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On the role of ontology-based RegTech for managing risk and compliance reporting in the age of regulation

Author

Listed:
  • Butler, Tom

    (Department of Business Information Systems, University College Cork, Cork City, Ireland)

  • Brooks, Robert

    (MD, Accenture, UK)

Abstract

This paper addresses important questions such as: what challenges are presented by new regulation to banks’ infrastructure, risk management and profitability, and how can these challenges be best addressed? It also examines the potential impact FinTech has on the riskiness of banks and proposes RegTech as the solution. Following a brief overview of the impact and costs of regulation since the financial crisis, the paper introduces RegTech in the context of challenges facing financial institutions and the limitations of governance, risk and compliance (GRC) systems. This paper’s main contribution is in its delineation of a regulatory compliance and risk ontology, the technologies that underpin it and the related objective-risk-control (ORC) model. The paper argues that these provide a platform on which RegTech can perform effective risk management and compliance reporting in a global post-crisis regulatory environment.

Suggested Citation

  • Butler, Tom & Brooks, Robert, 2018. "On the role of ontology-based RegTech for managing risk and compliance reporting in the age of regulation," Journal of Risk Management in Financial Institutions, Henry Stewart Publications, vol. 11(1), pages 19-33, February.
    • Handle: RePEc:aza:rmfi00:y:2018:v:11:i:1:p:19-33
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    Citations

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    Cited by:

    1. William Gaviyau & Athenia Bongani Sibindi, 2023. "Customer Due Diligence in the FinTech Era: A Bibliometric Analysis," Risks, MDPI, vol. 11(1), pages 1-17, January.
    2. Teichmann, Fabian & Boticiu, Sonia & Sergi, Bruno S., 2023. "RegTech – Potential benefits and challenges for businesses," Technology in Society, Elsevier, vol. 72(C).

    More about this item

    Keywords

    regulation; FinTech; risk management; compliance reporting; semantic technology; RegTech;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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