GoDubai
  
  
  
  
Citylife > Press Release
  Home Contact us Add to Favourites
Most Recent Postings
More Press Releses
Featured Sections

Event Finder
A daily roundup of exhibitions, promotions and other events in Dubai and the rest of the Emirates.
Submit an Event
Latest Dubai Press Releases >> Technology

 
  Share

DUBAI; February 12, 2018 -   Accenture (NYSE: ACN), in collaboration with The World Government Summit, has released a new report that finds that regulators must embrace the innovative application of emerging technologies, known as RegTech, to enable a more effective regulatory environment, mitigate risks and drive competitive advantage. According to the report, RegTech allows regulatory processes to be redesigned, enabling real-time, data-driven decisions that drive innovation.

As digital disruption increases, innovative products and services, such as ride sharing and lodging services, are increasingly challenging or bypassing regulatory processes. The report, RegTech for Regulators, finds that RegTech opens a treasure chest of opportunities for regulators to keep pace by using analytics and anticipatory interventions at an unprecedented scale, helping to build trust in regulations needed for new business innovations.
 
“The regulatory environment has a tremendous impact on a country's ability to innovate and prosper. In the coming years, data and insights will be a catalyst for innovation and business growth and serve as the backbone of more effective and efficient regulatory systems,” said Gianmario Pisanu, managing director and consulting lead for Accenture in the Middle East and Turkey. “Regulators should consider moving away from the traditional debate between risk-based and principles-based regulation and leverage data to cut enforcement and compliance costs.” 
 
The report identifies a clear roadmap that regulators can use to adopt RegTech in the near term. 
  • Initiate Open Engagement: The relationship between the regulator and the regulated must undergo a transition to become more cooperative, rather than adversarial. There is potential to work together with governments, technology startups, academia, technology service providers and industry associations to understand how technology is evolving, what it means for regulators, and how its adoption can be accelerated.
  • Orchestrate Innovative Ecosystems: Creating the enabling environment requires regulators to work with ecosystem stakeholders and invest in digital technologies. Helping regulators in this journey are RegTech initiatives that work with financial authorities in select markets to strengthen and accelerate innovative capabilities. 
  • Test Potential Solutions: Regulators should play a catalytic role in the development and adoption of RegTech solutions. There is merit in starting small by testing potential technologies, tools and solutions in a controlled regulatory sandbox environment, which allows regulators to engage entrepreneurs more quickly and at a lower cost.
  • Transform Operations: The regulator of the future will be an analytics-driven organization with data scientists, behavioral scientists and technology specialists playing a vital role. Legacy systems will have to be replaced by more agile and cloud-first platforms. This will also mean embedding the voice of the customer as well as the regulated entities into the regulatory process and driving technological deployment to break organizational boundaries restricting the free flow of talent and ideas.
In the longer term, the report suggests that regulators look at “Regulation as a Platform”, which is defined as a holistic approach in which regulators collaborate with businesses, government entities and citizens to drive innovation and improve compliance outcomes. Made possible through capabilities such as machine learning and analytics, the platform makes it easier for business and government to understand and work with regulation.
 
Regulation as a Platform can be a catalyst for the creation of innovative advisory applications. One example is a Smart Advisor solution for regulators and business organizations, developed by Accenture Labs. The solution leverages technology tools — such as conversational agents, predictive monitoring, sentiment analysis and social risk analysis — to help officials at a regulatory agency or a business organization make better decisions leading to improved outcomes for all stakeholders.



Posted by : GoDubai Editorial Team
Viewed 7698 times
Posted on : Monday, February 12, 2018  
Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of GoDubai.com.
Previous Story : The Robots Are Coming: Ministry of Finance Brings Artificial Intelligence to Dubai in a Bid to Innov...
Next Story : Fortinet Introduces Industry's Fastest 100 Gbps+ Next-Generation Firewall Appliance
Email this article Print this article

Share this article with your friends and followers
NewsVine

Comments

Back to Top  
Most Viewed Press Release posted in the last 7 days
GUESS Trend Alert | The Summer Blues
Hair Rituel by Sisley Now available at Paris Gallery
Beautiful Freaks
Alfahim Announces New Three-year Partnership With UAE Triathlon Federation
Danube Properties launches Dh550 million Lawnz project at International City, ad...
Samsung Introduces Sunrise Gold and Coral Blue Editions for the Galaxy S9 and S9+
UAE Team Emirates Blend Youth and Experience as They Announce Line-up for Italia...
Back to the 90s with GUESS Originals
RAYMOND WEIL Freelancer ACDC Limited Edition
Shop and earn Skywards Miles at The Dubai Mall
The Rado True Open Heart Automatic
Keep cool with Marks & Spencer's linen collection
Tommy Hilfiger introduces latest SS18 women's watch collection
TAG Heuer celebrates the 50th anniversary of the Gulf victory in the 24 Hours of...
Realty exhibition brings plethora of investment opportunities for expat Indians
Skyline Suhoor Night 2018
What's better than a good breakfast on your Birthday? One that is free!
The 22nd edition of Indian Property Show to take place in Dubai from 21-23 June 2018
Eberhard & Co. Scafograf Black Sheep
Dubai Tourism Launches State-of-the-art Airport Installation to Inspire Dxb Tran...
Make a style statement on your wrist
Learn to enhance your body and home energy quotient
EU Reinforces Position at the Forefront of Global Energy Transformation, Says IRENA
Fatima Bint Hazza Inaugurates Abu Dhabi Ladies' Club
Sharjah's Economic Realities Focal Point of Statistics and Community Development...
Saint Honore Allure Lady-Charming colour
KHDA accredited Parent Education Courses equip parents with positive parenting tools
Orolia Awarded $34 Million Contract to Deliver Personnel Recovery Devices to the...
TAG Heuer back at the 24 Hours of Le Mans
Abu Dhabi International Airport Achieves Sustainability Milestone
Emirates Motor Company wins prestigious global award for outstanding customer se...
Dubai Customs showcases its experience to Chinese delegates
RAYMOND WEIL celebrates the stellar world with the new Maestro Moon Phase
Abu Dhabi Airports Opens New Sleeping Facility for Transfer passengers in Terminal 3
DAMAC Properties to showcase five of its Dubai flagship properties at LPS Beijin...
Drive home in a Dodge RAM, dance with your favourite Looney Tunes stars and rev...
Hyperloop Transportation Technologies Signs Agreement for Commercial System in U...
A Fresh New Look to the World's Oldest Islamic Bank
The New Limited Edition Bremont Endurance - Tested Beyond Endurance on Trans-ant...
Swiss Soccerr Star Ricardo Rodríguez Signs With Lucerne-based Watch Manufa...
Connected aircraft to save aviation industry $15 billion per year and 21.3 mill...
Zurich launches Allocated Passive funds, offering investors a new, simple, low-c...
Why The Global Sukuk Market Is Stalling In 2018
Audi A8 most innovative model of 2018
Malabar Gold & Diamonds conducted ‘Safety for All' training in association with ...
Commitment and Protection – the increasing importance of DIFC Wills amid economi...
Rashid Hospital becomes the first in Dubai to implement sacral nerve stimulation...
Making the leap from leasing to UAE home owner
Dubai Cares launches ‘WASH UP! Girl Talk' program in Zimbabwe to promote healthy...
Infinix Partners With Google to Launch New Mobile Innovation in the Middle East ...