Is RegTech the answer to achieving IT and data compliance?
By Javid Khan, CTO of LayerV, a Pulsant company
The world of regulations might not be the most attractive area of business, but it is without a doubt one of the most important. There are around 200 different regulations that businesses need to keep track of on average, and this number is bound to be even greater in highly regulated markets including government. Each of these need to be dealt with effectively in order to achieve success.
This can unsurprisingly lead to significant headaches among businesses. With so many regulations to juggle at the same time, including the likes of ISO27001 and beyond, achieving and maintaining regulatory compliance can be complicated and extremely time-consuming.
What is RegTech?
Enter ‘RegTech’. Dubbed “the new FinTech” by Deloitte, RegTech is a new movement that “promises to disrupt the regulatory landscape by providing technologically advanced solutions to the ever increasing demands of compliance within the financial industry”. It’s a much-needed helping hand for organisations, especially as the regulatory world becomes increasingly crowded and complex.
The potential positive impact of RegTech on the business world is huge, but it’s a sector that is still very much in its infancy. It is also currently dominated by companies who specialise in services and solutions for the financial industry: a quick scroll through the 153 companies identified by Deloitte in its report on RegTech is all the evidence you need of the huge financial focus.
Naturally, this means that while there are plenty of companies out there creating and delivering compliance and monitoring services for the likes of trading and investment processes, there are very few that can help to ensure IT and data compliance — until now.
Pulsant is able to offer a sophisticated and comprehensive Continuous Compliance RegTech solution that can help to achieve — and, crucially, to maintain — the levels of IT compliance that are compulsory among all businesses. With the imminent deadline for the General Data Protection Regulation (GDPR) just around the corner, this has never been more important, and failing to take action now could lead to hefty fines further down the road.
Peace of mind for businesses
But of course, GDPR is just one slice of a much larger regulation pie, with many more guidelines and procedures to adhere to in order to achieve compliance. One more in particular is the Payment Card Industry Data Security Standard (PCI DSS), which affects any business or service provider that stores, processes or transmits cardholder data. Not only is the impact of PCI DSS so broad, but many simply don’t know how guarantee compliance.
Thankfully, our Continuous Compliance RegTech offering can help with them all, covering certifications that are centred primarily around data, IT processes and the cloud. These include the International Organization for Standardization (ISO) and the British Standards Institution (BSI), as well as other key financial bodies including the Financial Conduct Authority (FCA) and the Markets in Financial Instruments Directive (MFID). Another huge benefit of our Continuous Compliance offering is that it’s aligned to Centre of Internet Security (CIS) and ISO27001 controls out of the box, promising an instant improvement.
These last two certifications are particularly important to the Fintech industry — one of the most regulated sectors around. Thanks to LayerV, a Pulsant company, we have a wealth of experience in how the Fintech industry operates, and can provide a comprehensive RegTech solution that satisfies even the most demanding of regulatory requirements. This offers guidance and assistance at every step of the compliance journey for on-premise, public cloud or hybrid solutions, ranging from near-real-time alerting to proactive compliance reporting.
As regulatory compliance climbs higher up the priority list of many businesses — particularly with GDPR looming large — organisations need complete confidence that their efforts relating to data and IT are effective, and our comprehensive RegTech solution can do exactly that.