RegTech – How it helps companies with compliance

RegTech – How it helps companies with compliance

Regulatory Technology

What is Reg-tech?

RegTech, short for regulatory technology, is a new industry that takes complex regulatory frameworks and creates software from them so businesses can more easily comply with the laws and regulations their industries face.

In this page, we will profile three sectors and provide examples of the new RegTech space, discuss some upcoming conventions, and provide insights on how regtech is helping everyday businesses reduce costs, while increasing compliance with complicated regulatory requirements.

Regtech Landscape

RegTech has the most practical application to industries fraught with regulations at all four levels of government – federal, state, county, and municipal.

Several RegTech companies use novel business models that create governmental relationships to save taxpayers money, and pass the cost onto their business customers that still see cost savings from reduced compliance costs internally.

If you think combining regulations and technology is boring, we will start with the most interesting, and heavily regulated, industry – cannabis.

Call tech Attorney Thomas Howard at (309) 740-4033.

Thomas Howard

Thomas Howard

Peoria Tech Lawyer

Tom Howard started his first techology company in 2014, this website was built by his current one, Stumari – ask him about your company’s technology today.

Peoria Office Address

Examples of RegTech Helping Business

Let’s get to our examples – we will throw in a bonus 4th example, which is the website that I worked on until spinning it off for helping with applying technology to immigration procedures.

Key Takeaways

  • RegTech is the subsector of technology that streamlines compliance for financial, insurance, healthcare, cannabis, or any industry that has to deal with cumbersome regulations.
  • RegTech mostly works for help companies in compliance, reports, or monitoring business practices to ensure regulations are met.
  • The internet and connected devices have spurred development in RegTech and this trend is new, fast growing and likely to continue.

How RegTech Helps Cannabis Compliance

Cannabis laws have not been as complicated as they are now in decades. Each state has its own laws, each city, and increasingly the federal government treats cannabis differently, whether it is hemp, medical, or adult use marijuana.

Long story short, cannabis is the perfect industry for RegTech.  Enter the business helping new cannabis businesses comply with the new laws the various state governments are passing, and the evolving federal landscape: Adherence Compliance.

Stared in 2014, Adherence Complaince begain as Adherence Colorado, but as legalization spread across the US, more businesses needed help complying with the various legislative frameworks.

Today, Adherence Compliance helps not only businesses, but also state and local governments, keep their license holders in compliance.  One of their business models is to get the contracts with governments, but pass the costs for their services to the cannabis-related legitimate businesses, which ends up to be a savings for their complaince.

For more, please visit their website:

How RegTech Helps Healthcare.

The Health Insurance Portability and Accountability Act, better known by its acronym, HIPAA, is a very complex and difficult system designed to help people keep their healthcare information private.

Most companies in the healthcare space fail to comply with it, or have to pay expensive lawyers, or full time staff, to comply.  Failure to comply with HIPAA carries very oppressive penalties that drive the consolidation in the industry due to the risk and the cost of the compliance.

An expensive and cumbersome regulatory framework required for healthcare providers, this is exactly the use case for RegTech.  Some compliance software helps not only what is known as a “Covered Entity” under HIPAA comply, but also what is called their “Business Associates.”

Healthcare is huge business, and gaining access to the sector often means facing HIPAA compliance. As such, what is the startup supposed to do when trying to get their company off the ground in the healthcare sector? Pay tens of thousands for a compliance officer’s salary?  Dump it onto their general counsel?  Or, pay a software company a fraction of that for a license to use their software for a year?

Companies like Compliancy Group can offer something besides the software to help keep companies in compliance with HIPAA’s regulations, it can also help optimize their offerings with the data of its users. A RegTech company has a treasure trove of data about their clients and the problems that they may face in staying compliant.  This provides the basis for new features and updates, but also leverages the best practices that humans on an individual scale simply cannot do.

A general counsel for a healthcare company that doesn’t use a RegTech company to cover their HIPPA complaince faces worse outcomes and higher costs.

RegTech Helping Governments Issue Permits

One of the startups that is trying to fix the problem of issuing licenses and permits is CivicServ.  After I made my first app, I turned toward building software for lawyers that I thought could be coded and I settled on immigration applications. When looking for examples and coders, I found the people beind DevBright, which founded CivicServ.

My Work Visas Solutions, regtech for immigration applications and compliance after the visa holder has been issued, is waiting for my practice to grow to include an immigration lawyer that can fulfill the orders we would get with our SEO services and amazing marketing.  Some of the companies miss that aspect, but their value is clear.

