Improving data quality necessitates a significant amount of human effort, and major companies have hired thousands of people to do so. Risk assessment and enforcement tasks are expected to take up 10-15 percent of the overall workforce at the moment.
Fremont, CA: Regtech has emerged as a cost-effective way for companies to remain on top of changing regulations. As per a recent study, the regtech market is projected to expand at a CAGR of 23.5 percent to $12.3 billion by 2023. According to the report, growing compliance costs, regulatory sandbox adoption, and greater accessibility to Software-as-a-Service (SaaS)-based offerings are among the main drivers driving the growth of the regtech industry.
The Data Issues
Although regtech appears to be a promising solution for enforcement issues, not everything is as it seems. Some issues need to be addressed. Data seems to be the most daunting barrier to conquer. Only when the input data is clean and unbiased will automation achieve the desired results; otherwise, the results are bound to be off-track. The same data that makes regtech efficient is its rival, as not all data is usable, and it must be processed to make it use-worthy.
Human Resource Requirements
Improving data quality necessitates a significant amount of human effort, and major companies have hired thousands of people to do so. Risk assessment and enforcement tasks are expected to take up 10-15 percent of the overall workforce at the moment. Human resource needs will grow exponentially in the future as data volumes, and enforcement requirements increase. However, qualified practitioners with relevant expertise will be hard to come by, and companies will be forced to train their employees.
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