SaaS and Corlytics delivers strategic advantagePublished on 13th December 2022
Corlytics delivers strategic advantage to regulatory affairs and compliance teams within financial services – Simpler, faster and better regulatory compliance management with Corlytics SaaS.
Probably the biggest advantage of a SaaS solution is that it is rapid to deploy and any updates to functionality over time are delivered automatically through the cloud. This ensures immediate return on investment, where firms can expect an 8-fold reduction in manual activities (through client studies).
MANAGING REGULATORY RISK
There is no doubt that financial services firms are embracing the challenge of making regulatory risk easier to manage. Firms need to be more agile and match their operating models and solutions to support their company strategy. Effective regulatory change management has never been more critical.
To do this they need the technology solution to have:
- up-to-date data auto-routed
- automatic feature updates (‘push’ technology)
- the fastest deployment time
- visibility, allowing firms to support decision making.
There is a need to find a solution that can support all these requirements, at least if you want quantifiable results, so you need to have solution that has these capabilities to address all these challenges.
Current options available are:
- Spreadsheets, email or other desk top applications
- in house build solution
- Deployed on site solution
- SaaS solution
THE SPREADSHEET DILEMMA
It is increasingly difficult to manage regulatory risk through spreadsheets or other manual risk management processes or proprietary on-premise solutions, but can be made much easier with the fastest deployment times through cloud based software or SaaS.
While spreadsheets may have worked for firms and their business in the past, they are no longer fit for purpose. Some of the limitations of spreadsheets include:
- No automation and tracking
- No document or version controls with a high risk of manual error with multiple users working off the same sheet.
- No audit trail
- Easy to create an error through manual entry
They also lack risk rating, regulatory heat maps or support a strategy of operational resilience.
In-house build solutions tend to be older, often adapted software, that lacks a visually dynamic interface and dashboards, data analysis, and is not in the cloud and does not run outside of the location or on any mobile devices.
CHECKLIST FOR REGULATORY CHANGE MANAGEMENT
REGULATORY DATA AUTO-ROUTING
Corlytics SaaS has a fully searchable regulatory data universe but, more than that, the data is automatically auto-routed from incoming feeds and both aggregated and available for drill down granularity, so that earlier versions plus risk analysis can be accessed.
SaaS as a delivery model or solution also supports the growth of a business as a firm can just access what they need, when they need it with as many users as they currently need to utilise or interrogate the data. With only a web browser needed, users can access the solution on multiple devices using the internet.
With the data being live, firms are able to quickly update regulatory risk management models as new regulations arise or new types of data become available.
The right platform translates into quantifiable business results.