The LSE recently stated that “the ideal RegTech product would be able to provide modular support, integrated in day-to-day operations and create not only cost savings and efficiencies, but improve functionality and reduce regulatory risk”.
Back office, workforce management solution OPX boasts all the properties of the perfect RegTech product and we want to go further to explain why the value it adds extends beyond simply meeting regulatory compliance.
What is RegTech?
RegTech, or the ‘baby brother’ of FinTech, was developed to help organisations address and adhere to the ever-changing regulatory nature of the financial industry. With the number of regulatory changes banks must deal with on a daily basis increasing dramatically from 10 to 185 in a decade, (FintechTimes) technology that assists them in better understanding and tackling this is becoming a fundamental investment.
RegTech is essentially taking two developing areas of the financial industry, technology and regulation, and combining them to promote best practise across the organisation. It matters because it helps financial institutions to manage risk, reduce error and remain compliant in the face of the regulators.
A RegTech product – how could it add value?
RegTech helps organisations to better understand the risks associated with what they’re doing and how to avoid them. If RegTech can help companies to adhere to compliance better, it can drive significant cost savings by eliminating error and waste.
The OPX Solution
Workforce management software OPX helps companies totally transform their back office operations. Through its application of robotics process automation, it can help organisation adapt quickly and effectively to changes in regulations. This provides the following benefits:
- It provides a cost-effective way of automating approaches to regulatory compliance
- It promises enhanced performance and results because of a better understanding of how to monitor and avoid risk
- Financial stability in the long term because of fewer penalties
Because of this shift in attitudes towards regulatory compliance, OPX gradually changes the organisational culture across the board, thanks to a better understanding of risk. It also enables the organisation to demonstrate its commitment to compliance.
Find out how OPX can integrate with your existing system, streamline your back office operations and support your ever changing regulatory landscape. Get in touch today.