The General Data Protection Regulation(GDPR) came into force on 25 May 2018. It is one of the most challenging regulatory initiatives and is going to transform the rules governing data protection and privacy in the European Union and beyond.
Like GDPR many other new regulations have increased the pressure on financial institutions where compliance has become a burden for the business in terms of costs and resources that cannot be faced with traditional methods anymore.
On the other hand, Regulatory Technology (RegTech) is often cited as the solution that empowers firms from all industries to deal with these rules. Its true value in our opinion goes way beyond the view of it as a stopgap solution. RegTech is an opportunity for organisations to create additional value andregulatory compliance. It is sometimes difficult to understand this when we talk about RegTech in abstract terms, so we decided to partner up with eccenca, a software and solutions company, to explain in a use case scenario in concrete terms the real significance of RegTech.
The book will provide an introduction to RegTech and its game changing strategies and technologies. It also offers a detailed introduction to the GDPR and the challenges it brings. Lastly, using eccenca’s solution, we describe how this solution can be used to achieve regulatory compliance while creating insights into your company you never had before.
While the guide has the GDPR at its core, it is also an example of the application of RegTech to any other kind of financial regulation. RegTech shouldn’t simply be considered with regard to one, isolated regulatory challenge. Rather it should be a cornerstone of the business strategy of a financial institution. Thus, this guide is foremost a case study and the key findings can be transferred to other settings.
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