Sep 22, 2022
Though regulatory compliance is a safety net for the BFS industry, the need to remain compliant is a huge overhead that requires continuous investment. Evolving regulations indirectly necessitates firms to upgrade their infrastructure with the latest technologies since many legacy systems aren’t customizable to accommodate such changes. It forces firms to not only modernize their systems at a significantly higher cost but also demands highly skillful resources for implementation and support. Managing regulatory compliance has become a unique business opportunity in itself. Regulatory technology or RegTech has tapped into this market in the current technology-driven solutions era.
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