How is Regtech Enabling More Robust Data Protection and Privacy Compliance?

Editorial Calendar How is Regtech Enabling More Robust Data Protection and Privacy Compliance? The further we’ve delved into the world of regulation and compliance, the clearer it has become that there are a whole host of challenges for financial institutions to contend with. When it comes to cybersecurity, the topic of data protection and privacy is arguably one of the most important.

While it is imperative that firms keep data safe to ensure compliance with local regulators, it is also important to ensure that they retain the trust of their existing and prospective customers. With this in mind, we set out to find out how regtech is enabling more robust data protection and privacy compliance. “Regulatory technology plays a pivotal role in bolstering data protection and privacy compliance,” explainsHenry Balani, global head of industry and regulatory affairs atEncompass Corporation.

“By implementing advanced technologies such as Corporate Digital Identity (CDI) and AI, institutions can better manage complex data sets by automating compliance processes, improving data accuracy, and facilitating real-time monitoring to meet regulatory standards.” Remonda Kirketerp-Møller, CEO ofMuinmos, a Danish regtech firm, also believes that AI-based regtech solutions could hold the key to best protecting sensitive data: “Regtech is revolutionising data protection and privacy compliance by automating and streamlining processes related to regulatory requirements like GDPR and other privacy laws. “Through advanced technologies such as AI and machine learning, regtech solutions can identify, classify, and protect sensitive data across systems, ensuring that financial institutions comply with data protection regulations in real-time. “By automating risk assessments and ensuring encryption and secure data management, regtech not only reduces the chances of human error but also enables continuous monitoring for data breaches, thereby safeguarding privacy in an increasingly complex digital landscape.

Many regtech companies obtain ISO certifications to strengthen their GDPR alignment.” New regulatory