Case study #7 Corlytics for a Cryptocurrency exchange
CLIENT:
Our client is a new blockchain- based cryptocurrency exchange. Leveraging blockchain technology and new market architecture, they provide a high-performance trading landscape with better and
safer access to the latest cryptocurrency investment strategies. The company has been capitalised with over US$10 billion in cash and digital assets. It is headquartered
in the Americas, with their compliance team centred in Asia.
SITUATION:
Crypto assets and currency is an emerging market which is seeing huge strides in expansion in recent years. Regulators across the globe are racing to establish regulatory frameworks to deal with the industry appropriately. Coupled with that are the must have regulatory compliance obligations fo any financial services firm such as financial crime, cyber and prudential obligations.
Our client is a rapidly growing firm in this new and fast paced industry. As their business is growing, so is the regulatory scrutiny in the area of crypto assets and digital exchanges. However, with no system in place to manage their regulatory landscape or the relevant changes and no appetite to implement and manage a manual process, they were keen to identify a fit for purpose solution. Our client needed to act fast to implement a regulatory change management solution.
SOLUTION:
As our client is a young and rapidly growing firm and there were a number of processes which they had not bedded down yet or were changing as we worked with them. The Corlytics solution supports the client’s underlying operating model. Corlytics had to be agile and flexible in order to ensure the solution supported the changing compliance processes of the client. In addition, our client had many new team members join as they expanded. New team members bring different ways of doing things and require us to ensure everyone on the client side is up to speed on the platform. Corlytics stays close to the key stakeholders for each client to ensure we are aware of important team changes which may impact the effectiveness of the platform.
“Corlytics also offers multiple modules within one platform meaning clients can serve different use cases and parts of the business with one solution.”
OUTCOME:
Implementation is client centric and ensures a solution which is fit for purpose. Corlytics has a tried and tested method for implementation. We are agile and work in sprints to implement the solution. Our implementations of our platform for clients can be in a matter of weeks. In addition, iterations of new modules or configuration can also be added following go live if required.
Future plans include:
- Further expansion of the Regulation Library module
and mapping the relevant obligations to the clients’ internal controls and processes - Expand regulatory content as their business grows and opens in new markets
Corlytics has a dedicated implementation team which manages the rollout process. Additionally, an implementation manager is also assigned to manage the process for each client. Corlytics will guide the client through the implementation stages and provide insights and recommendations as to what works best. The Corlytics team are there to support the client throughout the process. However, this can all be managed remotely and Corlytics liaises with clients globally across different time zones. Our client has been able to remain an ‘always digital’ company utilising the Corlytics platform. Furthermore, they enjoyed a swift onboarding and benefited
from an agile implementation, meaning that they were able to go live within 6 weeks, supporting their business plans for immediate growth.
So, now they have a robust, fit for purpose digital solution.
Stay up to date
Access to real-time global regulatory updates in
one central platform.
You get relevant data
The reduction in regulatory ‘noise’ and the ability to
filter regulatory content
specific to their firm.
Fast implementation
The speed of getting a fully digital solution implemented and live.
Solutions
Insights from our latest articles
Welcome to our RegTech blog, your go-to resource for the latest insights and innovations in regulatory technology. Join us as we explore how RegTech is transforming the compliance landscape, helping organizations stay ahead of the curve while fostering a culture of accountability and transparency. Stay informed, stay compliant, and discover the future of RegTech with us
Contact Us