Over the last decade, the financial services industry has seen a significant uptick in regulation with multijurisdictional and interlinked regulatory requirements impacting businesses globally. The key element of these regulations has been that financial institutions need to ensure that they are operating their businesses in a prudent and controlled manner. RegTech is a discipline which applies technological innovations to support compliance with regulatory requirements. It helps by allowing Financial Institutions to: Take Control, Be in Control, and Demonstrate Control of regulation through better defined, documented and auditable digital operations. This allows firms to break down regulatory silos and manage requirements holistically.
After the successful launch of innovation programs around Blockchain, Artificial Intelligence and InsurTech, Synechron’s RegTech Accelerator program is the latest innovation from our Financial Innovation Labs (FinLabs). This program aims to bring increased control to financial organizations through technology. By addressing real regulatory business problems with a unique combination of business consulting, technology and digital experts, our Accelerators provide clients a foundation that can adapt to new and changing regulations, maximize efficiency, enhance data quality, and improve decision making.
Furthermore, Synechron’s RegTech Accelerator program brings together deep techno-functional expertise in both Risk and Regulation and uses industry-leading technology approaches to help solve problems across global regulations including Basel III, Fundamental Review of the Trading Book (FRTB), Books and Records requirements, and more. The objective of the RegTech Accelerator program is to empower global financial institutions not just to address compliance but to gain real business value and control while facing continued regulatory and cost pressures. In short – they can tackle challenges head-on.
RegTech is an increasingly popular area that financial institutions are embracing to increase efficiency and gain further control over their compliance and business initiatives. This starts with expert knowledge of the regulations themselves and how they apply to the business, but it does not stop there. The true value from RegTech comes from being able to understand how to apply innovative new technologies to drive not just compliance but business value, marrying regulatory depth with technology prowess for true digital innovation. Synechron continues to conduct Research and Development (R&D) to solve next-generation problems with next-generation technologies and help lead our clients in their Digital Transformation strategies and implementations. Bringing together the “Power of 3,” a unique combination of digital, consulting and technology expertise, Synechron is empowered to deliver and scale end-to-end, global projects that encompass:
The Synechron RegTech Accelerators can provide financial institutions with solutions that provide:
Synechron applies its Digital, Business Consulting and Technology expertise to deliver RegTech solutions that solve real-world operational problems. Synechron's RegTech Accelerators are based on the following cutting-edge techniques:
Automating confirmations, validations, and cross-checks required for KYC RemediationRead More
Leveraging Data Science and Predictive Analytics to automate laborious manual controls testing processes.Read More
The Importance of RegTech
RegTech applies technological innovations to achieve compliance with regulatory requirements. It can help Financial Institutions to: Take Control, Be in Control, and Demonstrate Control. Click the below button to know how regulatory technology (RegTech) can empower financial institutions.