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As the Banking Royal Commission continues its investigation into misconduct in the financial industry, a recently formed international body has released a set of guidelines aimed at improving compliance and transparency in the sector.

The guidelines聽have been developed by the London-based International聽RegTech聽Association (IRTA),聽representing often small start-up firms specialising in technology which insures that finance sector operators comply with government regulations.

The University of Sydney Business School鈥檚 Dr Daniel聽Gozman聽describes the release of the guidelines, which will impact on the operation of the聽RegTech聽sector and its relationship with the finance industry, as a 鈥渃rucial development鈥�.

鈥淩egTech聽firms carry an enormous amount of responsibility for insuring that the finance sector meets its obligations to regulators and ultimately to their customers,鈥� said Dr聽Gozman, who was a driving force behind the establishment of the IRTA and the drafting of the guidelines.

鈥淲hen a piece of regulatory technology designed, for example, to detect money laundering or to stream data to regulations fails, it鈥檚 the regulated institution that suffers the consequences,鈥� He added.

The guidelines are to be known as the 鈥淚RTA Principles for聽RegTech聽Firms鈥� and are outlined in a pre-recorded webinar posted to the internet today (Wednesday).鈥�

The Association says that they are 鈥渁imed at facilitating innovation and protecting innovators as they work on developing high-caliber鈥疪egTech聽solutions鈥�.

In an invitation to the聽RegTech聽community to鈥痯rovide feedback regarding the 鈥渉igh-level鈥� principles, the Association said they would 鈥渟erve as an overarching framework intended to shape engagement and good practice for聽RegTech聽providers when working with all stakeholders, including customers, consumers, regulators and peer firms鈥�.

Ben Richmond,鈥痶he Chief Executive of the Association,聽has urged聽RegTech聽stakeholders 鈥渢o embrace these new standards and to join us in our mission to advance the industry as a whole鈥�. In doing so, feedback is encouraged from anyone involved with聽RegTech聽including investors, law firms, advisory firms, financial institutions, regulators and of course the聽RegTechs聽themselves.

鈥淭he IRTA has gathered great momentum throughout its inaugural year, and the IRTA Board has formulated a solid and evolutionary strategic plan for the Association鈥檚 second year of operation,鈥� Mr Richmond said.