Finance Software

  In the pre-financial crisis years, it could have been possible to keep up with regulatory updates using traditional manual methods. As regulators continue to adopt new policies in this age of emerging technologies like Fintech , IoT (Internet of Things), and Digital Currencies, traditional models are becoming obsolete. Effective regulatory change management process demands additional resources from financial organizations to remain relevant in this current modern era, moreover the following strategies offers 5 essential concepts for developing a solid system for handling regulatory change. Keeping Track of Regulatory Updates Organizations must keep an eye on various sources of regulatory information from both international and local authorities, including business associations, regional and national media, and specialized data providers. Due to the substantial number of resources to keep track of and the volume of essential information to evaluate, organizations may find this

In the last few years, we have seen the acceleration of RegTech or Regulatory Technology . RegTech is the use of emerging technology to improve the effectiveness and efficiency of compliance management systems . We have witnessed technologies such as robotic process automation (RPA),  artificial intelligence and machine learning (AI/ML), and blockchain be incorporated into the compliance workflow to reduce the burden and cost of compliance. AI/ML has been used for  solutions and software applications to assist with making better predictions for routine tasks in areas such as fraud prevention and market surveillance. Yet, the use of AI/ML to make decisions is still relatively nascent, but that is about to change.   Digital Compliance Will Become the Mainstream RegTech, or regulatory technology, applies innovative technology to enhance compliance management systems and has accelerated in recent years. We have seen how technologies like blockchain, machine learning, artificial intelligen