Pandemics have always had the capacity to bring the world to its knees by not just affecting our general healthcare sector, but also bringing the political system to strong accountability and also restarting the corporate industry, and making a total overhaul. With decades of industrialization, modern offices emerged. Currently what we witness is a rapid shift to a remote office, creating a revolution in the corporate sector. When facing these new circumstances, automation, remote collaboration, cloud, and data analytics are currently the biggest RegTech goals.
What Will The Post-Pandemic RegTech Goals Be?
The pandemic resonated a deepened and disproportionate impact; many jobs that would have been otherwise done manually became automated, remote jobs are now at an all-time high, the concentration of data in the cloud increased due to high dependence on the internet in sharing data and there is increased consciousness for data analytics and security. Remote job and data have become the skeletal system supporting the workforce,
Most of the high-skilled knowledge jobs in the big tech companies that help to connect and support other jobs have now moved to a permanent work-from-home. These workforces are concentrated among Facebook, Google, Microsoft, Twitter, Amazon. Their shift can be profoundly impactful due to their role and the amount of income generated in that path.
In order to measure up with these new dynamics, regulatory technologies across various continents have come to a common understanding and goal in post-pandemic work culture.
A survey carried out by AxiomSL, a risk analytics, data management, and regulatory reporting platform, shows there is a need for continued investment in tech infrastructure even in a post-pandemic workforce. The survey was carried out among financial risk and regulatory compliance professionals in Europe, the Middle East, and Africa (EMEA) and it aligned with North American survey findings as well.
“In many ways, the COVID-19 pandemic has created the need for a more concerted, technology-driven, global response to regulatory reporting – one that addresses the need for seamless collaboration among disparate teams, increased automation, and a continued expansion of data analytics capabilities,” says Ed Royan, Head of Global Product, AxiomSL according to PR Newswire report.
Automation And Remote Collaboration Regulatory Goals
Automation of the workforce and remote collaboration are one of the greatest goals of the corporate industry which will contribute significantly to post-pandemic recovery. A transition to an automated workforce was already underway before the pandemic. The pandemic is now the catalyst accelerating the wheels of change.
President Obama in his farewell speech says: “The next wave of economic dislocation won’t come from overseas. It will come from the relentless pace of automation that makes many good, middle-class jobs obsolete.”
Financial risk analysts and tech regulatory experts agree that switching to an automated workforce within the next two years is crucial. During the survey, 28% of the EMEA and 29% of the North American respondents say their organizations are working towards automation.
As with the previous industrial revolutions, we are at the moment experiencing the fourth one, there are always challenges to regulate automation of the workforce as some existing jobs are displaced and new ones are created. Taking the long-haul truck driving market, Andrew Yang in a video said that about $168 billion will be saved annually if truck driving becomes fully automated in America. Who is responsible for errors caused by robots?
Cloud And Data Analytics As RegTech Goals
An increase in cloud and data analytics is the direct result of increased remote work, IoT, and dependence on the internet. Accurate data gleaned from data and cloud analytics is an integral part of automated workforce transformation.
Cloud service providers like Google Cloud, IBM Cloud, and Amazon Web Services assist organizations with speed to value network services which are required for maximized customer experience.
According to Navin Warerker, Managing Director at Deloitte, “the biggest shift today is towards using cloud-centric technologies for data modernization, analytics, and cognitive advantage to drive innovation.”
After years of resisting cloud adoption, many EMEA and North American financial institutions are finally gearing up to make the move. When it comes to regulatory technology spending over the next two years, enhanced data analytics is the top area of focus among 32% of EMEA and 29% of North American survey respondents. Cloud deployment followed with 23% of the vote among both EMEA and North American respondents.
The majority of EMEA (65%) and North American (70%) financial risk professionals said their regulatory technology budgets were not influenced by the COVID-19 crisis, while 22% of EMEA and 19% of North American respondents said they would spend less as a result of the pandemic. The remaining 13% of EMEA respondents and 11% of North American respondents said their firms would spend more on regulatory technology this year.
