RegTech is one of the current buzzwords in the world today. It has become known in the financial world, but it goes much further than that.
We see abbreviations like FinTech, RegTech, KYC and AML everywhere we look these days. Most people have no idea what this means or what impact it could have on your life and your business, it only sounds interesting to talk about. Time to change that.
RegTech is an abbreviation of Regulatory Technology. A term that refers to all technological solutions introduced to help companies with their mandatory filing obligations, in all jurisdictions in which they operate.
We are in a tumultuous time in the UK. Companies are still trying to find their way through the maze of all (new) trade compliance obligations that apply after Brexit. Many can get by with the transition conditions of Brexit, but don’t have a solid solution for meeting all the legal requirements imposed on them in a post-Brexit world. A growing risk if you ask me, because enforcement is only a matter of time.
RegTech will take away all your hassle
RegTech solutions work seamlessly in the background. They process all transactions within your organisation in real time, without your employees spending hours on these monotonous tasks. Analysis of your data, and most importantly data enhancement allows you to submit the right data to the authorities at the right time. RegTech also helps spotting errors and risk within your system as it happens. This is based on business rules, designed specifically for your business and organisation, and will notify your compliance teams for immediate action. This is accomplished through a clever mix of big data and artificial intelligence.
Imagine RegTech helping you to mitigate risk as part of your company’s overall risk management strategy. Tightly controlled internal processes, always up to date with the latest developments, no stress and only focusing on what really needs your attention. Sounds good right?
Let your business grow to reach its full potential
If you really want to know what the best solution is for your regulatory reporting requirements and real-time transactions in the areas of VAT, Intrastat, EPR, Customs and Export Documents then contact me. Because with Pincvision’s RegTech solutions and 20 years of experience, your business will be in good hands.
We free up your internal teams, so that you can work on value adding activities, instead of having to worry about trade compliance related headaches and tasks. Wouldn’t that be a relief in a time where qualified staff across all sectors is extremely scarce? Thought so. Let’s get in touch!