Accelerating RegTech adoption in FinTechs using Tevico

Vineet Singh

At the forefront of discussions surrounding the integration of RegTech in FinTechs lies a fundamental query: What exactly constitutes RegTech? RegTech, short for Regulatory Technology, refers to the use of technology to help companies comply with regulatory requirements more efficiently and effectively. It encompasses a wide range of technological solutions designed to streamline regulatory processes, monitor compliance, and manage risk within various industries, including finance, banking, healthcare, and beyond. RegTech solutions often leverage advanced technologies such as artificial intelligence, machine learning, big data analytics, and blockchain to automate compliance tasks, ensure adherence to regulations, and enhance regulatory reporting.

 

RegTech should help you with:

  • Addressing industry-specific needs; every regulated industry has its own specific requirements. E.g. In Fintechs, AML (any money laundering) needs to be addressed.
  • Addressing new compliance-related imperatives
  • Addressing challenges from traditional risk and compliance management, data, and regulatory reporting.

 

Some examples of RegTech in the Financial industry are listed below:

  • Risk Management:
    Risk management encompasses various dimensions, including internal operational risks, risks associated with third-party engagements, and financial risks. Leveraging technology to consolidate all policies is essential for a comprehensive approach to risk management. Establishing a centralized register for risk management allows for efficient tracking and mitigation of potential risks.

  • Compliance Auditing:
    Streamlining data connectivity, discovery processes, and artifact management are pivotal aspects of compliance auditing. By utilizing technology, organizations can enhance the efficiency of auditing procedures, ensuring seamless integration of data sources, streamlined discovery of relevant information, and effective management of audit artifacts.

  • Regulatory Reporting:
    Efficient management, discovery, and collection of data are critical for regulatory reporting obligations. Automation of reporting processes through technology enables organizations to streamline compliance efforts and ensure timely submission of regulatory reports. Moreover, employing technology to monitor events and incidents that trigger regulatory reporting enhances proactive compliance management.

  • Customer Protection:
    Monitoring activities within customer accounts is vital for ensuring customer protection. For instance, detecting signs of unauthorized access or suspicious transactions can help mitigate risks and safeguard customer interests. Leveraging technology allows organizations to monitor account activities in real-time, enabling prompt detection and response to any abnormalities or security threats.

  • Fraud Detection:
    Fraud detection is crucial for maintaining regulatory compliance, particularly in areas such as Know Your Customer (KYC) and Anti-Money Laundering (AML). By monitoring transactions and analyzing patterns, organizations can identify and prevent fraudulent activities effectively. Technology plays a pivotal role in enhancing fraud detection capabilities, leveraging advanced algorithms and data analytics to identify irregularities and mitigate fraud risks proactively.



Security controls

Security controls are essential measures implemented by organizations to safeguard their systems, data, and infrastructure against various threats and vulnerabilities. These controls encompass several key areas, including:

  • Identity and Access Management (IAM):
  • IAM involves the management of user identities and their access to resources within an organization’s IT environment. It includes processes for authentication, authorization, and provisioning/de-provisioning of user accounts. By implementing IAM solutions, organizations can ensure that only authorized individuals have access to sensitive data and systems, thereby reducing the risk of unauthorized access and data breaches.

  • Data Protection:
  • Data protection measures are designed to safeguard sensitive information from unauthorized access, disclosure, alteration, or destruction. This includes encryption of data both at rest and in transit, implementing access controls to limit who can view or modify data, and establishing data retention and disposal policies to ensure data is handled securely throughout its lifecycle.

  • Vulnerability Management:
  • Vulnerability management involves the identification, assessment, prioritization, and remediation of security vulnerabilities. This includes regularly scanning systems for known vulnerabilities, prioritizing them based on risk level, and promptly applying patches or updates to address any identified weaknesses. By staying proactive in patching vulnerabilities, organizations can minimize the risk of exploitation by malicious actors.

  • Configuration Management:
  • Configuration management involves maintaining and controlling the configuration settings of services in the cloud to ensure they adhere to established security standards and best practices. This includes maintaining a standard image or baseline configuration and continuously monitoring for deviations from this baseline. By enforcing consistent configurations and promptly addressing any deviations, organizations can reduce the likelihood of misconfigurations leading to security incidents.
  • Threat Detection:
  • Threat detection involves the monitoring and analysis of network traffic, system logs, and user behavior to identify potential indicators of compromise or malicious activity. Advanced technologies such as data analytics and machine learning are increasingly utilized to detect anomalous patterns or behaviors that may indicate a cyber attack in progress. By leveraging these technologies, organizations can detect threats more quickly and effectively, enabling timely response and mitigation actions to minimize the impact of security incidents.

 


Simplify RegTech adoption using Tevico

 

Comprinno’s SaaS product, Tevico, offers a comprehensive suite of security assessment services tailored to meet the diverse needs of organizations. These assessments encompass both standard evaluations and advanced analyses, ensuring a thorough examination of security postures and compliance adherence.

The standard assessment encompasses several key components, including the derivation of a Security Posture Score, historical score tracking, categorization of findings based on severity levels, and actionable recommendations for remediation. This holistic approach provides organizations with a clear understanding of their security status and enables them to prioritize and address vulnerabilities effectively.

Moreover, Tevico’s advanced assessment goes beyond standard evaluations by evaluating AWS account security against a multitude of compliance standards, including GDPR, PCI DSS, RBI, ISO 27001, SOC2, and more. With a comprehensive framework comprising 20 compliance standards, organizations can ensure alignment with regulatory requirements and industry best practices. Tevico facilitates compliance efforts by delivering detailed compliance status reports and conducting in-depth analyses to identify potential vulnerabilities and threats.


In addition to assessment services, Tevico offers a range of specialized tools and solutions to enhance security governance. One such tool is the
WAF (Web Application Firewall) log dashboard, which provides organizations with a cost-effective means of visualizing WAF logs. By automating the dashboard creation process and leveraging AWS services such as S3 and Athena, Tevico ensures continuous accessibility to log data and facilitates efficient data visualization. This empowers organizations with comprehensive insights into WAF requests, granular threat analysis capabilities, visibility into the geographic origins of web traffic, bot detection functionalities, and performance monitoring tools to optimize security measures without compromising user experience.

Furthermore, Tevico addresses various security governance objectives by offering features such as flagging of public S3 buckets, access analyzer reports, and monitoring of aged access keys. These features enable organizations to maintain robust security governance practices and mitigate potential security risks effectively. Overall, Tevico’s comprehensive suite of services and solutions empowers organizations to bolster their security postures, achieve compliance objectives, and safeguard their digital assets against evolving threats.

 

Adopting RegTech is also simplified by conducting Well-Architected Framework Reviews. Well-Architected Framework is a set of best practices identified by AWS and detailed reviews of the infrastructure against this framework can help organizations identify gaps and bridge them. Tevico’s custom gamification engine elevates engagement, boosting remediation rates in Well-Architected review. This transforms assessments into interactive, enjoyable experiences. Our solution provides comprehensive, precise risk assessments and enhanced auto-discovery for detecting a wide range of gaps. Facilitating seamless virtual team collaboration, the solution’s multi-user feature enhances productivity. With distinct phases, we’ve streamlined the process, ensuring a faster, more efficient path to compliance and optimization. 

 

If you are looking at implementing RegTech, look no further. Contact us today!

About Author

Vineet Singh is a Principal Solution Architect with a wealth of expertise in designing and implementing cutting-edge AWS solutions. Vineet plays a pivotal role in driving innovation and excellence in Comprinno’s cloud-based endeavors.

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