Procuring and using regtech for compliance: risk and opportunity

Regtech - or regulatory technology - automates, streamlines and improves an organisation's ability to discharge its compliance obligations.

But while it offers numerous benefits, it can be difficult for companies to quantify the costs saved by replacing existing processes against the upfront capital and outsourcing risk associated with procuring a regtech solution.

Regtech started taking off as a concept from early 2016, and is now part of mainstream lexicon (at least in business circles). It is generally used to refer to technology used by organisations to manage or meet regulatory compliance obligations - including reporting on events such as transactions under anti-money laundering and counter-terrorism financing (AML/CFT) laws and connecting with data ecosystems, such as the data sharing regime under the consumer data right (CDR) or Australia's upcoming digital identity ecosystem - but is sometimes also used to refer to technology used by regulators to