Privacy model for the development and implementation of regulatory technology (RegTech)

Jawahitha Sarabdeen

doi:10.24294/jipd.v8i6.3072

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Privacy model for the development and implementation of regulatory technology (RegTech)

Jawahitha Sarabdeen

Journal of Infrastructure Policy and Development 2024, 8(6), 3072; https://doi.org/10.24294/jipd.v8i6.3072

Submitted：23 Oct 2023

Accepted：19 Feb 2024

Published：08 Jul 2024

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Abstract

An unprecedented demand for accurate information and action moved the industry toward RegTech where computing, big data, and social and mobile technologies could help achieve the demand. With the introduction and adoption of RegTech, regulatory changes were introduced in some countries. Enhanced regulatory changes to ease the barriers to market entry, data protection, and payment systems were also introduced to ensure a smooth transition into RegTech. However, regulatory changes fell short of comprehensiveness to address all the issues related to RegTech’s operation. This article is an attempt to devise a Privacy Model for RegTech so industries and regulators can protect the interests of various stakeholders. This model comprises four variables, and each variable consists of many items. The four variables are data protection, accountability, transparency, and organizational design. It is expected that the adoption of this Privacy Model will help industries and regulators embrace standards while being innovative in the development and use of RegTech.

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References

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