Towards A Smart Regulatory Compliance, The Capabilities of RegTech and SupTech

Kristanto, Adhitya Dwi; Arman, Arry Akhmad

doi:10.1109/icitsi56531.2022.9970801

Cited by 3 publications

(1 citation statement)

References 125 publications

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“…The application of RegTech is dominant in the financial industry because it was born in this environment [9]. However, it has the potential to be applied to other industries or entities whose operations are regulated by regulations and supervised by supervisors not only in finance [9]- [11]. It is also supported by Johansson et al [12] by stating that one of the characteristics of RegTech is providing intensive services for various industries following the regulations that govern them, not only in the financial sector.…”

Section: Introduction 11 Backgroundmentioning

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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Section: Introduction 11 Backgroundmentioning

confidence: 99%

Generic Solution Architecture Design of Regulatory Technology (RegTech)

Firmansyah

Arman

2023

IJEEI

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A Maturity Model for RegTech Adoption Process

Arman,

Kristanto,

Firmansyah

et al. 2023

2023 10th International Conference on ICT for Smart Society (ICISS)

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Utilising Artificial Intelligence and Machine Learning for Regulatory Compliance in Financial Institutions

Syed,

Okegbola,

Akiotu

2024

Advances in Electronic Commerce

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This chapter explores the transformative potential of Artificial Intelligence (AI) and Machine Learning (ML) in enhancing regulatory compliance within financial institutions. Following the 2008 financial crisis, increased regulation has driven the need for advanced solutions. AI and ML, integrated into Regulatory Technology (RegTech), offer significant benefits, including improved efficiency, reduced compliance costs, and enhanced risk management. This paper examines the application of RegTech tools in processing large datasets, identifying patterns, and predicting regulatory challenges. It also addresses the challenges associated with AI and ML, such as overfitting, decision-making opacity, and legal implications. Ultimately, AI and ML are critical to the future of regulatory compliance, offering financial institutions a path to more efficient adherence to complex regulations.

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Towards A Smart Regulatory Compliance, The Capabilities of RegTech and SupTech

Cited by 3 publications

References 125 publications

Generic Solution Architecture Design of Regulatory Technology (RegTech)

Generic Solution Architecture Design of Regulatory Technology (RegTech)

A Maturity Model for RegTech Adoption Process

Utilising Artificial Intelligence and Machine Learning for Regulatory Compliance in Financial Institutions

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