February 12, 2018

New Report from Accenture and the World Government Summit Finds That Regulators Must Embrace RegTech to Keep Pace with Digital Disruption


DUBAI; Feb. 12, 2018 – Accenture (NYSE: ACN), in collaboration with The World Government Summit, has released a new report that finds that regulators must embrace the innovative application of emerging technologies, known as RegTech, to enable a more effective regulatory environment, mitigate risks and drive competitive advantage. According to the report, RegTech allows regulatory processes to be redesigned, enabling real-time, data-driven decisions that drive innovation.

As digital disruption increases, innovative products and services, such as ride sharing and lodging services, are increasingly challenging or bypassing regulatory processes. The report, RegTech for Regulators, finds that RegTech opens a treasure chest of opportunities for regulators to keep pace by using analytics and anticipatory interventions at an unprecedented scale, helping to build trust in regulations needed for new business innovations.

“The regulatory environment has a tremendous impact on a country’s ability to innovate and prosper. In the coming years, data and insights will be a catalyst for innovation and business growth and serve as the backbone of more effective and efficient regulatory systems,” said Gianmario Pisanu, managing director and consulting lead for Accenture in the Middle East and Turkey. “Regulators should consider moving away from the traditional debate between risk-based and principles-based regulation and leverage data to cut enforcement and compliance costs.”

The report identifies a clear roadmap that regulators can use to adopt RegTech in the near term.

In the longer term, the report suggests that regulators look at “Regulation as a Platform”, which is defined as a holistic approach in which regulators collaborate with businesses, government entities and citizens to drive innovation and improve compliance outcomes. Made possible through capabilities such as machine learning and analytics, the platform makes it easier for business and government to understand and work with regulation.

Regulation as a Platform can be a catalyst for the creation of innovative advisory applications. One example is a Smart Advisor solution for regulators and business organizations, developed by Accenture Labs. The solution leverages technology tools – such as conversational agents, predictive monitoring, sentiment analysis and social risk analysis – to help officials at a regulatory agency or a business organization make better decisions leading to improved outcomes for all stakeholders.

The RegTech for Regulators report can be accessed here.

About Accenture
Accenture is a leading global professional services company, providing a broad range of services and solutions in strategy, consulting, digital, technology and operations. Combining unmatched experience and specialized skills across more than 40 industries and all business functions – underpinned by the world’s largest delivery network – Accenture works at the intersection of business and technology to help clients improve their performance and create sustainable value for their stakeholders. With more than 435,000 people serving clients in more than 120 countries, Accenture drives innovation to improve the way the world works and lives. Visit us at www.accenture.com.

About World Government Summit
The World Government Summit is a global platform dedicated to shaping the future of government worldwide. Each year, the Summit sets the agenda for the next generation of governments with a focus on how they can harness innovation and technology to solve universal challenges facing humanity.

The World Government Summit is a knowledge exchange center at the intersection of government, futurism, technology, and innovation. It functions as a thought leadership platform and networking hub for policymakers, experts and pioneers in human development. The Summit is a gateway to the future as it functions as the stage for analysis of future trends, concerns and opportunities facing humanity. It is also an arena to showcase innovations, best practice and smart solutions to inspire creativity to tackle these future challenges.

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Contact:

Theodore Halabi
Accenture
+1 971 50 662 7053
theodore.halabi@accenture.com