Talking RegTech

5 min read
5 min read

What is RegTech?

RegTech is the term commonly used for technology that improves compliance and regulatory processes. This can be as wide-ranging as regulatory reporting, monitoring/validation/verification of identity and transactions, risk management and compliance. Successfully deployed RegTech can improve productivity, efficiency and overall safety of the financial and business system.

Sometimes the terms FinTech and RegTech are confused. While FinTech is firmly linked to financial services technology, RegTech is sector agnostic and may be applied to any regulated industry vertical.

Where does RegTech fit in?

Financial services is the largest sector of Australia’s economy contributing around $A140 billion to gross domestic product each year. It has become our major driver of economic growth and employs around 450,000 people in Australia. The now Prime Minister, Scott Morrison told a G20 conference in Germany last year that governments around the world must use emerging regulatory technology, or ‘RegTech’, to reduce compliance costs and echoed this at the FinTech Australia Intersekt Conference in November 2017. And according to Juniper Research, by 2022, we can expect to see $76 billion invested into RegTech solutions.

RegTech is also critical for regulators. In a speech delivered to an Australian Senate Committee earlier this year, James Shipton, Chair of the Australian Securities and Investments Commission (ASIC), told members that Australia can lead the way when it comes to RegTech adoption.

According to Boston Consulting Group in their FinTech Control Tower report, Australia is positioned third in the world—behind US and UK with the highest number of RegTech companies—and leads APAC as number one.

Successfully deployed RegTech can improve productivity, efficiency and overall safety of the financial and business system.

About the RegTech Association (RTA)

With a clear vision to make Australia a global leader in building higher performing, ethical and compliant businesses through RegTech innovation and investment, The RegTech Association was founded in 2017 as a non-profit organisation that focuses on what is needed to support the growth of the sector and to accelerate RegTech adoption. RTA has 58 organisational members including the Commonwealth Bank, CSIRO Data61, Toyota Finance and Equifax to name a few.

The focus of the RTA’s work is collaboration, education and having the right conversations to improve the opportunities for RegTech to be adopted by regulated entities.

Since its establishment in 2017, RTA has collaborated on many industry-led initiatives including:

  • RTA’s #Accelerate RegTech Conference
  • RTA’s RegTech Boot Camp program
  • RTA’s RegTech in the Bag
  • APRA’s Data Collection Solution round tables
  • ASIC’s RegTech Liaison Forum
  • ASIC RegTech Showcase
  • AUSTRAC RegTech Showcase
  • New Payment Platform Forum #COLLABNPP
  • NSW Government RegTech Seminar
  • Westpac’s Innovation Challenge
  • Sibos 2018 partner

Rethinking compliance

In the short run, RegTechs can deliver operational efficiencies while simultaneously enabling the sector to cope with the pace of regulatory change. Between the findings of the Cooper Review and the pending final recommendations of the Royal Commission, there is no doubt that change is afoot.

The question is ultimately, how will the sector accommodate those changes? RegTech aims to take the opportunity to rethink how compliance operates.

In other sectors, RegTechs are already lowering onboarding costs, automating and supporting second compliance tasks and tackling conduct issues. The technologies used range from artificial intelligence, natural language processing, smart software-as-a-service platforms, through to blockchain and new generation data verification options. But they can only do this when the regulated entities are ready to rethink the status quo.

Improving the member experience

Proposed Government reforms around Open Banking and the Consumer Data Right present super funds with the opportunity to synthesise the banking and savings patterns of their members – with their permission. From 1 July 2019, super funds will be able to access banking data. Talking to the RegTechs who support Open Banking would seem to be a strategic priority for super funds. This is such a crucial opportunity to support Australians to become smarter about their overall finances. 

Following are some examples of RegTech companies exhibiting at the ASFA Conference:

Arctic Intelligence
Arctic Intelligence is a RegTech business that enables audit, risk and compliance ‘as-a-service’ through technology. They help their clients manage financial crime risk exposure through their platforms. Their clients are of different sizes, sectors and geographies including Western Union, Suncorp, CUA, TAL and Deloitte.

Enteruptors
Software replacing the quagmire of spreadsheets and specialist systems involved in prudential, financial reporting and stress testing. Enteruptors work with global financial institutions large and small to drive down administration costs around risk, compliance and strategy with increases in staff capacity as high as 60 per cent and improved levels of compliance.

GRC Solutions
GRC Solutions are leaders in governance, risk and compliance training. GRC Solutions works closely with financial institutions to recognise compliance training gaps and meet regulatory obligations through their innovative e-learning platforms and fully tailored learning topics.

Mainframe Cloud
Mainframe Cloud exposes mainframe data and other business critical information via a RESTful Gateway. By natively exposing the underlying data, Mainframe Cloud enables digital applications to be developed rapidly in modern languages – negating the need for legacy code.

Objective Keystone
Managing complex, critical business documents with ease. Eliminating the risks, costs and inefficiencies associated with the traditional authoring, review, engagement and publication processes.

Verifier
Verifier gives consumers the option to use their employer’s superannuation guarantee contributions or their pay records to prove their income online.

WordFlow
As part of a document digitisation process, WordFlow retrofits classification to every webpage, thereby allowing major bank and insurance customers to instantly identify which pages in their policies & procedures are impacted by a given regulation.

