2018 May 31 – IRTA unveils its Japan Survey Report

A perspective on Financial Institutions GRC concerns and RegTech opportunities and challenges in Japan

On May 31, 2018, the International RegTech Association, represented in Japan by Bruno Abrioux-Takano, encognize G.K. Founder & CEO, unveiled the result of its Japanese survey.
Click the below link to get a copy of the report (English or Japanese)

2018 IRTA Japan Survey Report (English Version)
File Size:	1329 kb
File Type:	pdf

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2018 IRTA Japan Survey Report (日本語版)
File Size:	2350 kb
File Type:	pdf

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The survey was conducted by IRTA Japan Founding members, encognize G.K. and Greenberg Traurig Tokyo Law Offices, in February 2018.

The 5 key takeaways from the IRTA Japan 2018 Survey are:

1. Anti-Money Laundering and Combating the Financing of Terrorism is by far respondents’ top concern for FY2018
2. Spending strategy for the FY2018 budget allocated to Risk and Compliance is balanced between firms that have decided to invest in human resources, the ones that have decided to invest in technology and digitalization and the ones that have decided to take a mixed approach.
3. According to respondents, the main barriers to RegTech adoption in Japan are a lack of digital strategy for the risk and compliance function and an overall lack of trust in new digital technologies and emerging RegTech providers.
4. RegTech Utility Services, be they centralized or decentralized, appear as an interesting option for survey respondents, especially if answering AML/CFT regulatory requirements or addressing regulatory reporting.
5. A large majority of respondents would be ready to adopt RegTech Utility Services if owned by regulators or SROs and operated by Technology-related firms.

 
Survey Demographics overview:

• 65 valid respondents exclusively from Financial institutions or related industry bodies in Japan.
• 54% from the bank sector
• 62% in a Compliance, Audit, Legal or Risk function
• 78% with management or leadership responsibilities