The International RegTech Association (IRTA) has unveiled the first iteration of its ‘IRTA Principles for RegTech Firms’, a new set of open standards spearheaded by the IRTA Innovation Working Group, with the aim of facilitating innovation and protecting innovators as they work on developing high-quality RegTech solutions.

RegTech provider members of the not-for-profit IRTA are invited to sign up to these voluntary high-level principles, which serve as an overarching framework intended to shape engagement and good practice for RegTech providers when working with all stakeholders, including customers, consumers, regulators and peer firms.

This important body of work is outlined in a launch webinar, featuring its co-authors Diana Paredes, Vice Chair of the IRTA Innovation Working Group, Executive Board Member Jane Walshe, and leading academic and regulatory advisor Dr. Daniel Gozman from the University of Sydney in Australia. IRTA members will also receive a fully-documented review copy. Work on these Principles will be ongoing; following the webinar, the IRTA has issued a ‘Call for Input’ to gather feedback from RegTech stakeholders around the globe and will publish a second iteration in March 2019.

The launch of these standards supports the IRTA’s key initiative to advance market development and the adoption of RegTech. Given its international nature, the IRTA is uniquely placed to support regulated financial institutions, regulators and RegTech innovators, by monitoring global regulatory trends, supporting growth in the RegTech community, and stimulating RegTech innovation globally. (For more information on the IRTA’s 2018-19 key initiatives watch the 5-minute video).

Ben Richmond, IRTA Chief Executive said: “The IRTA has gathered great momentum throughout its inaugural year, and the IRTA Board has formulated a solid and evolutionary strategic plan for the Association’s second year of operation. The enthusiasm and support of our members has been outstanding; I would urge all RegTech stakeholders to embrace these new standards and to join us in our mission to advance the industry as a whole.”

In its first year of operation the IRTA has established local Chapter representation and shared thought leadership at numerous events, created opportunities for regulated financial institutions and RegTech provider members to collaborate in accelerator programs, launched RegTech TV in association with Asset TV, and secured preferential event delegate and marketing benefits for IRTA members.