Picture of By Lisa Schultz and Deborah Young

By Lisa Schultz and Deborah Young

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Derek Thompson

Via live link

Best Selling Author, Podcast Host of 'Plain English'

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Few speakers can match Derek Thompson‘s ability to synthesize mega-trends in society, labor, economics, technology, and politics. Put another way: Derek trawls the data sets and does the forecasting and deep reporting necessary to help us better understand how we live, how we vote, how we spend, and how we work.

In his paradigm-shifting #1 New York Times bestseller, Abundance (co-written with Ezra Klein), this award-winning journalist reveals how our policies and culture have pushed us into a world of scarcity (not enough housing, workers, or progress)—and offers a radical new path towards a world where housing is affordable, energy is plentiful, and innovation flourishes across industries.

He shares a compelling vision of a future where we have more than enough for everybody, and a practical, actionable roadmap for how to get there. It starts with taking more risks, building more expansively, and recognizing that we all have the power to create a world of abundance. “Everything’s utopian until it’s reality,” he says.

Carmen Beverley-Smith

Executive Director - Superannuation, Life & Private Health Insurance, APRA

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Carmen joined APRA in March 2023 and holds the role of Executive Director, Life and Private Health Insurance and Superannuation.  

She has had an esteemed career in financial services, spanning over 25 years. She has held diverse leadership roles at Westpac and Commonwealth Bank of Australia, including across risk, transformation and change, product and portfolio development, and sales and service. 

Prior to joining APRA, she held the role of General Manager, Risk Transformation Delivery Integration at Westpac. This involved leading the group-wide implementation of a suite of solutions to uplift risk management capability and develop data, analytics and reporting. 

Carmen leads with a values-driven approach and a particular interest in developing and mentoring talent. 

She holds a Bachelor of Commerce and Accounting, is a certified Chartered Accountant and a Graduate of the Australian Institute of Company Directors. 

Amy C. Edmondson

Novartis Professor of Leadership and Management, Harvard Business School

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Amy C. Edmondson is the Novartis Professor of Leadership and Management at the Harvard Business School, a chair established to support the study of human interactions that lead to the creation of successful enterprises that contribute to the betterment of society.

Edmondson has been recognized by the biannual Thinkers50 global ranking of management thinkers since 2011, and most recently was ranked #1 in 2021 and 2023; she also received that organization’s Breakthrough Idea Award in 2019, and Talent Award in 2017.  She studies teaming, psychological safety, and organisational learning, and her articles have been published in numerous academic and management outlets, including Administrative Science Quarterly, Academy of Management Journal, Harvard Business Review and California Management Review. Her 2019 book, The Fearless Organization: Creating Psychological Safety in the Workplace for Learning, Innovation and Growth (Wiley), has been translated into 15 languages. Her prior books – Teaming: How organizations learn, innovate and compete in the knowledge economy (Jossey-Bass, 2012), Teaming to Innovate (Jossey-Bass, 2013) and Extreme Teaming (Emerald, 2017) – explore teamwork in dynamic organisational environments. In Building the future: Big teaming for audacious innovation (Berrett-Koehler, 2016), she examines the challenges and opportunities of teaming across industries to build smart cities. 

Edmondson’s latest book, Right Kind of Wrong (Atria), builds on her prior work on psychological safety and teaming to provide a framework for thinking about, discussing, and practicing the science of failing well. First published in the US and the UK in September, 2023, the book is due to be translated into 24 additional languages, and was selected for the Financial Times and Schroders Best Business Book of the Year award.

Before her academic career, she was Director of Research at Pecos River Learning Centers, where she worked on transformational change in large companies. In the early 1980s, she worked as Chief Engineer for architect/inventor Buckminster Fuller, and her book A Fuller Explanation: The Synergetic Geometry of R. Buckminster Fuller (Birkauser Boston, 1987) clarifies Fuller’s mathematical contributions for a non-technical audience. Edmondson received her PhD in organisational behavior, AM in psychology, and AB in engineering and design from Harvard University.

 

Daniel Mulino MP

Assistant Treasurer and Minister for Financial Services

Sessions

Keynote 8 – Navigating the energy transition: opportunities, investor strategies and policy needs

Born in Brindisi, Italy, Daniel was a young child when he moved with his family to Australia. He grew up in Canberra and completed his first degrees – arts and law – at the ANU. He then completed a Master of Economics (University of Sydney) and a PhD in economics from Yale.

He lectured at Monash University, was an economic adviser in the Gillard government and was a Victorian MP from 2014 to 2018. As Parliamentary Secretary to the Treasurer of Victoria, Daniel helped deliver major infrastructure projects and developed innovative financing structures for community projects.

In 2018 he was preselected for the new federal seat of Fraser and became its first MP at the 2019 election, re-elected in 2022 and 2025. From 2022 to 2025, Daniel was chair of the House of Representatives’ Standing Economics Committee in which he chaired inquiries; economic dynamism, competition and business formation and insurers’ responses to 2022 major floods claims.

In 2025, he became the Assistant Treasurer and Minister for Financial Services.

In August 2022, Daniel published ‘Safety Net: The Future of Welfare in Australia’, which aims to explore the ways in which an insurance approach can improve the effectiveness of government service delivery.