During these difficult times, how financial institutes operate is changing. According to a recent survey by the compliance industry, “96% of employees in the U.S. are working from home while 82 % of AML compliance teams function in a web-based compliance environment.”
With social distancing being the new normal, digital revolution will have a key role in managing compliance, regulations, and Anti Money Laundering services.
Now that meeting in person is no longer an option, financial firms move towards delivering services remotely. And RegTech is a game-changer in this context.
RegTech coupled with the latest technologies such as SaaS makes monitoring regulatory compliance a piece of cake.
- RegTech integration with SaaS offers excellent benefits in terms of reduced compliance costs, zero risks, and efficient compliance process.
- SaaS encourages quick data processing and accurate reporting. Even with a remote work set up, SaaS makes planning for audits easier, especially with detailed and automated steps taken to stick to the requirements.
- SaaS streamline workflows in regulatory reporting since risks are limited and new risks are unlikely to occur.
- A SaaS integrated RegTech solution is a quick fix to multiple data sources. It saves time by compiling coherent reports and makes the lives of regulators easier by providing standardized reporting.
RegTech has been around for a while but 2020 could be crucial for the financial firms to adopt the technology as a whole.
In such a stressed environment, data is a lifesaver, and effective RegTech monitoring can mitigate that.
In the initial months of 2020, it’s the technology that has been a critical player for financial firms. Now that remote work is skyrocketing, one can expect RegTech to expand significantly.
