Regulatory Technology: The view of our CCO on RegTech
In the upcoming months, the members of the board of Pincvision will alternately write a blog every month about their views on current developments in the world of trade compliance. Welcome to this year's first blog.
In this blog Rob Holtslag, Chief Commercial Officer (CCO) at Pincvision, writes about his view on Regulatory Technology (RegTech), one of the most important developments of the moment.
Nowadays, compliance and reporting requirements demand stricter regulations and new guidelines. It therefore makes sense that internationally operating companies are searching for technologies to facilitate their processes and make them more efficient. The willingness to keep information in systems 'up to date' and to share knowledge with colleagues often requires cultural changes within organizations.
Knowledge management is not only about the literal translation of laws and regulations (codification of knowledge) that can be stored in information systems. It is also important that you pay attention to experiences and knowledge in the minds of your colleagues. How do we get this additional knowledge into the systems so that you automatically comply with all trade laws and regulations, i.e. that you are 'trade compliant'? This is almost impossible without smart IT solutions.
A major bottleneck for many companies is the lack of an integrated information system, even though this is essential for compliance with legislation and regulations. Solely providing information does not always meet the needs. 'Regulatory Technology' (RegTech) facilitates an information system in which knowledge is integrated and is therefore one of the most important developments at the moment.
RegTech meets the demands of businesses with automation solutions. In addition to offering protection against risks such as fraud and security, it also ensures that your international business is and remains compliant. Pincvision is a RegTech company. Our services consist of self-developed technology solutions that integrate the knowledge of our specialists. This makes it possible to relieve our customers of all administrative obligations related to import and export. Particularly in areas of their day-to-day business activities that actually receive too little attention.
RegTech: Quick respond to changing rules
International regulations are constantly changing. If you are not a specialist, you may break trade rules without even being aware of it. The final responsibility lies at the board of directors within companies which means that they are the ones that will be addressed.
So far, compliance has not been managed in a proactive, scalable and efficient manner. For companies, spending (even) more money and time is the only way to meet the ever-increasing supervision requirements. Various estimates indicate that approximately 10% to 15% of the workforce is fully dedicated to governance, risk management and compliance. This can be seen as a non-futureproof approach, simply because there will not be enough qualified compliance professionals available within your work environment to meet your needs.
However, RegTech together with the fading of the traditional approach can reduce the costs of compliance as well as the costs of investment in growth and services and thus ensure the continuity of cheaper and more efficient services in the long-term.
RegTech enables international operating companies to respond quickly to changing rules and provides the flexibility & speed to maintain operational excellence. You should be able to do worry-free business around the world. However, our experience shows that it often takes multiple years before you have set this up and coordinated it within the international environment of your company and with your IT department & specialists. Not to mention the employees who, halfway through the implementation, choose to continue their careers elsewhere.
Pincvision, a RegTech company
As I said, Pincvision is a RegTech company. For more than 15 years we have been a partner of multinationals that want to do business carefree all over the world. Pincvision understands your challenges and makes sure that you meet your obligations in the areas of VAT, Customs, Export documents, Intrastat and Environmental. In addition, Pincvision can perform risk checks on compliance legislation for your company.
Our RegTech solutions mainly consist of process automation, a form of artificial intelligence and big data analyses in which our data analysts, compliance specialists and subject specialists take care of the implementation. This means that you'll be completely relieved of the burden of things that do not belong to your core business and therefore don’t want to waste your precious time on.
Are you already paying attention to knowledge management within your organization?