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Friday, Dec 02, 2022

Technologies key in governance, risk, and compliance management stressed in RegTech

The Communications and Information Technology Commission (CITC) has hosted the first Regulatory Technologies (RegTech) Symposium with the participation of many experts and specialists, to shed light on the role and importance of regulatory technologies in governance, risk, and compliance management.
It discussed various topics about the regulatory roles of companies and institutes and the promising opportunities for startups.

The symposium included panel discussions and presentations, to explore the foundation of RegTech, examine its promising opportunities in the Kingdom, and the latest global practices in RegTech, in the presence of some global experts as well as compliance and risk management specialists from various companies and regulatory bodies in the Kingdom.

Experts and specialists discussed a variety of topics, including regulatory technology realities at the local and international levels, the promising opportunities in this field, the major regulatory challenges and how to address them, as well as the impact of RegTech on various vital sectors.

Within its wide spectrum of topics, the symposium will put emerging and advanced technologies under the spotlight for the purposes of emphasizing the role of those technologies in improving regulatory and supervisory performance, contributing to compliance, alleviating regulatory burdens, and increasing operational efficiency.

The event will also survey the most prominent RegTech solutions and emerging companies.

In conjunction with the symposium, the Commission published a specialized paper entitled "RegTech: the Future of Regulatory Landscape," which defines RegTech and highlights its importance and possibilities for adoption and operationalization in all sectors in the Kingdom.

The paper also reviewed the RegTech effects such as; improving regulatory, supervisory, and governance performance, contributing to compliance, alleviating regulatory burdens, increasing operational efficiency, and using data to manage risks and make decisions.
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