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RegTech

An ingenious approach to regulatory compliance

RegTech, or regulatory technology, presents an incredible opportunity to transform compliance by freeing staff to undertake more value-adding work, lower risks, generate new insights and save organisations billions. In a typical financial services firm, we estimate that 10-12 per cent of staff are dedicated to compliance and the industry spends £250 billion a year on meeting the regulatory burden.

But despite this potential few organisations are seizing the opportunities because they don’t know where to start. It will take bold and ingenious approaches to RegTech to change that.

 

55%*

of financial services leaders recognise the way they manage risk and compliance could be better. 

78%*

of financial services leaders say their ability to respond rapidly to change will make the difference between success and failure.

30%*

of financial services leaders say a legacy mindset is the greatest challenge to adopting RegTech.

*Re-thinking Regulators, PA Consulting, May 2018.

 

*The Evolution of the Agile Organisation, PA Consulting, September 2018

 

How we can help

We can help you overcome the barriers to adopting RegTech and take advantage of the opportunities that exist.

  • Knowing where to start – we’ll conduct a strategic review of your business to understand where RegTech can have the most impact.
  • Creating the case for change – once you understand your requirements, we’ll help you create the business case to secure investment and prepare the business for change.
  • Finding the right partners – using ou­­­r proprietary vendor segmentation tool we’ll help you find the best partners and facilitate initial discussions.
  • Think big, start small, scale fast – we’ll support you through implementation, from delivering a proof of concept to scaling up and building a strategic architecture. All underpinned by agile ways of working.

Related insights

 

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Contact us

Alexander McGill

PA financial services expert

Jason Hill

PA financial services expert
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