Technological advancements in the world today are causing global industries to take a more automated approach to their business processes. Compliance obligations, driven by the significant influx of regulatory reform, have taken many industries by storm.
This has led to the introduction of a much-needed science called Regulatory Technology or as industry insiders like to call it, RegTech. RegTech has slowly developed to be able to leverage advanced technology to help organisations cope with the steep escalation in compliance requirements. This new form of technology is rapidly being adapted to suit contrasting business models, technologies and projects, that at first might seem incoherent.
So what is RegTech?
RegTech can simply be defined as the inventive implementation of technology and novel business concepts to overcome the challenges that businesses face in managing regulatory risk and compliance.
What is the need for RegTech?
As outlined in the introduction, technological advancements are one of the major motivators of the RegTech revolution. Technological developments facilitate advanced ways of dealing with regulatory challenges and therefore bring cutting-edge business ideas into the workspace.
As for regulators, studies predict that regulations will soon be assigned digitally and it will become essential to seamlessly transform regulations into digital rules. Regulatory experts will then need an avant-garde digital workplace.
PX4 as an example of RegTech
Regulations are the rules that are enforced by government agencies. They are crucial as they set the standards for what can and cannot be done in particular businesses, or in particular industries.
PX4 is a software that serves as an ideal integration of RegTech. The way the software is designed makes it easy for Tenement Managers to ascertain the actions they need to take and when they need to take them. PX4 ensures that you never miss a deadline, helping you keep your tenement active and compliant. We send out reminders of all the actions that are needed to remain compliant for each authority.
Another example is the submission of Entry Notices. At times when you need compliance approvals and permissions from more than one stakeholder, PX4 helps you track land access obligations and advise you of your timing for entry notice renewals. This allows you to continue to access land parcels without delay, serving as a one-stop dashboard for entry notices. You are also notified with reminders for any upcoming expiries, with failure to comply resulting in possible legal action.
At a project and authority level, Expenditure and Work Commitments become relevant. It is crucial to adhere to these to avoid the risk of losing your permissions. PX4 enables you to aggregate multiple tenements per project, see and manage your expenditures and commitments, and also transfer work commitments from one authority to another.
Another feature unique to PX4 is that you can see at a project level, all of your tenements in one screen. PX4 allows you to manage offsets in the tool itself and in an intuitive and smart manner. From safety compliances to environmental approvals, managing your authorities to reporting your work, PX4 is the perfect example of RegTech in the Mining and Exploration industry. To find out more about PX4 and how it can help you, book a FREE DEMO of the product today.