WSEAS Transactions on Business and Economics
Print ISSN: 1109-9526, E-ISSN: 2224-2899
Volume 21, 2024
The Impact of RegTech on Compliance Costs and Risk Management from the Perspective of Saudi Banks’ Employees
Authors: , , , , ,
Abstract: Through this research, we will be analyzing the Effect of RegTech on Compliance Costs and Risk Management in the Banking Sector, mainly with the eye of people in administrative roles in Saudi Banks, a total of 232. A new technological trend is reshaping the financial industry, RegTech, marked by various advanced technological processes and automation. The main findings show that RegTech significantly reduces compliance costs, confirming its cost-saving potential. Therefore, Employee perceptions are critical to integrating and adopting RegTech within business operations. In addition, RegTech improves risk management systems with more accessible procedures and better internal controls. This proves RegTech’s ability to improve the banking processes and strengthen the risk management system. Proportional to the organizational support, tool investments, and tool diversity interactions are moderated, and operational efficiency is enhanced. This research contributes significantly to the more profound knowledge of the implication of RegTech in the Saudi banking sector, which facilitates transformation through renewed practices in the industry alongside its efficiency.
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Keywords: RegTech, banking sector, compliance costs, risk management, operational efficiency, technology adoption, employee perspectives, financial institutions, internal controls, Saudi Arabia
Pages: 1200-1216
DOI: 10.37394/23207.2024.21.98