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 9614 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
Let It Glow
Filorga Launches FLASH-NUDE Collection
Let All Your Photos Be Merry & Bright
HP ProBook x360 11 G3 and G4 Education Edition
The Rado DiaMaster Petite Seconde Automatic COSC The Rado watch at the top of th...
Chrono 4 Grande Taille - an extra-special timepiece
Tips and Tricks to Wash the Perfect Whites
30 Years of Ryder Cup Heroes Confirmed for the 30th Edition of the Omega Dubai ...
Nike Dubai, the largest Nike store in the MENA region, opens its doors in the Du...
PopSockets launches a new collection with crystals from Swarovski, the must-have...
Maintain Healthy Skin Year Round
American Eagle Is the Go-to Destination for Gifting This Holiday Season'
Free gold coins at Malabar Gold & Diamonds Festival
MIDO Baroncelli Lady Day & Night collection
Akshay Kumar Stuns Audiences With Transformation Into Surprising Look for 2.0
GAZOO Racing Wins Australia Rally at FIA World Rally Championship
Newby Teas Launches Advent Calendar For Christmas 2018
Golden Mile Galleria's ‘A Cultural Flair' attracts hundreds of art lovers to Pal...
Tissot Chemin des Tourelles
The Interiors Gift Guide with Home and Soul
Growth and inclusivity drive Avaya's channel strategy for 2019
Etihad Museum displays the UAE flag using 3D lighting
Time For Enchanting Moments
Holiday Handbags | GUESS
BharatMatrimony launches office in Dubai targeting 2 Million Indians
HE Sheikh Nahayan Mabarak Al Nahayan, UAE Minister of Tolerance opens In-Vitro F...
Kartik Aaryan attends Danube bash
France Attractiveness Scoreboard 2018 Released
UAE Exchange celebrates UAE National Day in association with RTA
International supervisory community meets to discuss challenges ahead for global...
UOWD's quality management expert wins ASQ-UAE Quality Professionals Award
Ring in a dazzling festive season at Ibn Battuta Mall
Dubai's Most Magical Festive Market Opens at Dubai Festival City Mall
Chinese Manufacturing Companies to Highlight Trade Opportunities in Middle East
UAE Carriers announce aircraft formation to celebrate 47th National Day and Year...
Global Knowledge Index 2018 and The Future of Knowledge: A Foresight Report shin...
Festive Gift Sets from Bubble T
Dubai Customs wins 3 awards from Ideas UK 2018
Voting on UAE Superbrands 2019 Begins
Five-Star Euro NCAP for Jaguar's Electric I-PACE
Al Hosn Now Open to the Public
Spinneys Dubai 92 Cycle Challenge | Road Closure Timings
Middle East economies are still dominated by oil sector development
Green Hope's November Advocacy
New ACH145 Mercedes-Benz Style Cabin Model Highlights First Presence at MEBAA fo...
FBMA and 47 Emirati women celebrate UAE National Day
National Hospital offering special UAE National Day Health Package for AED 47th
New Zealand Crowned Dubai Champions
BMW Group sales increase in October
Marina Mall sets new world record for Zayed legacy