The term “RegTech” a fusion of the terms “Regulatory” and “Technology” has become increasingly established in recent months and is one of the buzzwords of the young year. This refers to the use of technology in connection with the implementation and monitoring of legal regulations. Put simply, Regtech automates regulatory processes and guarantees compliance.
Regulatory Technology helps companies comply with legal regulations and protect data. Financial services providers and banks in particular currently use Regulatory Technology, one might assume that this is a sub-discipline of FinTech (Financial Technology).
“In fact, there are many similarities here,” said Dr. med. Hubert Jäger, founder and CTO of the Munich-based TÜV SÜD subsidiary Uniscon. “Both are based on agile development methods combined with cloud and analytics. Regulatory Technology, however, as the name implies is primarily concerned with regulations and not like Financial Technology,” he explained.
The technological development of recent months has led to solutions that can handle more complex processes and issues. This benefits are of not only companies but also customers. They get more reliable backend systems and platforms and better protect their data against attacks or unauthorized access. In addition, RegTech solutions act as a kind of liability shield for businesses. It is of course particularly important that the underlying technique is incorruptible. Dr. Dirk Schlesinger, Chief Digital Officer (CDO) of TÜV SÜD AG, emphasized last year: “Especially with sensitive data, organizational rules and processes are not sufficient to rule out abuse and manipulation. Instead, it must be technically ensured that the legal regulations are adhered to. ”
With the Sealed Platform, Uniscon GmbH offers a highly secure cloud platform for RegTech applications. This ensures the implementation and compliance with compliance regulations with purely technical means and protects data reliably against access. Applications running on the Sealed Platform are automatically at the same level of security as the Sealed Cloud technology underlying this cloud platform when developed to the usual minimum standards of software development.
While other cloud providers often rely on a combination of technical and organizational protection when it comes to security, Uniscon takes a different approach with its sealed cloud technology, a catalog of purely technical measures ensures the integrity of the data, even privileged access to data Data center is excluded. “The Sealed Cloud infrastructure provides the necessary security for the data,” says Schlesinger. “It’s no coincidence that when we developed the Sealed Platform, we incorporated the strictest data protection and IT security principles right from the start,” explains Jäger.
This privacy-by-design approach provides the Sealed Platform with a level of security that other cloud platforms can not provide: “Data is reliably protected both in the transfer between the user and the data center and in their storage and processing in the data center.” Because of these characteristics, Sealed Platform is the technical basis for RegTech solutions from all areas of application. “The Sealed Platform is suitable for operating systems and applications of all kinds without them having to be specially adapted beforehand,” says Jäger. “Applications running on the sealed platform are so confident that even privileged data center or application-level access is technically barred by the admin.”
Uniscon GmbH is a company of the TÜV SÜD Group. As part of TÜV SÜD’s digitization strategy, Uniscon offers highly secure cloud applications and solutions for secure and lawful data traffic. TÜV SÜD is one of the world’s leading technical service companies with over 150 years of industry-specific experience and today more than 24,000 employees at around 1,000 locations in 54 countries. In this strong alliance, Uniscon is able to reliably realize international major projects in the areas of IoT and Industry 4.0 with the Sealed Cloud and its products.