Report.pdf

EBA20analysis20of20RegTech20in20the20EU20financial20sector.pdf
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🔗 Source: eba.europa.eu
📊 Size: 2.44 MB
📄 Pages: 81 pages
⬇️ Downloads: 62

Summary

The European Banking Authority (EBA) analyzed RegTech in the EU financial sector, focusing on its benefits, challenges, and risks. RegTech, defined as technology-enabled innovation for regulatory, compliance, and reporting requirements, has the potential to make compliance more effective. Financial institutions using RegTech solutions highlight enhanced risk management, better monitoring, and reduced human error as main benefits. RegTech providers emphasize increased efficiency, reduced impact of regulatory change, and improved effectiveness. However, RegTech solutions may give rise to risks, such as compliance, concentration, and reputational risks, which need to be identified, monitored, and managed. A balanced approach is needed to acknowledge RegTech benefits and create an innovate-supportive environment while closely monitoring and managing associated risks. The main challenges from the perspective of financial institutions and RegTech providers include implementation, integration, and scalability.

Description

The European Banking Authority (EBA) analyzed RegTech in the EU financial sector, focusing on its benefits, challenges, and risks.

Technical Information

  • File Format: PDF
  • File Size: 2.44 MB
  • Pages: 81
  • Language: EN
  • Total Downloads: 62
  • Last Updated: 13 hours ago

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