The annual RegTech market globally is US$ 120 billion, and it’s more than financial services! The emergent RegTech industry provides plenty of lessons on legal and compliance innovation and positive impact on adjacent markets such as the LegalTech and GovTech markets.
Wider industry acceptance is driven by the increasing affordability of advance technologies and better market education on the value of RegTech. There are exciting developments among robotic process automation management providers. Some of them are tackling issues concerning conditional automation and business workflow reengineering.
It was my pleasure to share my RegTech experiences and research on the automation of regulatory compliance with over 60 lawyers at the Hong Kong International Arbitration Centre on September 11, 2019. Some of the materials are explained in greater detail in my book chapter in The RegTech Book (September 2019, Wiley).
I introduced RegTech as an emergent discipline and technology area, and provide case studies of the legal, regulatory, and technological issues arising therefrom. In the two-hour seminar, I covered the following issues:
- The growing relevance of “RegTech”, the multi-billion USD technology industry for managing regulatory processes, to lawyers;
- Common RegTech use cases in risk management and productivity enhancement in financial and non-financial industries; and
- Legal, regulatory, and technological issues relevant to typical RegTech workflows and the regulated entities and their advisers, regulators, and other stakeholders involved.
Thanks to the Hong Kong Academy of Law for inviting me.
I am proud to have received excellent feedback from my seminar attendees, and so glad to know that they have found my materials useful to their practices.