Audit requests are like trips to the dentist. Essential, but potentially painful and expensive if the doctor finds decay or worse, a deep-rooted problem.
Enter Regulatory Technology or RegTech, as is the portmanteau of choice. It is a broad moniker for the automation of processes allowing increased compliance oversight and control over financial transactions. The sector has blossomed against a backdrop of complex regulatory initiatives and a mushrooming of technological innovation. RegTech acts like dental floss; swiftly rooting out information, completing necessary tasks and removing the need for a more vigorous investigation.