As technology continues to drive rapid change in financial services, there is an emerging sense of pragmatism around the adoption of this new technology, reflected in a new report
The potential benefits of fintech, regtech and insurtech are widely acknowledged, of course, but there is a growing realism about the challenges of implementation and the practical reality of achieving the actual efficiencies or other improvements that technology once promised. Indeed, it is an added challenge for firms to determine whether or not technology providers themselves will be able to deliver the solutions under consideration.
Not surprisingly, the need for risk and compliance functions, as well as all other parts of the business, to have the appropriate technological skill sets has never been more pertinent.
That general mood among risk and compliance officers through the financial services sector was reflected in the newly released third-annual Fintech, Regtech and the Role of Compliance Report 2019, published by Thomson Reuters Regulatory Intelligence (TRRI).
This latest global survey allows TRRI to assess the impact of developments in regtech and fintech on the role, remit, and expectations of the compliance function in the financial services sector. The research represents compliance and risk practitioners around the world from almost 400 financial services firms.
Similar to previous surveys, this ensuing report is intended to help regulated firms with planning, resourcing, and direction, while allowing them to benchmark whether their resources, skills, strategy, and expectations are in line with those of the wider industry.
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You can download the previous report here and the previous infographic here.