compliance platform - Blog - Global Risk Community2024-03-28T12:39:42Zhttps://globalriskcommunity.com/profiles/blogs/feed/tag/compliance+platform3 Significant Challenges Complicating Compliance Managementhttps://globalriskcommunity.com/profiles/blogs/challenges-complicating-compliance-management2023-11-24T12:17:43.000Z2023-11-24T12:17:43.000ZChristine Thomashttps://globalriskcommunity.com/members/ChristineThomas<div><p>Compliance management in business is similar to citizens obeying the laws of their country. It involves adhering to a set of rules and legal boundaries set by various authorities. In this context, compliance management is the process of monitoring, assessing, and tracking systems to ensure adherence to applicable industrial, governmental, or regulatory legal requirements.</p><p>The significance of compliance management lies in how it helps businesses avoid legal complications, reduce security breaches, maintain certifications, and ensure business continuity.</p><h2><strong>3 Critical Challenges of Compliance Management</strong></h2><h3><strong>Evolving Regulatory Landscape</strong></h3><p>One of the most significant challenges in <a href="https://www.360factors.com/compliance-management-system/?utm_source=globalriskcommunity&utm_medium=referral&utm_campaign=product_page">compliance management</a> is keeping up with the rapid changes in regulations. The regulatory environment is constantly evolving and growing more complex each year due to factors like rapid technological adoption. This dynamic nature places immense pressure on companies to remain compliant.</p><h3><strong>Resource Limitations</strong></h3><p>Many businesses need help with resource constraints in their compliance management efforts. Implementing well-defined policies and safeguards requires adequate human resources, time, and technology. Often, companies resort to fragmented channels like emails and spreadsheets to meet regulatory requirements, leading to inconsistent compliance.</p><p>Incorporating an effective <a href="https://www.360factors.com/blog/top10-considerations-boost-compliance-management-framework/?utm_source=globalriskcommunity&utm_medium=referral&utm_campaign=blog_page">compliance management platform</a> can help in this regard, as it enables various compliance-related activities to be completed on time and accurately.</p><h3><strong>Misunderstanding Regulations</strong></h3><p>The complexity of regulations often leads to confusion and unintentional non-compliance. For example, the GDPR requires explicit consent for data processing but does not clearly define what constitutes valid consent. This ambiguity can complicate compliance management efforts.</p><p><a href="{{#staticFileLink}}12300362662,RESIZE_710x{{/staticFileLink}}"><img class="align-center" src="{{#staticFileLink}}12300362662,RESIZE_710x{{/staticFileLink}}" width="503" height="504" alt="12300362662?profile=RESIZE_710x" /></a></p><h2><strong>Eliminate Challenges Effortlessly by Compliance Automation</strong></h2><p>Compliance automation is essential to address these challenges, mainly through a compliance management tool. Automation streamlines compliance management processes, ensuring businesses stay updated with regulatory changes, integrate compliance into business processes effectively, and securely manage data.</p><p>The Predict360 <a href="https://www.360factors.com/compliance-management-system-datasheet/?utm_source=globalriskcommunity&utm_medium=referral&utm_campaign=product_page">Compliance Management Software</a> is a game-changing solution. This platform, endorsed by the American Bankers Association, offers a comprehensive suite for managing compliance efficiently and effectively. Predict360 Compliance Management Software is designed to overcome the challenges posed by legacy compliance practices, which are often time-consuming and inefficient. The platform ensures close coordination and integration with related functions like incident management, internal audit, and quality management. It also addresses the challenge of decentralized data and departmental silos, providing the compliance team with a unified view of all compliance issues.</p><p>Choosing <a href="https://www.360factors.com/compliance-management-system/?utm_source=globalriskcommunity&utm_medium=referral&utm_campaign=product_page">Predict360 Compliance Management Software</a> as your compliance management platform means selecting a solution that empowers organizations to predict risks and streamline compliance management. Its AI-powered solutions enable businesses to adapt and respond effectively to the ever-changing regulatory compliance landscape, making it an ideal choice for financial enterprises looking to enhance their compliance management strategies.</p><p> </p></div>The Evolution of RegTech in Financial Serviceshttps://globalriskcommunity.com/profiles/blogs/the-evolution-of-regtech-in-financial-services2023-07-05T12:56:19.000Z2023-07-05T12:56:19.000ZChristine Thomashttps://globalriskcommunity.com/members/ChristineThomas360factors<div><p><a href="{{#staticFileLink}}12130806666,RESIZE_1200x{{/staticFileLink}}"><img class="align-center" src="{{#staticFileLink}}12130806666,RESIZE_710x{{/staticFileLink}}" alt="12130806666?profile=RESIZE_710x" width="710" /></a></p><p>RegTech, which stands for Regulatory Technology, refers to the use of technology to streamline and enhance <a href="https://www.360factors.com/blog/key-features-ensure-regulatory-change-management/?utm_source=globalriskcommunity&utm_medium=referral&utm_campaign=product_page" target="_blank">regulatory compliance processes</a> in the financial services industry. Financial corporations at this age are supposed to determine innovative ways to deal with risks and comply with rapidly changing regulations. This has generated the need to develop regulatory-focused technology that is commonly referred to as RegTech.