Regulators May Need to Mandate Regtech - NorthRow CEO

  • RegTech , Compliance
  • 16.04.2021 12:22 pm

Adam Holden, CEO at Oxfordshire-based compliance solutions provider NorthRow, commented: “We welcome today’s report from the City of London Corporation, which highlights the benefits and potential of regtech to dramatically improve not only compliance with existing regulation, but equip organisations with the actionable intelligence needed to make better business decisions. However, despite these facts many banks are still stuck in the dark ages when it comes to digital transformation. Their operations have long been defined by their disjointed technology strategies and whether through fear or cost many have been reluctant to engage constructively with regtech. This needs to change, and quickly. If we are to realise the associated benefits – such as reducing the costs of compliance and de-risking of operations – as well as feel the wider economic impact of this burgeoning business sector, then more and more targeted support from both is needed to accelerate the adoption of regtech. If the financial sector is unwilling to embrace regtech of its own accord, then our regulatory authorities need to step in and mandate it.”

Related News