A Systematic Literature Review of RegTech: Technologies, Characteristics, and Architectures

Firmansyah, Benny; Arman, Arry Akhmad

doi:10.1109/icitsi56531.2022.9970830

Cited by 5 publications

(6 citation statements)

References 32 publications

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“…The authors conduct more detailed modeling and analysis related to generic business processes from RegTech solutions to support this. Benny and Arman [15], [16] have tried to model the business architecture of the RegTech solution, but they still need to be detailed about business process modeling. Therefore, the general problem discussed in this research is how to analyze and model the generic RegTech solution business process so that it can be applied in various industrial fields.…”

Section: Research Problemmentioning

confidence: 99%

“…Based on the results of the literature study, regulatory compliance business processes generically consist of four main processes, namely (1) data collection, (2) data processing, (3) data analysis, and (4) data presentation or visualization [15], [16]. A more detailed explanation regarding each of these processes can be seen in Table 2.…”

Section: Business Process Analysismentioning

confidence: 99%

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RegTech Solutions: Generic Business Process Analysis and Modeling

Benny Firmansyah,

Arry Akhmad Arman,

Widya Sri Wahyuni

2023

icdsos

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Regulatory Technology, often known as RegTech, is an innovative strategy developed in the finance industry to streamline the regulatory compliance process. RegTech takes advantage of various new technologies such as artificial intelligence (AI), machine learning (ML), big data analytics (BD), cloud computing (CC), robotic process automation (RPA), and various other new technologies. RegTech can be applied to other industries where compliance with and oversight by rules are necessary. To support this, one way to be done is to analyze and model business processes for RegTech solutions in a generic style so that they can be adopted by various other fields in executing these solutions. In this research, a generic business process analysis of RegTech solutions was carried out through a literature study related to the use of RegTech in the financial industry. Next, modeling the analysis results using Business Process Model and Notation (BPMN) with the support of the Bizagi application. The modeling results are then tested for validity and applied to a logical scenario related to non-financial regulatory compliance. The test results show that the business process modeling results are valid and can be used as a reference in implementing RegTech solutions outside the financial sector.

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Section: Research Problemmentioning

confidence: 99%

Section: Business Process Analysismentioning

confidence: 99%

RegTech Solutions: Generic Business Process Analysis and Modeling

Benny Firmansyah,

Arry Akhmad Arman,

Widya Sri Wahyuni

2023

icdsos

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“…Based on the problems, challenges, and several studies carried out by various parties and places, until now, there has yet to be an answer to the RegTech generic solution architecture [9], [10]. Therefore, this research was conducted to fill this gap.…”

Section: Research Problemmentioning

confidence: 99%

Generic Solution Architecture Design of Regulatory Technology (RegTech)

Firmansyah

Arman

2023

IJEEI

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Regulatory Technology, or RegTech, uses new technology that assists the financial industry, such as FinTech and banks, in meeting regulatory compliance. RegTech automates various regulatory compliance activities that were previously manual, such as regulatory interpretation and regulatory reporting, amidst the challenges of the increasing volume of regulations and operational data. Some cutting-edge technologies discovered at RegTech include big data analytics, artificial intelligence, machine learning, robotic process automation, and cloud computing. Although very dominant in the financial industry, RegTech solutions have the potential to be applied in other regulated industries besides finance. Several studies have explored the potential for applying RegTech in industries other than finance, such as charitable organizations, real estate marketplace, pharmaceuticals, and healthcare. Therefore, this study aims to design a generic RegTech solution architecture so that it can be adopted and applied in various regulated industries achieve regulatory compliance more efficiently. Based on the evaluation results, the proposed architecture can be applied in an industrial environment other than financial to be considered generic. Furthermore, an evaluation of the comparison of regulatory compliance business processes without and by implementing RegTech can produce a time efficiency of 95.16%. These results show that RegTech solutions can achieve regulatory compliance more efficiently.

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“…Regulation Technology, or RegTech, refers to the use of technology to assist organizations in meeting regulatory compliance requirements [1]. RegTech has rapidly gained popularity in the financial industry due to the benefits it offers [2]. The existing financial RegTech solutions have been well-developed with the ability to conduct automated data distribution and regulatory reporting through big data analytics, real-time reporting, risk exposure assessment, potential threat prediction, real-time monitoring, tracking of compliance states and future regulations, and auditing with the adoption of multiple technologies.…”

Section: Introductionmentioning

confidence: 99%

“…Big Data Analytics: RegTech relies on analyzing large amounts of data to identify patterns, trends, and anomalies that may indicate compliance risks [2,43].…”

mentioning

confidence: 99%

Features and Scope of Regulatory Technologies: Challenges and Opportunities with Industrial Internet of Things

Li,

Maiti,

Fei

2023

Future Internet

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Regulatory Technology (RegTech) is an emerging set of computing and network-based information systems and practices intended to enhance and improve regulatory compliance processes. Such technologies rely on collecting exclusive information from the environment and humans through automated Internet of Things (IoT) sensors and self-reported data. The key enablers of RegTech are the increased capabilities and reduced cost of IoT and Artificial Intelligence (AI) technologies. This article focuses on a survey of RegTech, highlighting the recent developments in various sectors. This work identifies the characteristics of existing implementations of RegTech applications in the financial industry. It examines the critical features that non-financial industries such as agriculture must address when using such technologies. We investigate the suitability of existing technologies applied in financial sectors to other industries and the potential gaps to be filled between them in terms of designing information systems for regulatory frameworks. This includes identifying specific operational parameters that are key differences between the financial and non-financial sectors that can be supported with IoT and AI technologies. These can be used by both producers of goods and services and regulators who need an affordable and efficient supervision method for managing relevant organizations.

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A Systematic Literature Review of RegTech: Technologies, Characteristics, and Architectures

Cited by 5 publications

References 32 publications

RegTech Solutions: Generic Business Process Analysis and Modeling

RegTech Solutions: Generic Business Process Analysis and Modeling

Generic Solution Architecture Design of Regulatory Technology (RegTech)

Features and Scope of Regulatory Technologies: Challenges and Opportunities with Industrial Internet of Things

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