC Adv. Res. Rev.

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Regulatory Technology (RegTech) innovations are reshaping the landscape of compliance within the financial sector, presenting opportunities for institutions to enhance efficiency and reduce operational costs. This paper examines the impact of RegTech solutions by focusing on their capacity to streamline compliance processes and mitigate expenses associated with regulatory adherence. Through a qualitative research methodology that includes case studies and expert interviews, the study explores the various dimensions of RegTech applications, ranging from identity verification and risk management to fraud prevention and regulatory reporting. Key findings indicate that RegTech tools leverage advanced technologies such as artificial intelligence, machine learning, and blockchain to automate complex compliance tasks, thereby reducing the need for manual intervention and minimizing human error. These technologies facilitate real-time monitoring and analysis of transactions, which enhances compliance accuracy and operational efficiency. Furthermore, the paper reveals that the adoption of RegTech solutions significantly lowers compliance costs by optimizing resource allocation and reducing the time and labor traditionally required for compliance-related activities. The study concludes that RegTech innovations hold the potential to transform the financial sector's approach to compliance management. By embracing these technologies, financial institutions can not only ensure regulatory compliance more effectively but also achieve considerable cost savings. The paper calls for further research into the long-term impacts of RegTech adoption on the financial industry's regulatory landscape and suggests that regulatory bodies and financial institutions collaborate to foster an environment conducive to RegTech innovation and implementation.

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Section: Assessment Of Regtech's Impact On Enhancing Compliance Manag...mentioning

confidence: 99%

RegTech innovations streamlining compliance, reducing costs in the financial sector

Olufunke Olawale,

Funmilayo Aribidesi Ajayi,

Chioma Ann Udeh

et al. 2024

GSC Adv. Res. Rev.

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“…There are few strands towards the definition and study of RegTech in the scientific literature. The first group of articles focuses on the adoption of digital technologies for specific challenges in banks and financial organizations, regulatory entities, financial industry [Miglionico, 2020;Singh, Lin, 2020]. These studies try to reveal RegTech peculiarities and propose recommendations for different levels: corporate, regulatory, or national [Arner, Barberis, Buckey, 2016;Goncharenko, Miglionico, 2020].…”

Section: Theoretical Backgroundmentioning

confidence: 99%

“…The initial goal of all three areas (risk management, anti-money laundering, Know-your-Customer) is the same -screen all activities, performed by all clients 4 . The second area of RegTech adoption deals with interaction between banks and financial supervisors, namely management activities and demands [Miglionico, 2020;Von Solms, 2020;. RegTech helps to understand regulatory requirements and imperatives, assess its impacts on functional activities, and further transformation of business processes .…”

Section: Cases Of the Leading Banks And Regulatorsmentioning

confidence: 99%

Regulatory technologies in traditional industries as an element of the digital transformation: Perspectives for development

Altynov¹,

Turovets²

2022

Vestnik SPbSU. Management

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The article considers regulatory technologies as one of the key topics in finance digitalization due to the consistent growth of fraud, compliance rules, and procedures. It also gains attention in other traditional industries to answer similar scope of challenges. Regulatory technologies have become a common element of digitalization which allows for effective management of a growing administrative burden and reduces associated risks. At the same time, regulatory technologies adoption can be considered as an indirect indicator of the digitalization effects, including the growth of regulatory burden. This paper identifies the main objectives of regulatory technologies adoption relevant to traditional industries (telecommunication, trade, manufacturing, transport, construction, energy and utilities, healthcare, public administration). Based on the results, the study offers the prospects for regulatory technologies development in these industries according to the proposed composite index. It comprises nine indicators in four groups measuring financial losses from fraud and data leakages, administrative compliance workload, the digital maturity of sectors. The results indicate that the highest potential for regulatory technologies adoption, apart from service (finance, telecommunication, trade), is significant for manufacturing and healthcare due to a high frequency of fraud, data breaches, high compliance costs, and new regulatory requirements associated with the increasing pace of digitalization.

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The Adoption of RegTech in Enhancing Tax Compliance: Evidence from Telecommunication Companies in Jordan

Al-shanableh,

Anagreh,

Haija

et al. 2024

Studies in Computational Intelligence

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Automated Regulation and Supervision: The Impact of RegTech on Banking Compliance

Cited by 3 publications

References 0 publications

RegTech innovations streamlining compliance, reducing costs in the financial sector

RegTech innovations streamlining compliance, reducing costs in the financial sector

Regulatory technologies in traditional industries as an element of the digital transformation: Perspectives for development

The Adoption of RegTech in Enhancing Tax Compliance: Evidence from Telecommunication Companies in Jordan

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