‘RegTech’ (regulatory technology) has graduated to become an established term in the past few years, particularly as such tools apply within the context of risk and compliance among financial institutions — and their regulators.
RegTech solutions include regulatory reporting, risk governance assessment, culture and conduct risk management, and more. For instance, firms increasingly look to RegTech tools to reduce the time and costs associated with operational risk oversight. Deloitte claims that subsequent savings can reach up to 50 percent of current budgets committed to these management responsibilities.
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