</p><p>It encompasses a range of tools and solutions designed to help financial institutions comply with complex and ever-changing regulations more efficiently and effectively. The evolution of RegTech has been driven by the increasing regulatory burden on financial institutions, advancements in technology in <a href="https://www.360factors.com/compliance-management-system/?utm_source=globalriskcommunity&utm_medium=referral&utm_campaign=product_page">compliance management</a>, and the need for more robust compliance measures.</p><p> </p><h2><strong>How RegTech Evolved over the Years </strong></h2><p>From the beginning of the RegTech era, it has changed and transformed instantly. As per CB insights, the phases RegTech transformation has divided into 4 main stages that present how RegTech solutions have changed with time:</p><h3><strong>Manual</strong></h3><p>This is the first stage of RegTech, which includes manual ways of collecting and storing information. These fundamental reporting methods allowed compliance teams to store and manage data in programs like Microsoft Excel. Various enterprises have utilized these solutions to improve their <a href="https://www.360factors.com/compliance-management-system/?utm_source=globalriskcommunity&utm_medium=referral&utm_campaign=product_page">compliance management processes</a>.</p><h3><strong>Roadmap Automation</strong></h3><p>As technology usage rose in terms of software for regulatory and compliance applications, the second phase of RegTech commenced. In this workflow/ roadmap stage, financial institutions started using <a href="https://www.360factors.com/compliance-management-system/?utm_source=globalriskcommunity&utm_medium=referral&utm_campaign=product_page">compliance management platform</a> software for regulatory reporting, monitoring, and automating audit trials and compliance activities. This phase of automation decreased hurdles and facilitated fulfilling compliance and regulatory demands.</p><h3><strong>Constant Monitoring</strong></h3><p>The monitoring stage includes process automation, data analytics, and back-office incorporations. With constant monitoring, ambiguities, and regulatory gaps are instantly observed and fixed. This allows financial enterprises to mitigate risk, enhance <a href="https://www.360factors.com/compliance-management-system/?utm_source=globalriskcommunity&utm_medium=referral&utm_campaign=product_page">compliance management</a>, and prevent breaches, among other substantial security risks.</p><h3><strong>Predictive modeling</strong></h3><p>The prospect of RegTech is in emerging technologies such as cognitive computing, advanced analytics, machine learning, the cloud, and artificial intelligence. Enterprises are initiating to influence artificial intelligence for risk detection, compliance intelligence, and background evaluation. Additionally, data tools and artificial intelligence platforms are being utilized to track pre- and post-trade compliance, provide instant insights, enhance efficiencies in compliance procedures via automation, reduce mitigating costs, and give foresight into the latest risk challenges.</p><p><a href="{{#staticFileLink}}12130806688,RESIZE_710x{{/staticFileLink}}"><img class="align-center" src="{{#staticFileLink}}12130806688,RESIZE_710x{{/staticFileLink}}" alt="12130806688?profile=RESIZE_710x" width="642" /></a></p><h2><strong>Incorporate RegTech Software for Proactive Compliance Management </strong></h2><p>Undoubtedly, RegTech has made an influential impact on the financial sector, but this is just the start. Adopting RegTech solutions in terms of software is necessary as regulatory change advances along with the enhanced usage of technology and priority for data and reporting. One such software is the <a href="https://www.360factors.com/predict-360/?utm_source=globalriskcommunity&utm_medium=referral&utm_campaign=product_page" target="_blank">Predict360</a> <a href="https://www.360factors.com/compliance-management-system/?utm_source=globalriskcommunity&utm_medium=referral&utm_campaign=product_page">compliance management platform</a>, an AI-based RegTech technology to facilitate improved compliance services. It aims to track, manage, build, and discuss all compliance-related tasks, activities, and problems in one place.</p><p> </p></div>Interview with Anastasia Dokuchaeva from ClauseMatchhttps://globalriskcommunity.com/profiles/blogs/interview-with-anastasia-dokucaeva-from-clausematch2020-07-18T05:42:23.000Z2020-07-18T05:42:23.000ZBoris Agranovichhttps://globalriskcommunity.com/members/BorisAgranovich<div><p><span style="font-size:12pt;"><strong>This is a transcript of our interview with Anastasia Dokuchaeva, Head of Partnerships at ClauseMatch.</strong></span></p>
<p><span style="font-size:12pt;"><strong>You can watch the original video interview <a href="https://globalriskcommunity.com/video/interview-with-anastasia-dokucaeva-from-clausematch" target="_blank">here</a></strong></span></p>
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<p><span style="font-size:12pt;"><a href="https://globalriskcommunity.com/video/interview-with-anastasia-dokucaeva-from-clausematch" target="_blank"><img class="align-left" style="padding:5px;" src="{{#staticFileLink}}8028326477,original{{/staticFileLink}}" alt="8028326477?profile=original" width="350" /></a></span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> Hello ladies and gentlemen and welcome to our interview with Anastasia Dokuchaeva. Anastasia is Head of partnerships at ClauseMatch, a regulatory technology firm which provides financial institutions, insurance, energy companies as well as the regulators with the modern compliance platform to transform the policy management and regulatory change management processes. Anastasia, thank you for taking your time and coming to our interview today.</span></p>
<p><span style="font-size:12pt;"> </span></p>
<p><span style="font-size:12pt;"><strong>Anastasia:</strong> Hi Boris, thank you so much for having me.</span></p>
<p><span style="font-size:12pt;"> </span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> This is our second interview with ClauseMatch. We had the first one a few weeks ago with your CEO & founder Evgeny Likhoded. We saw high engagement and decided to invite you guys for the second one. Today we will take a deep dive into the US vs. Europe’s way of adopting new innovative technology for risk and compliance. Anastasia, for those viewers or listeners who didn’t watch our first interview, can you tell us a little bit about what you and your team at ClauseMatch are up to these days?</span></p>
<p><span style="font-size:12pt;"><strong>Anastasia:</strong> Absolutely, so ClauseMatch is a regulatory technology company that specializes in automating policy management and regulatory change management. We work with global financial institutions and other regulated firms to help them to address challenges around those areas. Over the last few months what we’ve really been focusing on is having a company of looking into the North American territory and working with clients in the US and Canada and really launching our solution and platform in those regions.</span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> Ok, so if I understand correctly your company is entering the US market to serve it in the policy management and the regulatory change management space. Congratulations on that! You also recently participated in the virtual Fintech Innovation Lab in New York, can you perhaps share your experience with this program and your perspective on the US market?</span></p>
<p><span style="font-size:12pt;"><strong>Anastasia:</strong> That’s absolutely correct. So, in the beginning of the year we had a very clear plan and understanding that our solution has a perfect market fit in the US. And as a part of that we entered the New York <strong>Fintech Innovation</strong> Lab run by Accenture and the Partnership fund for New York, where we were mentored by global financial institutions and this allowed us to really validate what we felt was indeed the case of that product market fit. And we really found incredible adoption and excitement around our solution in the market. And as a consequence of that recently in the last few weeks we have announced that we launched an office and now have a representation on the ground in North America, we’re working with the existing and new clients in the New York and the greater US area.</span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> Fantastic! So, let’s dive straight into your perspective on what makes the new compliance normal in the US. What are the specifics of Europe vs. US in adopting new technologies in the RegTech space?</span></p>
<p><span style="font-size:12pt;"><strong>Anastasia:</strong> It’s a very interesting topic. So, what we find in general when we work with financial services firms, obviously after the crisis there have been heavy regulatory changes and enforcements applied to that specific industry. But interestingly, when I’m talking about the regions, and we are based our headquarters in the UK and this is where I’m based, we are very used to the principles based, outcome-based regulations so therefore such topics as conduct, culture, governance are very normal to us when we have conversations around policy managements and governments management.</span><span style="font-size:12pt;"> </span></p>
<p><span style="font-size:12pt;">Going into the US we see a really interesting dynamic or a perspective. There is a much more rules-based regulation, ticking the box kind of exercises. But at the same time, it is the complexity: how many regulators are part of the ecosystem and the regulatory framework in the US! That’s an interesting dynamic to see, when it comes to the technology perspective and the adoption of regulatory technology as a consequence.</span><span style="font-size:12pt;"> </span></p>
<p><span style="font-size:12pt;">And a lot of the regulatory technology that I see in the US, is about those rules-based solutions. There are very heavy regulatory reporting requirements and solutions around that. But with that said, very recently Department of Justice has issued this statement in a letter talking about how actually besides all of the different requirements that financial services have in the US, they are recognizing the need of culture, conduct, governance and more importantly a holistic approach to policy management, compliance management so that an organization must embrace a holistic view and structure the process around it.</span></p>
<p><span style="font-size:12pt;">So, we are in a way in the right place at the right time because solutions such as ClauseMatch I think will find a really interesting application in the US market.</span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> Interesting, so do firms in the US adopt regulatory technology faster? Why?</span></p>
<p><span style="font-size:12pt;"><strong>Anastasia:</strong> I think so, I do feel that in a way and the experience from the Lab we just went through shows that as well. There is a very clear understanding of the need for policy management in the US and I do feel that they are able to perhaps act on it and make decisions much quicker than what I personally saw here in Europe. So, it’s definitely an interesting dynamic or difference between the two territories.</span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> And why do you think it is the right time now to enter the US market?</span><span style="font-size:12pt;"> </span></p>
<p><span style="font-size:12pt;"><strong>Anastasia:</strong> Because of this understanding by the US regulators of the importance for the companies to have good culture, good governance processes, because they’re actively looking at addressing those issues and really bring it to the forefront of senior managers in organizations.</span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> So, what do the US regulators pay attention to in the review process?</span></p>
<p><span style="font-size:12pt;"><strong>Anastasia:</strong> I think what they’re looking to do is to see transparency around how companies conduct themselves. I also think they will expect accountability by senior management in general, leadership of the organizations. So, transparency, accountability and efficiency, being actually efficient at what they put in place and how they use the technology to really streamline the processes in business. And I think that’s what the regulators will expect from them.</span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> So, I understand that with current remote working situation your solution is probably experiencing high demand. Is that something you see on the market?</span></p>
<p><span style="font-size:12pt;"> <strong>Anastasia:</strong> Absolutely, you just really hit the nail on the head if I’m honest. With Covid and with this trend for remote working or necessity to do remote working, it’s really interesting to experience that organizations still have to maintain business continuity.</span><span style="font-size:12pt;"> </span></p>
<p><span style="font-size:12pt;">They still need to make sure that they are complying with regulatory requirements and that means that they also need to adapt to those changes quite quickly. The challenge was that they are no longer in the same office being able to review and rewrite those processes and procedures and also communicate this to all of the employees across all the different locations they’re in.</span></p>
<p><span style="font-size:12pt;">So, having tools such as ClauseMatch that allows for real-time collaboration, communication, remote working but also has the precise audit trail. I think that will be a trend. We really saw some amazing feedback from our existing clients around how they felt they were ready for this situation and it doesn’t disrupt their day-to-day activities even though they were now working remotely.</span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> So with your tool, if somebody updates one sentence in documents, it just propagates to everyone. So, there is no need to go back and forth with it, right?</span></p>
<p><span style="font-size:12pt;"><strong>Anastasia:</strong> Yes, you’re right. It’s the ability to work on a piece of content, a document in our case, it’s the ability to work on a document collaboratively with multiple stakeholders. And you can ensure that the document goes to the proper review and approval cycle so that it’s actually validated, approved sent off before it’s communicated and implemented in the firm.</span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> Ok, I have a question. If someone who is listening to this interview would like to walk away from this with one or two major take-aways. What would it be?</span><span style="font-size:12pt;"> </span></p>
<p><span style="font-size:12pt;"> <strong>Anastasia:</strong> That’s a great question. So, I would say: what is the new normal for your organization? How are you looking to continue working after we get out of this lockdown?</span></p>
<p><span style="font-size:12pt;">Think of technology that will enable you to work efficiently, to have the transparency and to be able to capture that transparency even though people might be located in different places. Think of technology not as a magic bullet but as a tool that can help you make things easier and reduce some of the administrative work that employees probably don’t want to do.</span></p>
<p><span style="font-size:12pt;"><strong>Boris:</strong> Ok, thank you Anastasia for your interview and I wish you and your company ClauseMatch great success in expanding and growing your business and helping your customers in this difficult time.</span></p>
<p><span style="font-size:12pt;"><strong>Anastasia:</strong> Thank you Boris, it has been a pleasure to speak to you. Enjoy the rest of your day.</span></p>
<p><span style="font-size:12pt;"> </span></p></div>