What is RegTech? This question was answered by Aaron Dunn, Managing Director of The SMSF Academy, at the recent BGL RegTech conference in Brisbane.
“So you may be thinking: what is RegTech, or Regulatory Technology?”
“It is, in essence, the change of an industry that is being rapidly impacted by technology. And whilst we’ve seen technology play a role in the financial services sector for many years, it is against this backdrop of change that we’re seeing RegTech come in to its own,” Mr Dunn told the conference.
He said that agility, speed, integration and analytics are all critical pieces to the way RegTech can improve professional practices and help them help clients.
“A key characteristic of RegTech is that it is cloud based,” which he said was redefining the client-advisor relationship.
Mr Dunn said that RegTech wasn’t going to be the panacea for all compliance challenges, but in the short term firms are going to automate many of the more mundane tasks.
However he does expect RegTech to reduce operational risk for firms and help them meet ongoing compliance obligations.
BGL has already held the 2017 RegTech conference in Sydney and Brisbane. The Adelaide RegTech conference will be held on August 8, followed by Perth on August 9 and Melbourne on August 15. More details, including free registration, is available on the BGL RegTech website.