Financial services licensees must start considering regtech in order to remain competitive within the industry, says Kaplan Professional.
In a statement issued with regtech firm Red Marker, the company said ASIC’s recent “crack-down” on non-compliance and regulatory breaches highlights the importance of adequate governance and compliance systems.
“Good governance starts with capability and the right set of tools – this is a terrific catalyst for change and encourages the industry to be serious about building a true culture of compliance,” said Red Marker chief executive Matt Symons.
“Regtech creates efficiencies and productivity improvements to manage regulatory obligations in a cost effective and compliant manner.”
Kaplan Professional chief executive Brian Knight said it was “extremely encouraging” to see many professionals already embracing regtech services.
“Their investment in regtech is enabling them to do all they can to maintain visibility and control across their licence – it is a no-brainer to be on the front foot by being able to identify and mitigate risk before the regulator does and starts to ask questions,” he said.
“What better way to demonstrate to the regulator you are serious about creating a culture of compliance and protecting the best interests of the consumer.”
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