Compliance generally refers to adhering to rules, such as a specification, policy, standard, or law. To be successful, businesses must comply with the laws and regulations of their jurisdictions. As an organization grows and broadens its scope of operations, the number of regulations governing its business practices increases. Herein, regulatory compliance is the organizational practice of making sure that business is managed and conducted in accordance with the applicable laws and rules. It is one of the most crucial aspects of running a business.
Regulatory compliance could be a rule or law legislated by the government that outlines the compliance requirements of a business and marks its legal obligations. Essentially, RegTech is the management of regulatory processes within the financial industry through tech-enabled solutions. Primarily, it includes regulatory monitoring, reporting, and compliance. By automating the processes, RegTech reduces the risk of human error. For businesses to run smoothly without any penalties or lost opportunities due to mismanaged compliance, RegTech companies are coming up with new-age compliance solutions.
Here’s a list of the top five RegTech companies you should watch out for:
- TeamLease RegTech
TeamLease RegTech is India’s leading regulatory technology company helping corporate India stay on the right side of the law. It enables a transparent, timely, and accountable compliance program for over 1500 entities across 45 industries in India. Co-founded by Sandeep Agrawal & Rishi Agrawal, TeamLease RegTech has developed a multi-tenant SAAS solution on web and mobile platforms with smart analytics to help corporate India comply.
Rishi Agrawal co-authored a report Jailed for doing business. This monograph by the Observer Research Foundation and TeamLease RegTech presents a deep dive into ingrained criminality and jail term in India’ employer compliance. This report is being leveraged by Policy Makers in India to reduce criminality as a tool of control.
Recently, a solution developed by TeamLease RegTech was launched by SEBI Chairperson Madhabi Puri Buch. This initiative with FICCI (Federation of Indian Chambers of Commerce & Industry) is a milestone event towards a paper-less, cash-less and presence-less compliance.
- Ernst & Young (EY)
At EY, their purpose is to build a more robust working world. The insights and services they supply help to create long-term value for clients, people, and society and create trust within the capital markets. The EY Regulatory and Compliance Manager could be a global, fully customizable regulatory inventory that is enriched, mapped, and maintained by a mix of cutting-edge technology and the global EY network of regulatory specialists.
PwC intends to build trust in society and solve important problems. With a network of firms in 155 countries with over 327,000 folks, they are committed to delivering quality assurance, advisory, and tax services. PwC is focused on assisting organizations by managing their compliance requirements, staying ahead of risk and regulatory changes, and charting a course forward in times of upheaval.
Deloitte has over 150 years of diligence and commitment to creating a true difference. They have grown in scale and diversity with approximately 245,000 people in 150 countries and territories, providing audit and assurance, tax, legal, risk, and financial advisory and consulting services. The Deloitte Compliance Monitor (DCM) is the technology component within the compliance infrastructure. DCM captures and consolidates compliance information, thereby allowing monitoring and management of an organization’s compliance requirements.
Ricago is a holding (IP) of Clonect Solutions Private Limited. Clonect is a technology company building niche products in the Governance, Risk, and Compliance (GRC) and GST spaces. With the right combination of domain and technology expertise and insights from both the CFO and CIO worlds, they help organizations leverage technology optimally and innovatively to confirm their healthy compliance status. Their product suite includes the Compliance Management System (CMS), Contracts and Obligations Management System (COMS), trading Policy Management System (ITPMS), and GST solutions.