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RegTech Ireland (Regulation + Technology + Ireland)
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Like Financial Services + Technology = Fintech*, so too is Regulation advancing via the rapid adoption of technology. Again like the term Fintech, RegTech might be appear to be a newly coined buzzword, but in fact has been around for quite sometime. Not everyone will agree a universal definition for RegTech (as is the case for FinTech) but that doesn't matter.
Essentially we are seeing technology and regulation advancing in many ways, including leveraging big data in order to ensure proper regulatory reporting and compliance with global prudential & conduct risk requirements.
Following the financial crisis, regulators around the world recognise that firms have to deal with greater reporting
requirements and meet higher regulatory standards. In order to enable effective competition
and promote innovation, it is important that technologies that help firms better manage
regulatory requirements and reduce compliance costs are supported. In the UK the conduct regulator, the Finacial Conduct Authority, is working with its counterpart, the Prudential Regulatory Authority to identify ways to support the adoption of new technologies to facilitate the delivery of
regulatory requirements via RegTech.
*see www.fintechireland.com and www.fintechuk.com