RegTech Impact on the Private Security Industry
By Benjamin Weld · 2019
This chapter discusses how the security industry has changed since 2001, and how advances in technology have seen an increased appetite from regulators and security providers alike. It will help determine whether RegTech – which has been incredibly successful in the financial services industry - has the potential to be as prosperous in the private security industry and create a stronger, more robust, and more pertinent industry that is capable of facing the demands of an ever-changing always-on interconnected world. Technology is constantly evolving and is generating new opportunities regardless of industry such as the explosion of handheld internet-ready devices, which shows no sign of stopping. Crucially, that is exactly where RegTech for the private security industry begins - in the hands of the security officer. Creating a process that is simpler to use will ensure that the correct data is captured, thus allowing greater opportunities to develop new data-driven insights for security companies.