• Matt Neill, Managing Director at Beyond


• 19.07.2022 09:45 am
#RegTech

Recent research estimates that Financial Institutions dedicate up to 12 per cent of their workforce to meet their compliance obligations, costing the industry £50 billion annually. And as the quantity of regulation and financial crime initiatives grow, the resource required is becoming increasingly unsustainable. It is no surprise that more and more Institutions are looking to technology (RegTech) to help them identify and prevent financial crime.

Buyers are spoilt for choice, with vendors offering innovative solutions that leverage technologies such as Machine Learning, AI, Robotic Process Automation, and Natural Language Processing. Adopting these solutions can create a competitive advantage for Financial Institutions but the fast pace of technology advancement and rapidly changing landscape only underscores the importance of getting the selection and integration of RegTech solutions right the first time around.

To help with this challenge, Beyond, working alongside FIN, commissioned a research study focused specifically on the learnings from industry experts who have already adopted RegTech solutions within their financial crime programmes. Samantha Sheen, Financial Crime Compliance Strategy Advisor and a member of the FIN Advisory Board, conducted the research and shares the insights in the latest Beyond report “Leveraging RegTech in Financial Crime Compliance Programmes”.

This report provides insights from representatives from retail, wholesale, private and investment banking, payment, KYC Utilities and external RegTech solution providers on:

• the good, the bad and the ugly when it comes to choosing, integrating and changing their RegTech solutions within an existing programme.
• how to handle the different stages of the relationship with a RegTech to drive the most value
• the best practices, deal breakers and points to consider when looking to incorporate a RegTech solution.

Download your copy of the report here.