New KPMG and Innovate Finance RegTech paper featuring Cygnetise
KPMG has collaborated with Innovate Finance to develop a new report on RegTech featuring input from RegTech companies including Cygentise.
The paper, ‘Navigating the challenges and what success looks like, A user’s guide to RegTech’, focuses on what RegTech is, why it is important, and the need to build awareness of RegTech solutions currently offered in the market and the impact they are having on financial services. RegTech products are important tools to help financial services remain compliant but have yet to gain prominence in the same way as other FinTech verticals.
Chris Steel, Partner, KPMG in the UK, said:
“Awareness of RegTech is lagging behind the solutions that are being developed. Part of the challenge is the shear breadth of domains that RegTech businesses address. In this paper we dive into some specific use cases to raise awareness of what RegTech is, and what it can offer. We aim to build on the work that has come before us and continue to nurture a thriving RegTech community that delivers substantial benefit to the wider economy.”
The report defines RegTech as a technology-driven service to facilitate and streamline compliance with regulations, and references a RegTech Associates taxonomy of the RegTech market, in partnership with City of London and The Global City. Another important aspect of the paper is the highlighting of RegTech solutions not only delivering improved controls and enhanced regulatory compliance. They can also make a significant contribution to reducing costs and boosting operational efficiency, helping to make the business case for RegTech’s positive impact on the bottom line.
Janine Hirt, CEO of Innovate Finance, said:
“We think there is already a compelling story to tell, but we recognise the support of cross-industry stakeholders – regulators, government, investors, institutions – will be needed to properly move the needle on the RegTech scaling challenge. We hope this paper will start that process.”
Drivers for the adoption of RegTech are identified as increased efficiency and reduced costs, improved compliance, addressing complexity, improved consumer experience, and improved corporate experience. Cygnetise particularly contributed to the RegTech use cases section, which focused on four main areas included in the taxonomy wheel, namely Cyber, Identity and Privacy combined with Financial Crime, Regulatory Reporting, Sustainability and ESG, and Regulatory and Compliance Management.
“A study and publication such as this can only be advantageous for everyone who touches the subjection of regulation. We need to see more of this. A great collaboration between KPMG, Innovate Finance and its members.”
A user’s guide to RegTech: Navigating the challenges and what success looks like by KPMG and Innovate Finance
An overview of RegTech solutions currently offered in the market and the impact they are having on financial services.
