Industry body for the burgeoning regulation technology sector \u2013 the RegTech Association (RTA) \u2013 has appointed a new CEO and two board members.\nThe RTA has moved its former general manager Deborah Young to the chief executive role, the association\u2019s first.\n \nShe brings years of financial services advocacy experience to the role, with previous positions at the Australian Private Equity and Venture Capital Association Limited (AVCAL), the Association of Superannuation Funds of Australia (ASFA) and the Australian Financial Markets Association, to name a few.\n \n\u201cIt is an honour to be confirmed as the RegTech Association\u2019s first CEO. The growth and awareness of the association\u2019s work continues to build, and I am very excited to be able to lead in the implementation of the next phase of the strategy,\u201d Young said.\n \n\u201cWe have already begun the roll out of our RegTech AML Boot Camps which underline our values to educate, connect and collaborate,\u201d she added.\n \nJasper Poos, head of governance and assurance for Commonwealth Bank of Australia, has been appointed a director.\n \nCBA in May revealed initial results of a regtech pilot being run at its London Innovation lab, which uses natural language processing and artificial intelligence to convert regulatory texts into compliance obligations.\n \nThe bank said it had a \u201cproceed with caution\u201d approach to regtech.\n \n\u201cAs a bank, we can learn a lot by working closely with RegTechs to learn how we can use technology to better respond to regulators,\u201d Poos said.\n \nHarold Lucero, founder and chair of regtech firm, Lucsan was also named as a new director at RTA having served on the association\u2019s advisory committee since its inception.\n \nLucsan was recently acquired byIRESS, one of Australia\u2019s largest financial services technology providers.\n \n\u201cWith Australia number three in the world in the concentration of RegTech firms, there\u2019s no better time and place to be involved in the evolution of industry,\u201d Lucero said.\n \nSince being established in 2017, some 52 organisations have joined the association.\n \nBillions high and rising\n \nThe cost of compliance for Australian businesses is high and rising.Deloitte Access Economicsestimates that federal, state and local government rules and regulations cost $27 billion a year to administer, and $67 billion a year to comply with.\n \nAccording toKPMG, the big Australian banks spent between $350 million and $450 million on regulation and compliance each year. More regulation of the finance industry could be recommended by the ongoing Royal Commission into Banking. There's also the significant cost of non-compliance.\n \nIn May last year, theAustralian Securities and Investments Commission announced it was establishing a regtech liaison group to enable "collaboration opportunities that promote positive applications of regtech". In Februarythe commission issued tenders for pilots that apply natural language processing to 'regulatory problems'.\n \nCSIRO's Data61 group is also exploring the potential of regtech, describing its development of 'Regulation-as-a-platform' or RaaP toComputerworldlast year.\n\n\u2018Proactive government\u2019 and \u2018legal informatics\u2019 were named as two areas where Australia can make the biggest gains in digital innovation by Data61 CEO Adrian Turner last week.\n \n\u201cThis next digital wave to revolutionise existing industries and create entirely new ones is ours to capture. But the opportunity is perishable if we don\u2019t collectively take action now,\u201d Turner said.