Thursday, October 29, 2015

Post-crisis financial regulations have dramatically increased challenges and costs for the financial sector related to compliance, reporting and supervisory requests. Traditional compliance solutions haven’t kept pace with a fast-changing regulatory environment; new innovative technologies—“regtech”—is needed to solve regulatory and compliance burdens more effectively and efficiently.

This “regtech” stands out from other software solutions by linking advanced models and algorithms, machine learning and advanced analytics, and real-time capabilities.

While the financial services industry has seen an explosion in activity around fintech generally, the regtech market has not kept pace with the demand. To contribute to overcoming hurdles in the regtech market, the IIF is launching a work stream to spur innovation around regtech solutions.