The regtech market was valued at $9.8 billion in 2022; the forecast is for $47.7 billion by 2032, at a CAGR of 17.3%. [DataHorizzon Research, November 17, 2023]
REGTECH DEFINITION:
Regtech uses advanced, often intelligent technologies, such as machine learning, to transform diverse specialist regulatory activities and risk management.
Technology’s purpose has always been, of course, to help do & automate work; but regtech represents a step-change in the efficiency, adaptability, and diagnostics of regulatory reporting & compliance tools.
REGTECH USES:
Many regtech applications are in the financial sector, as a branch of fintech, simplifying and increasing the accuracy of regulatory compliance.
Ever more complex financial fraud has led to ever more complex and rapidly shifting rules to combat it, which in turn demands a real change in how tech can help manage the data processing and reporting of compliance.
Since 2014 BENEFITSCAPE has led the application of regtech to employees benefits, transforming, for example, the governance, risk management, data processing & resource burden of ACA compliance on all HCMs and across all native data sources.
NEW IRS RISK, NEW TOOLS
Meanwhile, forensic tools used by regulatory authorities, such as the IRS, have also been becoming more powerful. Compliance integrity across all a company’s reporting is today both more complex and more important than ever — but thanks to regtech can also be less daunting, more accurate, and less work. In the area of benefits, solutions such as ACA_regtech* are already transforming the experience and value of benefits for thousands of employers and millions of employees.
To learn how regtech can transform your ACA & other benefits compliance, email BENEFITSCAPE at info@benefitscape.com or call +1-508-655-3307.
