Which entity type actively utilizes RegTech tools according to the text?
Answer
Large, incumbent financial institutions
RegTech tools are utilized broadly, specifically mentioning large incumbent financial institutions grappling with legacy systems, various service providers, and government agencies tasked with monitoring the system.
Related Questions
What is the fundamental driver necessitating Regulatory Technology (RegTech)?Which entity type actively utilizes RegTech tools according to the text?How is RegTech changing the day-to-day work for those already in compliance?Success in future compliance roles increasingly depends on understanding which areas?Which specific role type is mentioned as emerging at the intersection of technology and regulation?What critical gap exists regarding auditing machine learning models for compliance?What sense of purpose is associated with solving high-stakes issues in RegTech?What allows individuals with deep regulatory knowledge and technology steering ability to find leadership opportunities sooner?If RegTech tools become critical infrastructure, what might regulators scrutinize more closely?According to the table, what is the potential RegTech role pivot for someone with Deep AML/KYC Knowledge?When do RegTech solutions become essential tools rather than optional upgrades for compliance departments?