RegTech

Abstract

Based on the applications of various technologies like automation and artificial intelligence, RegTech enables institutions to comply with regulations and to improve client identification, fraud detection, rule adoption, and data collection. It assists them to be more efficient, accurate, and flexible in dealing with the ever-changing regulatory requirements. Accordingly, the chapter aims to explore the potential of RegTech in various sectors (for example, healthcare, insurance, banking). In other words, it intends to study the role of RegTech in simplifying the regulatory compliances. This study will bring significant insights to researchers and policymakers by exploring the potential benefits of RegTech in diverse sectors to have efficient compliance landscape including efficient risk management. The chapter will also explain the challenges of regulatory compliances and how such challenges can be combated by integrating technology and regulation, i.e., by adopting RegTech.