What are the next steps as we explore and embrace RegTech? PwC continues to RegTech provides the industry with multiple new opportunities and enhance capabilities solutions that enable efficient and effective regulatory compliance in RegTech management. We see the following next steps as crucial for organizations to thinking about using RegTech solutions: 1) PwC Ireland and Irish RegTech 1. Understand your existing regulatory technology company ViClarity teamed up capabilities: Many organizations already have regulatory- and to develop a compliance risk compliance focused technology in place, whether that’s a governance, management tool, which tracks risk and compliance system or automation built into their client the performance of governance, on-boarding processes. it’s important to catalogue and understand risk and compliance controls and delivers a full accountability the current capabilities and a long term vision for your regulatory trail, all in state-of- the-art user technology needs before embarking on a search for RegTech solutions. experience with comprehensive, Organizations should evaluate current landscape to assess how real-time and periodic reporting. RegTech fits into their long term strategy. 2) PwC UK partnered with Bank 2. Understand the current RegTech solutions in context of your of England’s (BoE’s) FinTech needs: Based on the assessment of your current environment and accelerator. A team of PwC engineers and specialists in evaluation of your emerging needs, you should be able to identify the testing worked with BoE to gaps in your regulatory technology infrastructure. Keeping these in design and carry out a proof context, use tools like DeNovo or other market evaluation methods of concept to explore the to gain understanding of the RegTech solutions that can benefit your potential opportunities and organization. challenges of using distributed ledger technology for payments 3. Establish a program to develop implementation plan: In settlement. order to gain strategic advantage from your regulatory compliance 3) PwC has partnered with technology investment, we recommend treating the role of RegTech in Paycasso to use its biometrics your organization as a distinct, structured and well funded program. technology to help financial Too many times organizations try to address such vital initiatives institutions protect themselves through “the side of their desks” without devoting the resources, against financial crime and senior management support and program structure that it deserves. meet their legal and regulatory We believe RegTech can be a game changer for your regulatory obligations to know your technology environment. Therefore, it’s imperative that organizations customer. Paycasso’s identity and access verification create a project team dedicated to this initiative and develop a solutions combine biometric RegTech implementation road map which aligns to the strategic vision computer vision with document of your organization. and fraud detection algorithms to give its enterprise clients confidence customers are who they say they are. Just as important to its clients is the consumer experience. If a process is complicated and time consuming, potential customers will simply stop and go elsewhere. The changing landscape 6 How to use RegTech and make regulatory compliance your strategic advantage