APAC CIO Outlook
  • Home
  • CXO Insights
  • CIO Views
  • Vendors
  • News
  • Conferences
  • Whitepapers
  • Newsletter
  • Awards
Apac
  • Agile

    AI Healthcare

    Artificial Intelligence

    Aviation

    Bi and Analytics

    Big Data

    Cloud

    Cyber Security

    Digital Infrastructure

    Digital Marketing

    Digital Transformation

    Digital Twin

    Drone

    Internet of Things

    Low Code No Code

    Networking

    Remote Work

    Smart City

    Startup

    Unified Communication

    Wireless

  • E-Commerce

    Education

    FinTech

    Healthcare

    Manufacturing

    Pharma and Life Science

    Retail

    Travel and Hospitality

  • Dell

    IBM

    Microsoft

    Salesforce

    SAP

  • Cognitive

    Compliance

    Contact Center

    Corporate Finance

    Data Center

    Data Integration

    Digital Asset Management

    Full Stack Development

    HR Technology

    IT Service Management

    Managed Services

    Procurement

    Proptech

    RegTech

Menu
    • Compliance
    • IBM
    • Big Data
    • Unified Communication
    • Digital Infrastructure
    • Data Center
    • Salesforce
    • MORE
    #

    Apac CIO Outlook Weekly Brief

    ×

    Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from Apac CIO Outlook

    Subscribe

    loading

    THANK YOU FOR SUBSCRIBING

    • Home
    • News
    • RegTech
    Editor's Pick (1 - 4 of 8)
    left
    Customer by Design - The Centre of Everything!

    Andrew Crabb, CIO, TR Group

    The Enigma in Cloud Transformations

    Rohan Manuel, CIO, Hendry

    Achieving IT Budget Efficiency

    Giorgio Migliarina, Chief Technology Information Officer, Telekom Malaysia

    Regtech Should Become A Mandate After Covid-19

    Gabriel Chan, Head Of Global It, Gaw Capital

    The Process And Culture Requirements For Exceptional Regulatory Technology

    Greg Bellotti, Vice President It And Cio, Elementis Global

    Unleashing the power of Qubit & AI

    Utpal Chakraborty, Head of Artificial Intelligence, YES Bank, AI Researcher

    Technologies to combat Pandemic

    Utpal Chakraborty, Head of Artificial Intelligence, YES Bank, AI Researcher

    The Future of Compliance Regulatory Adherence

    Deborah Young, CEO, The RegTech Association

    right

    Key Problems Facing the APAC Regtech Market

    Apac CIO Outlook | Wednesday, March 24, 2021
    Tweet

    Fremont, CA: Regtech has appeared as a low-cost way for businesses to conform with changing regulations. According to Markets and Markets, the Regtech market is growing at a CAGR of 23.5 percent and is expected to reach $12.3 billion by 2023. According to the report, the key drivers driving the Regtech market's growth are rising compliance costs, the adoption of regulatory sandboxes, and greater access to Software-as-a-Service (SaaS)-based offerings.

    Human Resource Requirements

    To improve data quality, intensive human effort is required, and large corporations have employed thousands of heads for this purpose. It is estimated that risk management and compliance activities currently occupy 10-15 percent of the total workforce. Human resource requirements will grow exponentially in the future as data volumes, and compliance requirements increase. However, skilled professionals with relevant experience will be challenging to find, and organizations will be required to train the workforce.

    Top 10 RegTech Consulting/Services Companies - 2020Standardization of Data

    Another issue for Regtech is data standardization. Documents are rapidly being replaced by data. However, while regulators have audited documents, the same cannot be said for data. Regulators worldwide can learn from Australia's Standard Business Reporting (SBR) as the first step toward standardization. The Australian government has made significant efforts to provide a list of data fields and taxonomy for reporting to multiple agencies, as well as to collaborate with the software industry to get software built using these data fields. As a result, there is more automation, annual savings in the millions of dollars, and a data-centric compliance model.

    Data Woes

    While Regtech appears to be a promising solution to compliance issues, not everything is as simple as it appears on the surface. There are still issues that need to be addressed. The most difficult challenge appears to be data. Automation can only deliver the desired results if the input data is clean and unbiased; otherwise, the results will be off-track. The same data that makes Regtech efficient is also its adversary because not all data is usable and must be processed before it can be used.

    See also: Top HR Technology Companies

    tag

    HR

    Human Resource

    SaaS

    Weekly Brief

    loading
    Top 10 Automotive Technology Companies - 2019

    Featured Vendors

    Aptiv

    Kevin Clark, President & CEO

    Ambarella

    Fermi Wang, CEO

    ON THE DECK

    Automotive 2019

    Top Vendors

    Automotive 2018

    Top Vendors

    Previous Next

    I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info

    Read Also

    Bridging the Digitization and Cybersecurity Gap

    Nasrin Omar, Head of Cyber Security, Tenaga Nasional Berhad

    Achieving Business Agility

    Will Artificial Intelligence Replace Humans In Future?

    Key Challenges Facing Real-time Data Processing in Data Centers

    Digital Transformation Agility

    Angela Lam, CIO Shell Australia, COG & Integrated Gas, Shell (NYSE: SHEL)

    Technology Trends Impacting Digital Infrastructure in 2022

    Loading...

    Copyright © 2022 APAC CIOoutlook. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Use and Privacy and Anti Spam Policy 

    |  Sitemap |  Subscribe |   About us

    follow on linkedinfollow on twitter follow on rss
    This content is copyright protected

    However, if you would like to share the information in this article, you may use the link below:

    https://www.apacciooutlook.com/news/key-problems-facing-the-apac-regtech-market-nwid-8057.html