Buzzwords are the bane of my existence! As a former SaaS tech marketer, I’ve used my fair share. Since joining Forrester a month ago as an analyst on the security and risk team, one of the buzzwords I’m hearing most is “RegTech.”
RegTech isn’t just hype. Forrester defines RegTech as the technology-enabled transformation of the compliance function. And in many ways, it’s the natural maturity of the digital transformation (another buzzword) of business.
Businesses have relied on technology to improve operations, manage risk, and transform how they interact with and service their customers. Now their compliance teams are leveraging technology to automate how they monitor the controls. RegTech refers to specialized software for specific compliance use cases across various highly regulated industries.
For companies in financial services, healthcare, food & beverage, pharma, process manufacturing, and cannabis, which are all struggling to keep up with digital transformation of their business, RegTech is a welcome relief to their compliance and general risk management struggles.
When business runs at the speed of light, compliance needs to travel at warp speed, and RegTech becomes part of the digital transformation journey.
Look for our Forrester report on the RegTech market later this summer. In the meantime, join us on July 11 for a webinar on what you need to know about RegTech.