The financial services industry should embrace regtech as part of its management practice, according to training provider Kaplan Professional and regtech pioneer Red Marker.

“Good governance starts with capability and the right set of tools – this is a terrific catalyst for change and encourages the industry to be serious about building a true culture of compliance,” Red Marker CEO Matt Symons said.

“Regtech creates efficiencies and productivity improvements to manage regulatory obligations in a cost-effective and compliant manner.”

Red Marker and Kaplan have worked to improve their real-time compliance solution Artemis.

The tool is now capable of encompassing real-time risk detection in statements of advice, providing the ability to upload documents directly and conduct an immediate compliance check.

“There is genuine capability out there right now – this is an enormous opportunity for the industry to innovate in the way it does things,” Mr Symons said.

“Those who do not get on board with this technology now will be stuck doing things the old way, while others move further ahead.”

The partners are also working with clients to connect real-time risk identification with professional education, to shape the industry’s training outcomes.

“We are building education pieces into the engine – bite-sized chunks of micro-learning – so advisers can detect when they have made a mistake, self-correct and learn as they go,” Kaplan Professional CEO Brian Knight said.

“It is a learner-driven process enabling continuing education to be delivered when and where it is needed, as an integrated part of an adviser’s role.”