Business Standard

Regulation tech for financial risk planning

Financial entities have to be far more agile while assessing risks. The use of emerging technologies can help them anticipate a wider range of risks in a shorter time

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Pranjal Sharma
The fresh crisis of confidence in the global banking system brings into focus the importance of compliance and regulation. Regulation technology (RegTech) is becoming increasingly important for compliance and risk management. Regulators, on their part, are also adopting technology to keep up with the fast pace of digital financial transactions. 
 
“We’ve seen real growth in this regulatory-tech and risk-tech space,” says Mark Cooke of McKinsey’s Innovation Data Platform. But while the technology has improved, adoption is lagging. “While we’ve seen businesses build out and digitalise, we haven’t seen the same thing within the risk and compliance community,” Cooke says in
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First Published: Mar 19 2023 | 7:22 PM IST

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