Data-driven regulation and compliance is the key to a
successful future financial services industry
With regulators being the ‘public champion’ for new
data technologies, this paper explores the automation of regulation
and compliance and areas that offer significant potential to
transform services and support the work of regulators.
The data science technologies of artificial intelligence (AI),
Internet of Things (IoT), Big Data and behavioural/predictive
analytics, and blockchain are poised to revolutionize regulation
and compliance and create a new generation of RegTech start-ups.
Examples of current RegTech systems include chatbots and
intelligent assistants for public engagement, robo-advisors to
support regulators, real-time management of the compliance
ecosystem using IoT and blockchain, automated compliance/regulation
tools, compliance records securely stored in blockchain distributed
ledgers, online regulatory and dispute resolution systems, and in
future