RegTech helps companies comply with the law so they can focus on their business.

The RegTech companies we discussed:

  • Adherence Complaince
  • Compliancy Group
  • CivicServ
  • Work Visas Solutions

If your company has compliance issues, or is facing another technology issue, feel free to call us. 

Our experience in the technology space is beyond what 99% of other business lawyers can provide – plus our SEO is way better so we can help you get more leads.

RegTech Conventions

Unsurprisingly, Germany hosts the mother of all RegTech conventions, but many popular ones are held in the US. While they tend to gravitate toward the FinTech umbrella.  Here’s a list of the industry RegTech Events.

  1. Bearing Point
  2. Comply 2019
  3. know 2019
  4. Global List

Thomas Howard was on the ball and got things done. Easy to work with, communicates very well, and I would recommend him anytime.

R. Martindale

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Thomas Howard has built software for regulatory compliance before and knows how to help other businesses in the same boat.  Call (309) 740-4033 to talk to him.

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Attorney Modification Clauses & Your Real Estate Sale Contract

Attorney Modification Clauses & Your Real Estate Sale Contract

Attorney Modification Clauses

They let you cool off.

Has it been 5 days Already?

 

Relax.  You probably blew the deadline & were none the wiser.

Chances are that you signed a real estate purchase contract and are having second thoughts.

Sometimes realtors like to confuse you and say you should put in an offer – well, that means a contract.

So see what Peoria Real Estate attorney, Thomas Howard has to say about a clause in the contract that allows for attonreys to disapprove.

You can call Attorney Thomas Howard at (309) 740-4033.

Questions?

Your case needs strategy – for the right case, we give a free one hour session. Get yours today.

Thomas Howard

Thomas Howard

Peoria Real Estate Lawyer

Whether you’re a bank or distressed asset purchaser, Thomas Howard can help you quickly recover on your loans.

Peoria Office Address

Public Policy Behind Attorney Modification

Sometimes people fall in love at first sight, but not just with people. A person shopping for a house may fall in love with a home, and put in an offer, but only to later realize she or he has been entered into a binding contract. 

Let’s run through the fundamentals of a contract in the context of a home sale & how an “attorney modification clause” can help you get out of the contract with some help.

A contract had 3 basic elements

Attorney Modification Disapprove

He Does Not Approve

  • Offer & Acceptance: When you put in that offer on the house, you actual began to form half of the deal.  If the seller accepts your offer on the house, you’re hooked.  So when shopping for a home and making an offer, lower your expectations – and increase the chance of your rejection so you can think it over better.
  • Consideration: This is money.  You offered to pay ‘x’ dollars for that house – if we assume that you offered to pay the statistical average price for the home – $199,200 is what you are going to pay because according to Google that pointed to a CNBC article claiming that is the median price for the home in the United States – believe it or not.
  • Meeting of the Minds: This is the most complex of the three basic contract elements.  It is where a lot of the disputes occur.  Some people think they are buying apples, when instead they are buying oranges – and they never would have bought an orange had they known.  Mistakes of fact happen fairly often.

Attorney Modification & Public Policy

Most people that buy a house and get in trouble are lacking in home buying experience.  So to protect these first-time and novice homebuyers, public policy has worked into many of the forms of residential sales contracts an Attorney Modification clause that gives each party the right to have their attorney review the contract.

If your attorney does not approve of the contract within a very limited period of time, in Peoria Illinois it is five days, then it can be canceled.  Often the price cannot change because the clause itself states the rights.

Your contracts mean what they say

A court of law does not exist to make the deal for you.  That is between the private parties that enter into lawful, legally binding contracts.  

Why one of the most American things you can do is make a deal.  But be careful when getting into them – because a deal rushed into may be a costly error.

In real estate law, there is a saying.  “There are no small problems when it comes to real estate.”  So be careful, and have your attorney consult with you immediately after you signed the deal to confirm you want the deal before the attorney modification period expires. 

If you have a contract dispute, call our offices at (309) 740-4033.

 

A commercial loan workout attorney with over ten years experence – Thomas Howard answers your questions in the video below.

Thomas Howard was on the ball and got things done. Easy to work with, communicates very well, and I would recommend him anytime.

R. Martindale

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How to Use Options and Convertible Notes to Raise Money

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Thomas Howard has completed dozens of loan workouts and helped financial institutions recover the collateral base.  Call (309) 740-4033

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