Weekly research from RegTech Analyst
Regulatory interpretation and impact assessment top concern for RegTech buyers in 2024
In early 2024, Grant Thornton (US) published their comprehensive RegTech and Regulatory Change Report for 2024, offering an in-depth analysis of how financial institutions are navigating the evolving regulatory landscape. The study surveyed 130 organizations, encompassing a diverse range of small to large companies within the capital markets, banking, insurance, and investment management sectors. The report sheds light on the strategies and technologies these firms are employing to manage regulatory change, highlighting the critical role of RegTech solutions in enhancing compliance, efficiency, and risk management amidst a dynamic regulatory environment.
This survey provides valuable insights into the areas where organisations are facing the biggest challenges when it comes to the regulatory environment. 13% of them found that regulatory interpretation and impact assessment as the biggest challenge. With regulatory reporting, ESG, cyber security, governance risk and compliance, horizon scanning being 7% each. The information highlights to RegTech companies the areas that they should concentrate on.
RegTech firms are focusing on integrated solutions that combine multiple functionalities to address the diverse needs of their clients. Solutions that offer comprehensive governance risk and compliance management, ESG reporting, and cyber security measures are becoming increasingly popular. These platforms not only automate routine tasks but also provide valuable insights through advanced analytics, helping organizations to proactively manage risks and make informed decisions. By staying ahead of regulatory changes and anticipating future requirements, RegTech companies are empowering their clients to navigate the regulatory environment more effectively and with greater confidence. With the continuous evolution of regulatory demands, the role of RegTech solutions in ensuring compliance and operational efficiency is set to become even more critical.