We Are RegTech

We Are RegTech

First Capitol Consulting, A RegTech Company

Referred to as the new “FinTech,” regulatory technology is the use of technology to comply with regulatory requirements. It provides organizations with the ability to move quickly, flexibly and economically address regulatory requirements and manage the risks that effect their operations and ability to do business.

 

Deloitte says, “RegTech (Regulatory Technology) is more than a buzzword, it is a very real movement that is already having an impact on regulatory compliance.”

 

The time is certainly right for a RegTech revolution with U.S. companies spending more than $2 trillion annually to comply with government regulations. With the growing use of technology, the objective of RegTech is to significantly lower the cost of complying with regulations.

 

Most of the companies in the RegTech field focus on the financial industry and its associated regulatory challenges.

First Capitol is different.

Our focus is on the management of workforce data to help organizations comply with regulations in areas that affect the workplace, such as healthcare and pay equity.

Workforce data is an important area of focus with about half of all company expenses spent on employee wages and benefits alone. Employer costs for employee compensation now average more than $36 per hour worked. Total employer compensation costs for state and local government workers is even higher, averaged more than $49 per hour worked. More than 30% of these costs are for benefits programs.

First Capitol today offers services around risk management and regulatory compliance, workforce management, optimizing financial performance, and data quality, all powered by the use of our proprietary data consolidation process for workforce data.
 
We assist businesses, non-profits, and federal, state and local governments to efficiently draw information from disjointed databases onto a single platform where that data is consolidated, cleansed, and validated to assure its accuracy. From this Single Source of Truth, First Capitol provides a wide array of business and regulatory compliance services and insights to help business and government organizations increase operating efficiencies, lower financial and regulatory risk, and improve bottom line results.
 
These services include:

  • Compliance with the Affordable Care Act, which is being enforced for employers by the Internal Revenue Service (IRS).
  • Compliance with pay equity regulations being enforced by the federal Equal Employment Opportunity Commission (EEOC) and the Office of Federal Contract Compliance Programs (OFCCP), part of the U.S. Department of Labor, and various state agencies.
  • Assistance to businesses in obtaining federal employment tax credits, including the Work Opportunity Tax Credit.
  • Data quality services that ensure organizations are using the most accurate data for regulatory compliance.  We offer the GIGO Score to help organizations understand the status of their data quality and ways data quality can be improved.

 

First Capitol is committed to continuing the development of new services in the RegTech area based on its evolving data and analytics capabilities using workforce data.
 
We invite you to explore our website to learn more about how our RegTech solutions and how they can help your organization achieve greater success.

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