One of the main barriers facing financial services organisations is the increased regulatory strain they are encountering due to the unique and unprecedented period of rapid regulatory change. The scale and pace of this change has made it more and more challenging to deal with and has seen the realisation that without radical measures and the embracing of regulatory technology, organisations will face financial penalties and the very real risk of being left in the wake of more proactive market competitors. RegTech, often referred to as a ‘little brother of FinTech’, is a rapidly growing sector which seeks to address and assist organisations with their regulatory requirements to improve their approach to regulation. RegTech, according to Deloitte, can be broken into 5 categories e.g. reporting solutions, transaction monitoring, risk management, identity management & controls, and compliance solutions. While each of these categories maybe applied either as a whole or as part of a mix they need to be analysed and integrated into an organisation’s regulatory management business model.
New technologies are constantly coming on stream offering a multitude of benefits to users to help address and redress the associated risks. However, RegTech continues encounter a range of adoption barriers e.g. individuals resistance to change, individuals being too close to recognise an opportunity. Such a blinkered focus can result in a failure to see the bigger organisational benefits from adopting an integrated RegTech culture.
It brings to mind the above cartoon where two cavemen are trying to push a cart full of rocks with square wheels on it. When the guy behind them offers them a round wheel, they say, no thanks we’re too busy. RegTech is not just a buzzword; it has actually become the reality facing financial services organisations and needs to be viewed as such. An accurate description of the area is being like the ‘helmet a skier wears when racing down a black run’ in that it effectively protects financial institutions while they move forward at speed. RegTech is not just about automating manual compliance tasks or cost efficiency as it contributes massively to both customer service and overall operational efficiency.
The ViClarity system helps users to view risk as a positive thing, not something of which to be scared of, rather it assists users to reduce, manage and understand risk. The ViClarity suite of solutions does not just provide the “wheels” but offers scalability to allow users to build a prototype of an entire risk vehicle to show how it can deal with real issues more effectively. One of the main problems with just inventing the wheels is that it can prove difficult to demonstrate the true business value. Very often a new technology is only useful as part of a more complex system; a key benefit of the ViClarity suite of solutions is that it can easily integrate into users existing systems while also providing flexibility to expand to develop a larger more integrated system offering.
ViClarity is an award winning Risk & Compliance Solution that enables your organisation to effectively Identify, Monitor, Score and Report on Risk & Compliance. Recently selected as one of the Top 25 Worldwide Governance, Risk & Compliance Technology Providers, ViClarity enables you to track and manage all of your Risk & Compliance monitoring obligations in one system. Whether you build your own, or choose from our many populated regulatory templates and customise to suit, ViClarity enables you to track and manage all of your Risk & Compliance obligations efficiently and easily.
All elements of the regulatory compliance process are automated using our innovative technology. This automation ensures that compliance risks and their controls are reviewed in a timely manner. ViClarity encourages a culture of accountability by maintaining a complete audit trail of all activities.
Information is gathered in real time and is presented on a Red/Amber/Green (RAG) dashboard. Using the visual representation of your organisation’s data, any areas on concern or risk indicators will be quickly identified. These areas can be addressed using ViClarity’s trackable actions feature. This feature facilitate the closed loop process ensuring that all areas of risk and compliance are being covered.
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