Top 5 Reasons Why You Should Work in RegTechPublished on 24th May 2022
TOP 5 REASONS WHY YOU SHOULD WORK IN REGTECH
Whether you’re a college graduate or considering a move to an exciting young industry, Regtech has a lot to offer as a career path. With the continuous growth of the regtech market driven by the continuing rise of regulation from multiple regulatory bodies across the globe, you can expect to see more and more opportunities opening up.
If you are not familiar with regtech or regulatory technology, it’s the technology behind regulatory compliance in the financial services industry including banking, insurance, investment management and payments. Regtech firms each have their own particular niche or unique technology and way of providing value to their clients, but in general provide a range of solutions and products to manage areas such as regulatory change management, horizon scanning, obligations, regulatory compliance workflow, regulatory analytics, tools for complying with anti-money laundering (AML), Counter Financing of Terrorism (CFT) and know your customer (KYC) processes and various others.
1. Secure future – jobs of the future
Although there has been much written about the future of work and how there will be potential shifts in occupations in the years ahead with increased automation and globalisation, regtech is still in its relative infancy and can offer roles in a growth industry that also has the hallmarks of being a fairly stable one. As the digitalisation of financial services continues and regulatory bodies continue to increase the volume of regulation to which firms must comply, the industry continues to grow. Consequently, this could mean more long-term opportunities for regtech talent.
2. Opportunities for learning
If you’ve ever felt that your role was a bit dull, the world of regtech could offer you a role that is very different and definitely not dull or monotonous. Regtech is dynamic and the industry is always looking for new recruits who are passionate about the industry and in achieving more.
If you choose a career in regtech, you can be a part of new breakthroughs and developments within the industry. The learning curve can be steep but there is great satisfaction in that learning and knowledge acquisition.
3. Global market
If you’re considering a career that offers you the potential to travel or work abroad, then it’s worth considering Regtech. Depending on your role, you may be travelling for meetings or events, working remotely or working for firms with offices in cities where typically their financial services clients are clustered such as Singapore, London and New York.
4. Being a piece of the puzzle that will change the world
Regtech is part of the world of regulation and regulation is put in place to do many great things: to protect the vulnerable, to encourage the protection of this planet, to invest in projects that make a difference to society. In Corlytics, we have and ESG tracker solution that helps our clients manage compliance with new and updated regulation around ESG, or environmental, social and governance. Other industry solutions protect against terrorism, crime, privacy and money laundering to name a few.
5. Shiny and new
As the entire industry only came into being after since the turn of the century, the industry is still new, vibrant, learning, reaching, and wanting to push its limitations all the time. The individuals in the sector, are typically curious and interested in how to drive the business. This is not a traditional business but one where the ethics, rules and collaborations are still being invented.
If you are interested in learning more about the world of regtech with Corlytics, please get in touch with us.