We operate in a fragile, complex world, where the need to protect assets and values grows every day. It is essential that the financial industry closely monitors developments in the technological, regulatory, economic and political spheres in order to evaluate opportunities and risks for clients in a forward-looking manner.
Regulatory requirements in particular have required our constant attention. This has been due in part to challenges such as: keeping pace with the multitude of constantly evolving regulations, meeting the often tight deadlines set by regulatory authorities, resolving the complex and sometimes divergent regulatory requirements in the best possible way, and complying with the various accountability requirements, all while keeping the primary focus on the clients.
These challenges affect the administrative management of legal entities and asset structures, and tie up resources. This is where RegTech can help. RegTech combines the words regulatory and technology. RegTech solutions enable financial service providers to automate regulatory requirements with the help of digital applications. This allows service providers to process requirements more efficiently and effectively, and monitor them in a more targeted manner. The resulting benefit for financial service providers – and ultimately for their clients – is that they can meet legal and regulatory requirements in a much more cost-efficient and resource-saving manner, optimising processes in areas such as the management of asset structures, corporate accounting and compliance.
Today, the use of RegTech solutions is still in its infancy. It is therefore all the more important that their development is oriented toward real world scenarios. Because just as financial service providers tailor their solutions, products and services individually to the needs and requirements of customers, the supporting RegTech solutions must fit individual user needs – a «one-size-fits-all» solution will not be effective.
In terms of wealth preservation, asset protection for example means taking into account not only the political, economic and family framework conditions when structuring assets via legal entities, but also incorporating technological progress and applying the resulting opportunities in a practical manner. This is where our focus lies.
Gisela Bergmann, Princess of Liechtenstein . CEO and Managing Director