Greenland Eyes Regtech for Compliance Boost

Enhancing Compliance with Regulatory Technology

Greenland’s financial sector is poised to benefit from the introduction of regulatory technology (Regtech) aimed at enhancing compliance and reducing regulatory burdens. Regnology, a leading provider of Regtech solutions, has announced its plans to expand into Greenland, marking a significant step towards improving data quality, streamlining workflows, and boosting reporting efficiency.

The Benefits of Regtech

Regnology’s solutions are designed to automate full supervisory lifecycle management, ensuring that regulators have access to accurate and reliable data while reducing the administrative burden on financial institutions. By leveraging Regnology’s expertise in regulatory know-how and data transformation, Greenland’s banks and financial institutions can focus on high-value activities rather than tedious compliance tasks.

Regnology’s Platform

Regnology’s platform offers a range of benefits, including:

• End-to-end standardization: From granular data to reports, inclusive of data dictionaries, models, and processing logic
• Knowledge sharing and mutual investments: Reducing efforts and costs through shared data/analytics platforms and their governance

Success Stories

Regnology’s expertise has been recognized by several notable clients:

• eToro: Regnology’s client tax reporting solution allows eToro to produce high-quality, country-specific tax reports for its clients.
• The Federal Inland Revenue Service (FIRS) of Nigeria: Regnology’s AEOI platform was selected due to its expertise in international taxation obligations and prior experience working with African government authorities.

Expert Insights

Regnology’s solutions have been praised by industry experts:

• “We see Regnology as a natural partner to help us reap the full benefits of our new generation regulatory reporting system,” said Johannes Kermer, Divisional Director at ApoBank.
• “The collaboration with Regnology and the use of their client tax reporting solution allows us to produce high-quality and country-specific tax reports for our clients,” said Tom Spigland, Product Manager at eToro.

Regnology’s Basel IV Solution

Regnology’s Basel IV solution offers an integrated regulatory risk calculator and reporting solution built to address the scale of changes required for the entire Basel framework. The company has also announced a live webinar on key updates on IRRBB, liquidity risk for regulatory compliance, and risk management after the bank failures of 2023.

Conclusion

Greenland’s financial sector is set to benefit from Regnology’s expertise in regulatory know-how and data transformation, enabling institutions to focus on high-value activities rather than tedious compliance tasks. The introduction of Regtech solutions marks a significant step towards improving data quality, streamlining workflows, and boosting reporting efficiency.