Castlepoint named in Global RegTech100 List
Annual list recognises the world’s most innovative RegTech companies.
Canberra-headquartered artificial intelligence (AI) compliance software specialist, Castlepoint Systems, has been named for the second time in the RegTech100, an annual list that recognises the top 100 most innovative RegTech companies in the world.
Those making this year’s list were evaluated by an advisory board and RegTech analysts and are recognised for the industry significance of the problem being solved, the innovation of the technology solution provided, potential cost saving and efficiency improvement for clients, and company growth metrics.
“We’re delighted to be named in the RegTech100 for the second year running,” said Rachael Greaves, Castlepoint CEO and Co-Founder. “We have also been recognised by FinTech Global as a Top 100 CyberTech and Top 100 AI Tech company in both 2021 and 2022, and these awards show how regulatory compliance, security, and emerging technology are all key elements of modern GRC. “I am very proud of our Castlepoint team, our company and our mission and to be recognised once again by the judges is a great achievement.”
The RegTech100 list acts as an essential guide for financial institutions that need to understand the RegTech landscape and identify the technology solution providers with which they need to engage and/or collaborate.
Castlepoint’s AI registers every system in an environment, in the cloud and on prem. It registers every record in every system (structured or unstructured), and every file in every record, and uses Natural Language Processing to extract all the meaningful topics and entities mentioned in every item, no matter the format. It captures every event on the data, as well as all metadata.
“These awards showcase the global innovation that RegTech companies can provide to protect a broad range of organisations, and it’s a real privilege to be named amongst them,” adds Greaves. “RegTech is a critically important category for risk management, and Castlepoint was also awarded the 2022 Australian RegTech of the Year by the RegTech association.
“As seen in recent events, with regulated entities under increasing attacks from malicious actors in attempts to access data, when a breach occurs it’s essential to quickly understand what the exposure was. Knowing and applying regulatory rules is one of the best ways to find all that risky data, track it, match it to the regulations and rules, and manage it compliantly, via AI.”
Against this backdrop, and with rapidly growing data stores and regulatory obligations, organisations need a low-impact, high-coverage method to control data risk and value.
“We need to do what we can to reduce likelihood of a breach – but we can never completely prevent one. What we need to focus much more on is reducing the impact of a breach,” continues Greaves. “We must know our own data so we can focus our efforts on what has the most risk, which can include national security, sensitive personal information, and financial data. Then we must understand the risks specific to the organisation, whether that’s IP, trade secrets, core business data, or regulated information – Castlepoint makes this possible.”
Commenting on the chosen companies, RegTech Global said, “The RegTech100 recognises the next-generation of solution providers shaping the future of the financial services industry. These are the companies every financial institution needs to know about as they consider and develop their mission critical RegTech and digital transformation strategies and address the compliance challenges caused by remote working and the expanding use of digital channels.”