Data Security and Privacy in RegTech
Ruchika Rastogi, Mohammad Ismail Iqbal · Advances in finance, accounting, and economics book series · 2024
Regtech, or the use of technology in regulation, compliance, risk management, reporting, and monitoring, is driven by increasing regulatory requirements, rapid and continuous changes, and the digital dynamics of financial markets. The resulting multidimensional framework covers many dimensions. The first is regulation and technology, where technology (such as artificial intelligence, DLT, blockchain, smart contracts, apis) is used to meet one or more laws that do not require financial management. Regtech leverages technology for regulation, compliance, and risk management in finance, driven by regulatory demands and digital market dynamics. It utilizes AI, blockchain, and data automation for efficient data integration. Information sharing fosters an ecosystem benefiting stakeholders, offering increased efficiency, transparency, and reduced costs. Yet, risks like cyber threats and algorithmic bias persist.