Objective sponsored event a resounding success

In December 2021, Objective sponsored The RegTech Association’s inaugural government focussed event – RegTech for Better Government. The blend of stellar presenters and panellists proved a winning combination.

The Hon. Victor Dominello, Minister for Digital and Customer Service, opened the event and handed over to Ben Hobby, Global VP RegTech at Objective to host the impressive line-up of government case studies and panel discussion.

Australia is the third largest segment of RegTech producers in the world and the Government sector represents a significant opportunity. The need for a collaborative space to showcase the potential while discussing the challenges is what the event aimed to achieve - for learning, connection and future collaboration.

Insights from the polls

The high level of participant engagement, particularly during the polling, evidenced the appetite for a government focussed event. We aimed to create a forum where attendees felt free to offer their opinion, but also learn from their peers.

What do you see as the biggest barrier(s) to adopting RegTech? 

Answers

Percentage

Lack of knowledge as to what is available

45.8%

Securing additional budget

43.8%

Not a priority right now as resources too constrained meeting current demands

20.8%

Other

16.7%

Concerns around community acceptance of new approaches and technology

8.3%

Current systems are adequate and doing the job

6.3%

A total of 48 attendees answered, 21 % of the total number.


What RegTech topics are you interested in hearing more about?

Answers

Percentage

Case studies from your peers who have successfully implemented a RegTech solution

71.1%

How to implement a successful RegTech project

50.0%

Learning more about what is available in the market

39.5%

Building a business case for RegTech

31.6%

A total of 38 attendees answered, 16.6% of the total number.

The top percentages from each poll tell us that there is a lack of awareness about ‘RegTech’ and the innovative solutions it can offer. Showcasing our customers’ successful implementation of their RegTech solutions will help demystify RegTech (regulatory software) and illustrate how RegTech can solve so many common regulatory challenges. Watch this space!

The feedback we have received, both via the satisfaction poll on the day, and post-event, has been fantastic. There’s an insightful and clear indication on the barriers to adoption, and clear feedback that more case studies and practical examples of RegTech projects would be beneficial to future events.Undoubtedly this event has hit a sweet spot and the appetite to continue the program is high.

Deborah Young

CEO, The RegTech Association

The tide turns on wage theft in Victoria

A highlight of the event was Wage Inspectorate Victoria’s (WIV) case study of the need for a regulatory solution to help solve the problem of employee underpayment in their State. WIV was established as a new statutory authority with powers to investigate and prosecute wage theft offences. As part of its role, it helps businesses understand their obligations and investigates non-compliance, as well as reports from employees.

Robert Hortle, Commissioner of Wage Inspectorate Victoria provided some excellent tips for implementing a RegTech solution in his presentation:

  • Define a minimum viable product and stick to it
  • Include a dedicated SME in the project team
  • Embed good change management, including training and communications

Following these tips helped both WIV and Objective to keep the project on track and hit the imperative July 1st 2020 deadline. WIV have adopted the new system and are reaping the benefits of:

  • An integrated customer portal for a seamless end-to-end customer experience
  • Access via mobile to enable digital capture of information in the field
  • Easy configuration with no-code workflows
  • Comprehensive operational reporting to help facilitate better decisions and ensure compliance

"We were previously using a generic platform that didn’t suit our purposes, so using Objective RegWorks has been a huge improvement," said Robert Hortle, Commissioner of Wage Inspectorate Victoria. "The team has really enjoyed using the platform from the outset, something I wasn’t expecting so soon."

WIV is now at the forefront of a growing software segment and are showcasing the outstanding outcomes of using technology to better manage regulation.

Objective RegWorks has been a huge improvement. The team has really enjoyed using the platform from the outset, something I wasn’t expecting so soon.

Robert Hortle

Commissioner of Wage Inspectorate Victoria

Connect for Safety

Briony Foster, Executive District Director, Sydney, South Eastern Sydney and Northern Sydney Districts, Department of Communities and Justice (DCJ) took us through their adoption of the Objective Reach solution – Connect for Safety. This RegTech software has helped child protection agencies across Australia securely share vital information, make better decisions and improve child safety.

One of the main challenges to information sharing in Australia was the different technologies and methods used by each state and territory agency. It meant information was hard to find, match and share across systems, and there was no market-ready solution available to address this. Vulnerable children were slipping through the cracks.

In 2017, Business Research and Innovation Initiative (BRII) provided the opportunity to get this complex challenge solved. Objective won the initiative and have provided a solution that now helps trigger vital early action, facilitate better coordination across agencies and inform critical decisions to help improve child safety outcomes.

Collaboration continues

We’re so pleased with the success of the event and the level of interest in RegTech. There were valuable take-aways for both attendees and presenters, and a clear indication of growth to come in this space. We look forward to supporting more events by The RegTech Association in 2022, and helping to promote the vital need for regulatory software to solve many societal challenges.

Watch the full webinar now