Dan Barnes’ April 22 article in Best Execution, “FinTech:RegTech: The Race Is On”, focuses on how the Reg Tech market provides the right collection of solutions to help firms meet regulatory changes, challenges, and deadlines.
In the article, Lloyd Altman of RegTek Solutions discusses the fact that banks can use regulatory change as an opportunity to gain more visibility over their own internal workings and data.
“They are using this as an opportunity to clean their data and streamline their processes. Without the regulatory stick they might put that as a secondary issue. Now they have to be able to say, here is evidence that we are complying, here is our data it’s all clean, here are the processes that we are following, here is the architecture, here is the programme. That way if they are being audited, and some clients of ours have actually brought us in because they are being audited and they need to show that they are putting controls in place that they didn’t have before, they can demonstrate compliance.”