New Report from Accenture and the World Government Summit Finds That Regulators Must Embrace RegTech to Keep Pace with Digital Disruption
DUBAI; February 12, 2018 - Accenture (NYSE: ACN), in collaboration with The World Government Summit, has released a new report that finds that regulators must embrace the innovative application of emerging technologies, known as RegTech, to enable a more effective regulatory environment, mitigate risks and drive competitive advantage. According to the report, RegTech allows regulatory processes to be redesigned, enabling real-time, data-driven decisions that drive innovation.
- Initiate Open Engagement: The relationship between the regulator and the regulated must undergo a transition to become more cooperative, rather than adversarial. There is potential to work together with governments, technology startups, academia, technology service providers and industry associations to understand how technology is evolving, what it means for regulators, and how its adoption can be accelerated.
- Orchestrate Innovative Ecosystems: Creating the enabling environment requires regulators to work with ecosystem stakeholders and invest in digital technologies. Helping regulators in this journey are RegTech initiatives that work with financial authorities in select markets to strengthen and accelerate innovative capabilities.
- Test Potential Solutions: Regulators should play a catalytic role in the development and adoption of RegTech solutions. There is merit in starting small by testing potential technologies, tools and solutions in a controlled regulatory sandbox environment, which allows regulators to engage entrepreneurs more quickly and at a lower cost.
- Transform Operations: The regulator of the future will be an analytics-driven organization with data scientists, behavioral scientists and technology specialists playing a vital role. Legacy systems will have to be replaced by more agile and cloud-first platforms. This will also mean embedding the voice of the customer as well as the regulated entities into the regulatory process and driving technological deployment to break organizational boundaries restricting the free flow of talent and ideas.
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