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    RegTech

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    RegTech

    • Background
    • Definition
    • Needs
    • Goals
    • Strategy

    Background

    The financial environment because of new business model development and global financial transaction number dramatical increase is getting more complex / digitalized / globalized due to the FinTech deployment. Financial regulation authorities issuing more rigid and strict regulation with the intense never seen before

    • - Non barrable penalties and fines
    • - Growing number of data requests and regulation related reporting demand
    • - Serious exposure to various financial crimes risk

    FinTech companies and non-financial professionals (lawyers, accountants, tax accountants, jewelers and expensive antique traders, etc.) related mandatory anti-money laundering legislation is being continuously developed and improved.


    - UK and other developed countries had already implemented such a legislation and now expecting in nearest future the other world to follow them

    For the financial regulation related requirements satisfaction IT technologies need to be adopted. For deeper intellectualization / automatization / prevention and possible customization for specific areas support, flexible, responsive to changes and cost effective innovative solution is required.



    As a response for these tendencies we can see rapid emergence of cutting edge technologies such as AI (artificial intelligence), rules, big data, cloud storage and blockchain, etc.



    New innovational concept ‘Financial Regulations Response’
    RegTech (Regulatory Technology : IT technology responding to Financial Regulation)

    Definition

    “RegTech (Regulatory Technology) manages basic financial businesses or runs reformatory new business models via FinTech. This is a technology applied for responding to the main various rules and regulations for raising trust-level and law-abiding”.

    “Matching the basic risks of financial institutions, matching data and automatizing due diligence, RegTech is the main topic of reforms. We understand that basic law-abidity IT technologies etc. are not effective anymore, the basic law-abidity solutions are being left behind in the stiffen time outgrown by new ones, we hope for the entrance of new effective regulating maneuvering solutions that are based on real time needs using artificial intelligence, rule and big data analysis technologies.” - UK FCA: Financial Conduct Authority


    ‘RegTech’ offers innovative data analysis options (risk analysis, scenario/pattern analysis, trend/progress analysis etc.), monitoring and timely/suitable report features, it secures customers and guarantees market integrity starting from new innovative financial business models, it is a technology protecting financial entrepreneurs and their business models by cost effectively responding to punitive penalties and various regulations of regulatory authorities applying ultimately to financial entrepreneurs. .


    ‘RegTech’ is using recent cutting edge IT technologies such as artificial intelligence (AI), rules, RPA (robotic process automation), big data, cloud computing, module packaging and blockchain/surrogate keys, etc. and provides low cost customization by area/business for basic compliance solutions, preventive and automatic control and general compliance risk visualization. It’s a technology providing fast and cost effective response to regulation changes and protecting customers, financial institutions as well as financial system itself.

    Financial industry needs

    Goals

    OCTA Solution strategy and goal

    To create further cooperation ecosystem between related companies and to follow the next 6 RegTech tendencies innovative compliance solution is implemented and after securing leadership in compliance solution area for the APAC region, ultimately guiding the market to become a RegTech global leader.

    Data Compliance
    Cost effective big data storage and
    structurization & typical/non typical
    data analysispreventive analysis system design
    Compliance CLOUD
    Inter-event relationships,
    time interval, etc. related
    multidimensional analysis and real-time pattern
    analysis system design. Design artificial intelligence
    monitoring, control and reporting
    system with learning possibilities.
    Real time Preventive Compliance
    Inter-event relationships, time interval, etc. related
    multidimensional analysis and real-time pattern
    analysis system design. Design artificial intelligence
    monitoring, control and reporting
    system with learning possibilities.
    Compliance Portal
    Using regulation, legislation and accidents / denies real case sharing, FAQ, dashboard and blockchain technologies, sharing KYC and white/black lists, etc. financial institution compliance information sharing portal should be designed
    Visualized Compliance
    To quantify internal control and compliance activities and to visualize compliance risk “control tower” system is designed
    Automated Compliance
    Convert legal terms and regulations, financial product manuals to machine readable form RPA use automation and artificial intelligence use Legitimacy analysis system design

    OCTA Solution RegTech promotion strategy

    By supporting cooperation between the related companies RegTech based compliance response ecosystem is formed and with following 6 direction RegTech strategic goals may be rapidly reached.