RegTech Companies in the US Driving Down Compliance Costs to Enable Innovation

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Regulatory and compliance issues are some of the most important, complex and resource-consuming problems to solve for any organization, especially for startups with limited resources. Over decades of development, regulatory requirements and documentation have grown into a matter of special expertise and skills to decode. Globally, ~$80 billion is spent on governance, risk and compliance, and the market is only expected to grow, reaching $120 billion in the next five years.

The costly and complex procedures imposed on every financial institution around the world resulted in the growth and development of solutions addressing the issue. RegTech companies nowadays are offering advanced, AI-powered solutions and various hubs are represented by a set of own market leaders. Further, we will review some of the RegTech solutions providers unleashing innovative capacity for financial institutions in the United States.

Appzen is a platform that uses artificial technology to automate the expense report auditing. AppZen Audit analyzes data not only from the expenses but also combines it with millions of additional data sources across the web to detect fraud and compliance issues that cannot be matched by human auditors.

Ayasdi offers an insight discovery platform that helps organizations discover and utilize insights from their data. The company’s Machine Intelligence software employs Topological Data Analysis (TDA), to simplify the extraction of knowledge from the most complex data sets confronting organizations today. It provides technology solutions for financial services, government, technology, energy, consumer goods and communications industries.

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Coalfire helps organizations comply with global financial, government, industry and healthcare mandates while helping build the IT infrastructure and security systems that will protect their business from security breaches and data theft. The company is a leading provider of IT advisory services for security in retail, payments, healthcare, financial services, higher education, hospitality, government and utilities.

ComplianceEase provides a risk management and compliance solutions to the financial service industry. It offers automated compliance software solutions and risk management solutions.

ComplySci provides strategic governance, risk and compliance (GRC) solutions to the financial services and professional services community. Led by pioneers in the GRC space, the ComplySci platform uses web-based corporate compliance technology that leverages a robust data network and innovative forensic analytics to monitor employee risk and automate code of ethics compliance. Clients include banks, investment banks, insurance companies, investment managers, private equity firms, hedge funds, brokers, public companies and professional services firms.

Continuity provides the compliance management solutions for community FIs. The Compliance Core is a unique blend of planning, insight, assurance and technology in one solution. They also provide an on-demand portal for policy, procedure management and audit programs for banking and finance companies.

Early Warning provides risk management solutions to financial institutions, government entities and payment companies to securing transactions. It also provides identity & authentication solutions like mobile authentication, behavioral biometrics, new account opening; regulatory solutions like mobile number verification, internal fraud prevention, account locator & asset search & asset search & verification service for home loan providers; and payment solutions like card & lending, deposit & payment.

HELM is a SaaS-based platform providing legal and compliance solutions to government and the enterprise. HELM works closely with regulators to provide enterprise customers with real-time visibility into the cyber security and technology compliance gaps within their products, policies and business operations. Currently, Helm is serving the technology and cyber security compliance needs of financial institutions (departments include IT Risk, IT Audit, & Sourcing and Supply Management), insurance organizations and small businesses.

Hexanika has developed an innovative end-to-end solution for banks to address data sourcing and reporting challenges for regulatory compliance. It enables financial institutions to harness new technologies which will take them to the forefront of the FinTech frontier. HEXANIKA’s software can deliver up to 40% cost savings, 55% improvement in delivery time and enhanced data quality by using the software.

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