The worldwide economic repercussions of the 2008 financial crisis led financial regulators to strengthen their regulations and controls and introduce a range of coercive measures that urge the industry operators to revise their corporate regulatory compliance program as a top priority. This goes hand in hand with operational compliance in order to protect individuals, companies, the environment and workplace well-being.
The cost of revising internal compliance with a new set of regulations has consequences for any business. It might require adapting or to remodel system interfaces, rationalise business processes and workflows, to create or to update policies and procedures that formalise the new compliance methodology and its working instructions.
The cost of non-compliance these days can be high, if not business breaking for the most serious incidents. Constantly increasing compliance requirements within all industries are needed to ensure protection against poor vigilance or lack of controls leading to an abuse of financial systems, data breaches or health & safety issues.
Reg Tech, also known as Regulatory Technology, is the management of regulatory processes (risk, monitoring, reporting, assessment, compliance) through innovative technology solutions within numerous industries.
Compliance is required in all industries these days including specific financial
compliance, data compliance or operational and health & safety compliance. For building operations this applies to all areas, whether it be relating to people, equipment, administrative, financial or systems and processes.
Smooth easy to use processes, using technology as a tool to facilitate this are vital and more so, in real-time nowadays. Incorporating real-time, agile technology systems for compliance enables regulatory conditions to be met (and exceeded), and also demonstrates an organisation’s commitment to overall well-being for everyone within their environment and a professional and compassionate duty of care.
In an ever changing world, compliance becomes increasingly more complex and comprehensive, and if left to manual systems can become a massive burden on an organisation (both in cost and resource, not forgetting reliability).
By utilising the appropriate ‘smart’ technologies using Artificial Intelligence and machine and deep learning mixed with the right RegTech the automation of your compliance processes can be achieved. Human beings will still be required for the mission critical decisions of course (for now anyway!) but all the data modelling, monitoring and alerting will be processed and actioned reliably and quickly by systems implemented.