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Industry Landscape
The RegTech industry is experiencing rapid growth, driven by increasing regulatory complexity, stringent compliance demands, and the adoption of advanced technologies like AI and LLMs. Financial institutions are investing heavily in solutions that automate compliance processes, enhance surveillance, and provide actionable insights, aiming to reduce costs and mitigate risks. The focus is on integrated platforms offering comprehensive data intelligence and secure, scalable solutions.
Total Assets Under Management (AUM)
Global RegTech Market Size in United States
~The RegTech market in North America was valued at 7.72 billion USD in 2023.
(23.4% CAGR)
This growth is driven by:
- Increased regulatory scrutiny.
- Demand for automation.
- AI adoption in compliance.
Total Addressable Market
25.96 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI & Advanced LLMs
These technologies will enable more sophisticated anomaly detection, proactive risk identification, and automated generation of compliance reports and insights from vast, unstructured data sets, moving beyond current LLM capabilities.
Homomorphic Encryption (HE)
HE will allow financial institutions to perform computations on encrypted compliance data without decrypting it, significantly enhancing data privacy and security during analysis and cross-organizational data sharing for compliance purposes.
Blockchain & Distributed Ledger Technology (DLT) for Compliance
Blockchain and DLT can create immutable, auditable records of transactions and communications, streamlining regulatory reporting, enhancing data integrity, and facilitating real-time reconciliation across financial ecosystems for compliance.
Impactful Policy Frameworks
SEC’s Cybersecurity Risk Management Rule (2023)
The U.S. Securities and Exchange Commission adopted new rules requiring public companies to disclose material cybersecurity incidents within four business days and annually disclose their cybersecurity risk management, strategy, and governance.
This policy increases the demand for automated cybersecurity incident detection and reporting tools, integrating risk management with compliance platforms like Behavox.
FINRA's Rule 3110 (Supervision) Amendments (2024)
FINRA is continuously refining its supervisory rules, including those pertaining to the review of communications, to ensure member firms adequately supervise their associated persons' activities, especially concerning new technologies and remote work arrangements.
This amendment heightens the need for advanced communications surveillance and archiving solutions that can handle diverse data types and remote work scenarios, directly boosting the value proposition of Behavox's Quantum and Intelligent Archive.
New York Department of Financial Services (NYDFS) Cybersecurity Regulation (23 NYCRR 500) Amendments (2023)
The NYDFS implemented significant amendments to its cybersecurity regulation, strengthening requirements for risk assessments, governance, and incident response plans for financial institutions operating in New York.
These amendments necessitate more robust and integrated cybersecurity and compliance platforms, increasing the urgency for solutions that provide comprehensive data intelligence and secure archiving like those offered by Behavox.
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