Picture this, a clear regulatory vista

Published April 11 2017, John Byrne, CEO

Today’s financial firms have more and more regulations that they are supposed to be aware of and comply with or prepare to comply with. That is an almost herculean task. Global banks have had since 2009 to get their regulatory infrastructure in place but for many others – like asset managers and insurance companies this is a very real new world.

WHERE DID IT ALL START?

The financial crisis—coupled with the determination of regulatory authorities not to put taxpayers on the hook for another round of bailouts—has led to a proliferation of new regulatory measures. The scale and pace of banking regulatory change is unprecedented.

Dealing with regulations and compliance has always been a costly and far-from-hassle-free experience. Regulatory documents require specialist skills and experience to understand and deal with. Now large banks must deal with multiple jurisdictions and multiple timetables for new regulations.

In a determined push to make banks and financial institutions more transparent, global regulators are getting tough. Issuing billions of dollar fines, and jail time, for non-compliance. This has put regulatory risk well and truly top of the financial fright list.

So how do you get ahead of it and protect yourself?

KNOW WHAT YOU’RE DEALING WITH

Since 2009 54,000 regulatory documents have been published from 130 different regulatory bodies in G20 countries alone. That is an awful lot to keep up with. From these regulations, thousands of legal compliance cases have been brought.

When I set up Corlytics in 2013 it was in response to a gaping hole. Financial firms were under pressure to understand and comply with new regulation globally. The regulators were sharing this data, but nowhere was the intelligence that allowed you to assess your risk profile. Monitor, measure and predict what was happening and create one workable picture. So, we pulled together specialists from a number of different professions to build that 360 degree picture.

DID YOU KNOW…

The average specialist lawyer in their lifetime might handle 40 regulatory compliance cases. Corlytics has over 7,000 cases on our database, and we are growing it daily. Each case is read by two specialist lawyers providing metadata and insight. This isn’t just Big Data, this is Super Smart Data.

This global intelligence means we can pick out emerging trends that others just can’t see yet.

GET SPECIFIC

Running analytics across this legal and regulatory data our banking risk analysts, data scientists and technologists are able to warn you of what regulations you are up against. A specific dollar amount of risk exposure (not to mention jail time) can be calculated, empowering you to make the right choices.

We are working with global institutions that need to deal with specifics. That is why our reports, assessments and appraisals are trusted by The Bank of England, The Financial Conduct Authority and Financial Times, to name a few.

We deal with facts, not opinions. We deconstruct the data, with scientific rigour and develop unique metadata. Giving us the world’s largest, most comprehensive regulatory risk intelligence data.

CORLYTICS 360-DEGREE RISK INTELLIGENCE

For global banks Corlytics helps makes sense of all these threatening legal obligations. Rating the risk, turning the legalese into dollar impact, so you can take the right action. We have flexible ‘what if’ tools developed allowing you to assess the impact of different scenarios. Covering future risk.

The data needs to be understood by different departments within financial houses. The lawyers in compliance and the mathematicians in risk. We translate our Super Smart Data into a common, workable picture.

For regulators and advisors, we are able to produce in depth risk analysis, benchmarking against other regulators and calculate impact using our Fine Estimator.

So if you want a personalised picture, let’s talk.

John Byrne, CEO of Corlytics