Understanding How RegTech Can Help
Regulatory technology, or “RegTech” for short, helps individuals and organizations manage the compliance and regulatory aspects of their businesses. Reporting, tracking enforcement, monitoring regulatory and agency updates – RegTech can make these processes more efficient and more effective. While it’s main application is in the financial industry, it is rapidly expanding into other sectors such as the consumer goods industry. Using powerful AI software, RegTech platforms can help your business by incorporating the following:
- Policy management
- Transaction reporting
- Training tools
- Product legal information management (such as labeling and safety manuals)
- Legislative and regulatory gap analysis tools
- Enforcement case management tools
- Product requirement management
- Identity verification
- Activity and compliance monitoring tools
- Risk data management
RegTech can bring speed and agility to your compliance and regulatory efforts, leaving you better able to focus on developing and growing your core business.
Understanding the Limitations
While RegTech can be incredibly powerful, it’s only as effective as the people behind it. RegTech and similar technologies can create a false sense of security. It is designed to augment human intelligence, not replace it. You need to know how your platform works, what it can and can’t do, and where you remain vulnerable. RegTech enhances vigilance, but can’t replace it.
How Wellfleet Strategies Can Help
We start by listening to your leadership. We gather information about your needs and the regulatory and compliance issues you face on a day-to-day basis. Once we have identified your needs and discussed your priorities, we then begin searching for a product that will deliver the results you expect.
We then help our clients implement whichever RegTech platform they choose to ensure that they are utilizing its full potential. We also work with them to make sure their people understand how the technology works, what it does, and what its limitations are. Lastly, we interface with our clients to make sure that the technology is meeting their needs, they are getting the updates and support they paid for, and to keep them abreast of new products and services in the RegTech environment.