We may be wary of another tech buzzword given how much hype, and at times hyperbole, past buzzwords have received. But how many fads have been based on a topic so practical and operationally based like RegTech?
So what exactly is RegTech? It stands for Regulatory Technology and was born out of a time that was far from regular: the Global Financial Crisis of 2007. As Dan Tammas-Hastings explains in The Exploding Popularity of RegTech, “Financial institutions, particularly the banks, have entered a new world of heavy regulations with heavy fines and penalties for non-compliance.
RegTech involves harnessing technology to meet regulatory requirements in a reliable, cost-effective, and powerful manner. From this foundation of compliance, RegTech has blossomed into much more and continues to innovate at a rapid pace.
One of the companies featured on the Deloitte list of top RegTech companies, BIGcontrols epitomizes RegTech innovation at its best. BIGcontrols provides a state of the art system of record with automated proactive compliance for business incentives, which includes real-time alerts on regulatory changes–so key in this dynamic industry. The company add even more value to its customers by providing business intelligence and lifecycle management for a customer’s entire business incentives portfolio. This illustrates the leap RegTech has taken–from simplifying compliance to now providing advanced data analytics for competitive advantage.