Compliance with a growing regulatory rule set is a must for all wealth management businesses across the globe. From an environment where regulation was comparatively light, wealth managers now live in a world of complex, changing, and burdensome compliance rules, where failure to comply has potentially severe consequences. While technology companies have been building solutions to support regulatory compliance for a long time, we are now witnessing a RegTech marketplace that is increasingly specialized and segmented, whereby every compliance and regulatory need of the wealth management marketplace is covered. However, the marketplace continues to develop. The constantly evolving compliance ruleset, alongside shocks like Covid-19, where remote working is now the norm, means wealth managers and RegTech providers cannot standstill.
In our first annual report focused on the providers and applications of RegTech in the wealth management sector, we have sourced insights from a range of technology companies, including those aiming to help wealth managers digitalize their risk and compliance functions, embed compliance across an organisation to facilitate global growth, to new entrants building new tools to enable compliant client communications, such as via instant messaging and Blockchain technology.
"What is clear from these participant's contributions is that there is still a significant opportunity for the wealth management sector to use RegTech tools to help them in a variety of ways, such as; ensuring they keep on top of all their regulatory and compliance obligations, reducing costs and making processes more efficient, and enhancing the service levels they provide to staff, advisers and clients, so they remain relevant to the expectations and requirements of the modern user", said Simon Ramery, Co-Founder of The Wealth Mosaic.
The Wealth Mosaic would like to the thank the throught leaders from the seven solution providers from across the globe for their views and insights: ALT/AVE (UK), Apiax (Switzerland), Arctic Intelligence (Australia), IMVS (UK), InvestCloud (US), MyComplianceOffice (US) and Novastone (UK).
You can access the full report for free by clicking on the report image below:
