On 28 February 2022, the Centre for Legal Innovation (Australia, New Zealand and Asia-Pacific) (CLI) in collaboration with The RegTech Association (RTA), presented a session on the emerging role of RegTech and its impact on the legal industry.
RegTech goes to the core of when and how lawyers advise about risk, liability and compliance. It involves conceiving and solving legal problems differently. It means developing new and customised technologies that clients can access 24/7. It's new, it's different, and as the case studies in this session demonstrated, it's here right now!
The session was facilitated by Terri Mottershead, Executive Director, CLI and delivered in two parts:
Part One: RTA’s CEO Deborah Young laid down some RegTech foundations by addressing:
- Why RegTech is about people, trust, tools and building better businesses
- What RegTech is and isn't
- The eco-system
- How TRTA engages (Government, Regulators, Industry)
- Drivers for RegTech adoption
- RTA's latest research data points
- About the RTA and what they do.
Part Two: two mini cases studies that demonstrated how two law firms collaborated with two legaltech providers to create amazing RegTech products:
Breach Manager is a first-of-its-kind, cloud-based RegTech platform, that streamlines the information collation, assessment and reporting process of potential regulatory issues to one online platform, allowing financial services institutions across Australia to ensure defensible, timely and cost-effective compliance with the new and newly important regimes. These include AFSL / ACL obligations under the new regime, but also BEAR/FAR, Prudential, AML/CTF, Privacy, Design & Distribution, COBCOP and GICOP reporting obligations.
The ESGCP is a solution to assist organisations in developing, implementing and monitoring ESG strategies and practices, managing risk and meeting regulatory compliance obligations. Key features of the solution include: risk dashboard and assessments for an organisation and third parties such as suppliers and subcontractors; obtaining visibility and transparency over complex supply chains; screening third parties and automation of due diligence on suppliers and customers; automated changes in risk profiles; combining with a technology solution to automate issuing of interactive compliance and legal training; automation of contracting practices and associated reminders; and policy, procedure and code development and implementation.