“Gone are the days of large regulatory and compliance teams poring over mountains of requirements.”
There can be little debate about the need for leadership across the energy sector to address dangerous climate change. There is perhaps more debate over how this should manifest itself. One thing is clear, modernised governance and regulation, fit for the 21st century, will have an essential role in achieving net zero. Gone are the days of large regulatory and compliance teams poring over mountains of requirements. It’s not that market rules are no longer needed – though certainly more can be done to reduce current complexity, volume and approach – it’s the way that rules are curated, modified and accessed by those who abide by them that must also change.
It’s happening already, yet largely led by other sectors. Most notably in financial services with a proliferation of RegTech companies bringing order to regulatory complexity using modern technology. A key driver is cost reduction. Up to 30 per cent savings have been achieved through reduction in regulatory teams and other compliance costs. Companies have also benefited from a reduced risk of non-compliance because the technology has kept abreast of ever-changing regulatory requirements and how these are implemented through an organisation’s corporate policies.
To read Alex’s full blog on how “RegTech is changing the rules of the game”, simply click below.
To listen to our Director of Business Development, Jonathan Harley’s interview on RegTech in the Energy Industry, follow this link.
To find out more about our RegTech platform, CodeWorks, click here.