A new phrase has crept into the lexicon in recent times—"regulatory technology," or more simply, "regtech." Regtech is the innovative application of technology and new business concepts to the challenges firms face in managing regulatory risk and compliance. The phrase is rapidly being attached to a disparate range of new business models, technology and business-change projects that at first glance can appear a little incongruous.
The difficulty is in appreciating the confluence of ideas underpinning the range of regtech offerings that gives them substance. There is a need to understand emerging thinking from a business perspective, in order to identify evolving trends more broadly. More important, however, is the need to translate all of this into practical and pragmatic action.