How Regulatory Technology Plays a Pivotal Role in Industries
How Regtech Firms are Enhancing Insurance Compliance
For European insurers, regulatory compliance is rapidly becoming one of the key determinants of success in business. Insurers across Europe are trying to find promising solutions that will aid them through the ever-increasing demands of compliance within the industry. Currently, the approaching together of insurance technology and regulatory technology has seemed to cause sea changes in insurance compliance. By using regtech to automate routine assessment processes and dear activities more intelligently and cost-effectively, European insurers can counter changing regulatory demands and specialize in higher revenue generation.
Becoming more predictive and analytical in their compliance efforts is one of the key aspirations of European insurers. this may enable a proactive approach to analyze risks and address issues before they become challenges. This ability is important because many insurers are using insurance to realize competitive advantages and need their compliance organizations to help them in realizing where they could be subject to consumer and regulatory risks. As a result, regulatory technology firms are innovating and incorporating newly available technologies into their expanding regulatory arsenal. How swiftly and effectively insurers put regtech solutions to use will determine future success for them. Read More…
RegTech is Set to Play a Pivotal Role in Banking
Annual spending on regulatory compliance by banks and financial institutions has increased significantly. to raised manage risks, regulatory bodies expect institutions to report massive amounts of knowledge frequently. RegTech offers an economical solution to meeting these regulatory obligations through digitization and automation. they assist financial institutions to collect data and produce reports following the format and schedule required by various regulatory bodies. RegTech solutions are helping banks in some ways, and that they include.
- Governance
- Data Management
- Cybersecurity
To read the complete article do check CIO Applications Europe
