{"id":15115,"date":"2021-02-18T09:20:38","date_gmt":"2021-02-18T09:20:38","guid":{"rendered":"https:\/\/mapfintech.com\/?p=15115"},"modified":"2023-05-17T14:18:13","modified_gmt":"2023-05-17T14:18:13","slug":"thomson-reuters-survey-fintech-opportunities-for-firms-in-the-future","status":"publish","type":"post","link":"https:\/\/complyport.com\/transaction-reporting\/thomson-reuters-survey-fintech-opportunities-for-firms-in-the-future\/","title":{"rendered":"FinTech presents extensive opportunities for firms in the future, Thomson Reuters survey shows"},"content":{"rendered":"

Can corporate governance and the culture of financial services firms keep up with the pace of growth of regulatory technology?<\/strong><\/p>\n

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During the past several years, regulators have invested heavily in technology to protect and monitor regulatory reporting data quality. The main challenges for 2021 will focus on new regulations, preparing for those with effective dates this year and those that are going through the legislation, proposal and comment processes. This leaves financial services firms with no option but to address automated reporting as a way of validating all data submitted to regulators, detecting and correcting data issues as they arise, and setting up an overall data governance framework across different regulatory reporting requirements. Thus, Regulatory Technology (RegTech) is crucial for operational management and strategic decision-making for both the risk and compliance functions as it is designed to help firms understand and meet legal requirements more effectively and efficiently.<\/p>\n

According to Thomson Reuters Regulatory Intelligence\u2019s 2020 annual survey report<\/a> \u201cRegTech and the role of compliance in 2021\u201d, despite firms facing several budget challenges during the pandemic, the adoption and implementation of regulatory technology has taken a huge step forward with 70% of the surveyed firms reporting that COVID-19 increased their reliance on technological solutions.<\/p>\n

The study, which shares the experiences of more than 400 compliance and risk practitioners, found that this sector\u2019s growth is expected to accelerate in the coming months and years. Firms and their customers are realising the great value of adopting a wide variety of Fintech solutions.<\/strong><\/p>\n

The survey also shows that firms must be careful to deploy solutions on solid foundations. This means getting corporate governance right. A quarter of respondents said that corporate boards and the risk and compliance functions need to be more involved in finding and adopting Fintech solutions for the firm, highlighting the absence of appropriate skill sets as one reason for this lack of involvement.<\/p>\n

Moreover, RegTech applications continue to provide popular, embedded solutions for firms in areas such as compliance monitoring, financial crime, AML\/CTF, sanctions and regulatory reporting. Budgets are predicted to increase with a mix of in-house and external solutions as the option most frequently selected by respondents.<\/p>\n

Interestingly, just 16% of firms reported they had implemented RegTech solutions, with a further 34% stating that RegTech solutions were affecting the management of compliance. Notably, the report identifies a shift from build to buy;<\/strong> firms that employ inhouse solutions fell to 6% in 2020 from 17% in 2019, while 12% reported that all of their RegTech solutions were developed externally.<\/p>\n

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Why choose MAP FinTech to be your regulatory technology partner? <\/strong><\/p>\n

MAP FinTech is a leading and award-winning regulatory technology provider for the financial services industry, specialising in reporting solutions arising from the requirements of a number of complex and challenging international regulations such as EMIR, MiFID II\/MiFIR, SFTR, FATCA, DAC6 <\/strong>and CRS<\/strong>. MAP FinTech also provides innovative and comprehensive solutions for Best Execution Monitoring, RTS 27\/28 Reporting, AML Transaction Monitoring and Screening, Trade Surveillance (Market Abuse), <\/strong>and eKYC (Screening, eIDV, Document Authentication)<\/strong>.<\/p>\n

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