Fully Dynamic Regulatory Frameworks

March 04, 2019

A system that allows the compliance teams to be able to dictate and dynamically tweak the entire regulatory framework not only at company level but also at service level.

If we had tried to create a system that is setup with a regulatory process specific to a jurisdiction or industry we would have been just another specialised, targeted solution on the market. This is what happened to some operators on the market (good ones to be fair) to create solutions specific to the banking industry.

What happened however is that regulations have changed drastically since then. Market happenings such as Panama and Paradise papers have introduced a different level of risk perception – internal policies – which are driven by internal decisions and not market standards. Also we see other service lines such as insurance who try to use such products however fail due to the product being so closely linked to the banking framework.

What we have done instead is create a system that allows the compliance teams to be able to create and manage the entire regulatory framework at service level. This module of programmes allows the teams to be able to define anything from review processes, definition of the risk-based parameters, the dataset collected on entities, document requirements, workflows, rules, questionnaires and so on and so forth, practically the entire ID&V matrix for each service.

Allowing clients to define such processes at service level allows for more flexibility. The ability of having a real time perception of the risk based on the same service offered, but within different jurisdictions. The latter would dictate different risk measures and maybe different document requirements for the same product / service the company is offering. However the distinction between the two allows the system to automate the entire process across all subjects in real time.

The powerful aspect of this solution however is that it lets compliance also tweak all settings in real time. Allowing to update the regulatory process based on internal policy, market happenings and regulatory changes. Such changes are instantly perceived not only on subjects going forward but also on all past subjects.
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Targeted For Banks, Financial Services, Insurance, Payments, Gaming, Legal, Pharmaceuticals
Status LIVE
Keywords #kyc #configuration #dynamic #AML
Direct Benefits Ability to streamline the entire due diligence process based on type of service, product or subject.