Mitigate compliance risks with an efficient risk management process
Remove the complexity from risk management and convert it into a simple, agile process that helps you identify and resolve risks efficiently.
As financial firms look to stay ahead of emerging compliance risks and avoid hefty fines, they are looking to optimise critical functions such as the risk management process.
Unfortunately, most financial firms have a manual and outdated compliance process weighed down by red tape, bureaucracy, and inefficiency.
This can hurt an organisation’s ability to identify compliance risks, calculate the degree of risk, and devise measures to mitigate them.
That’s why at FinregE, we help financial organisations modernise their risk management process and convert it into an efficient, agile, and scalable process through our financial compliance solution.
Compliance challenges facing the finance industry
- Difficulties in identifying and evaluating emerging risks
- Manual processes cause bottlenecks in risk communication
- Lack of efficient action plans to tackle emerging compliance threats
- The sheer amount of regulatory content makes gaining actionable insights difficult
- Data duplication and other errors can lead to delays or inaccurate compliance reports
- Delays in receiving the latest regulatory updates from local, national, and regional institutions
WHAT WE OFFER
How can RegTech solutions help you mitigate compliance risks?
Our automated horizon scanning tool scans for the latest updates from regulatory institutions and informs the compliance team in real-time, making it easier to get the latest updates and identify compliance risks more efficiently.
Organise regulatory texts into a machine-readable library for improved data accessibility, helping you identify relevant requirements, optimise your risk management process, and discover emerging compliance risks faster.
Our solution offers flexible compliance reporting and dashboard features, allowing you to compile customised compliance reports—that detail regulatory data and compliance actions—and share them with the relevant authorities.
Leverage our solution to quickly identify compliance gaps by mapping external regulatory requirements to internal procedures. This makes it easier to stay on top of compliance risks and streamline the risk management process.
Frequently Asked Questions
Most financial compliance processes can be automated, but this would depend on the type of software you use as well as your objectives.
That said, it is best to automate practices that don’t require too much skill but take plenty of time to complete.
Our regulatory horizon scanning tool can remove the complexity of financial compliance by bringing the latest updates from different regulatory bodies into one centralised system.
The tool monitors regulatory news sources, providing alerts and regulator updates on emerging issues and relays the latest information to relevant teams to ease the compliance process.
Automated systems make it easier to meet regulatory requirements by scanning the latest updates from regulatory bodies and relaying information back to compliance teams. Furthermore, these automated systems assess compliance procedures to identify any gaps and recommend remedial actions to fix identified issues.
Failure to adhere to regulatory guidelines, including data security measures, anti-money laundering and fraud procedures, consumer protection measures, and operational resilience guidelines constitutes a compliance breach.