8 Essential RegTech Online Courses That Will Make You An Expert (Of Sorts)
RegTech, or regulatory technology, refers to the technology used by companies to monitor and ensure they are abiding by various regulatory standards and compliance laws. In other words, it is the act of using computers to make sure all legal ducks are in a row.
Why? Running a company, whether it’s a startup, food truck, or international bank can be tricky. Once you throw in hundreds of laws, compliances, and regulations CEOs have to abide by, the waters just get murkier while the opportunities for financial losses increase. Companies are turning to the RegTech field to protect themselves against such losses.
It’s a new sector that’s growing fast, and as such, if you’re thinking about making a career switch into the RegTech field, the time is ripe indeed. Navigating the switch can be an intimidating process, but we’ve got you covered with some of the best regtech online education opportunities to prepare you for your career change into the fascinating digital realm of RegTech.
RegTech Online Education Trends for 2018 and beyond
According to Anand Sanwal of CB Insights, over $321 million was spent previously by banks in fines alone. These fines could have been avoided had the banks been better at tracking their compliance in everything from health checks to tax codes. Situations like these are driving the new surge of the regulatory technology (RegTech) sector which is growing to include new developments in artificial intelligence, big data, and analytics. So whether you’re an experienced CEO, data scientist, or curious entrepreneur there are multiple facets to get involved in, and the following online courses are sure to point you in the right direction.
The crux of the RegTech sector is that it has the potential to reduce company losses that result from not following the regulations and laws set up by the overarching authorities.
This course is designed to give a foundational base in the legal infrastructure businesses fall under within the European Union, and it’s this infrastructure whose conditions RegTech aims to satisfy within the companies that rely on it.
This course is a 5-week primer offered by renowned top-ranking European Lund University on Coursera and, by the end of it, students will be able to navigate EU legal sources, relate to EU and national business laws, and better understand the policies and laws that affect businesses and trade.
This is far from being a law book in its entirety, but it gets the job done in informing potential RegTech entrepreneurs what exactly the need is they are trying to meet, and just how complex regulatory and compliance fields can be. Each week of this course features quizzes, graded assignments, or law reviews to assess progress, and at the end of the course, students are awarded a certificate.
- Managing Financial Reporting, Operating, and Compliance Risk
Our second course on the list partners well with the first in that it offers some more practical insight as to what exactly you’re trying to achieve as a RegTech professional, namely, minimalizing the risk involved in interacting with regulations.
This short course can be completed in just days, and essentially aims to teach students to build a risk management program (something you will digitalize as a RegTech professional).
It features a variety of articles, lectures, and is capped off by a final exam and certificate of completion by the Silicon Valley-based Illumeo Learning Company, who specialize in training corporate professionals.
With the aforementioned foundational courses out of the way, we can get into the nuts and bolts of what drives RegTech, that is, taking the problems of risk and compliance management and applying digital solutions to them.
These solutions inevitably live and die by one thing: Big Data! Whether its hospital medical records, bank transaction reports, or anything in between, modern businesses produce mountains of digital data crucial to compliance and regulation. As such RegTech professionals must provide services that organize and interact with these groups of data.
The listed course is actually a 6-course specialization offered by the University of California San Diego, designed to take up to 7 months. This specialization includes projects for assessment, a certificate, and essentially takes the student from complete beginner to having a practical working knowledge of Big Data through using resources like Hadoop and Spark. Should you wish to opt for a shorter, more general course, the first in the specialization, Introduction to Big Data, should suffice.
The Big Data rabbit hole within RegTech runs very deep, and if you’ve got a solid foundation in Data Science you’ll find there’s a plethora of opportunities to plug your expertise into the RegTech sector.
One such opportunity revolves around integrating and extracting a company’s big data through Data Warehousing, and this highly reviewed course at Udemy is designed to get students up to speed with the ins and outs of the field.
The course is self-paced as students work through 8 hours of lectures with occasional tests to assess understanding. Upon completion, students receive a certificate of completion and should be familiar with the process and terminologies surrounding storing data in warehouses, data managing, and data modeling within an ETL framework.
In addition to extracting and integrating big data in warehouses, the second crucial process a RegTech professional might find themselves knee deep in when it comes to working with a company’s data is how they go about storing and accessing the data.
Most companies these days will rely on the Cloud for storing and accessing their data, and this class by the University of Maryland serves as a great launching point to give students an understanding of cloud computing technologies pertaining to business productivity and effectiveness.
Students will spend 8 weeks learning with the goal in mind to investigate, analyze, and develop cloud technologies and applications as well as understand the potential risks and mitigations cloud applications could provide for businesses – which is essential when it comes to understanding RegTech processes. A certificate is awarded upon completion and a project is required for assessment.
According to Forbes, artificial intelligence in one of the current prevalent needs in the RegTech industry, as one of the goals of the industry is to provide human-like, intelligent analysis to large sets of tedious data.
As such, a good foundational knowledge of what exactly AI is and its variety of uses could be quite useful to those making a career leap into RegTech. This 12-week course by Colombia University provides a very broad survey of the topic while assessing progress through real AI development using Python.
Students receive a certificate upon completion, and some knowledge of advanced math and programming is expected.
The next step of using machine intelligence in the RegTech industry falls to machine learning. There is a need for programs to be able to look at data, written text, records, etc. and be able to solve and address problems without human direction.
Machine Learning involves this sort of operation, and this very highly esteemed, 11-week course by Stanford University provides a great introduction to the concept.
Students will get a mathematical review as well as access the most effective machine learning techniques in order to implement programs to get machines to work for them in an intelligent and progressive manner.
The curriculum includes practice quizzes and a very ambitious final project, after which students can receive a certificate of completion.
The final course on our list involves a crucial and practical element within the RegTech field: cybersecurity. The secure storing and protection of customer and organizational data is the focal point of many regulations and compliance issues.
RegTech professionals should have a basic knowledge of the world of cybersecurity regardless of if they’re tracking customer credit card information, bank loan records, or anything in between.
The University of Colorado provides a 5-week introduction to the concept as part of a larger specialization that aims to teach students the practical cornerstones, assessments, and implications of cybersecurity. This course approaches the topic from a business perspective, so RegTech enthusiasts should especially benefit from the format, and the final project at the end provides a great assessment to sum up the course content.
Students can receive a certificate upon completion of the project and the other graded quizzes.
RegTech is still a relatively new field, but it’s proving to possess a broad range of data and computer intelligence outlets to accommodate a wide range of technology entrepreneurs and professionals.
Regardless of where your career change leads you within the RegTech industry, the previously mentioned courses are sure to provide a working foundation for many of the needed specialties.