How can we address our regulatory compliance challenges?

CLIENT:

Over the last two decades, our client has become a clear leader in the global payment processing space servicing multiple industries.

With a still growing payments processing market, our client can see a bright future but needed to address their regulatory compliance challenges, as there have been major changes over the past few years. They are headquartered in the US, with operations in over two dozen countries.

SITUATION:

The compliance team handled regulatory monitoring, updates, and changes manually. They used spreadsheets and internal communication tools to manage everything in-house. This manual approach was slow, inconsistent, and risked missing important data. Highly skilled senior staff were also tied up with these manual tasks instead of focusing on high-value work, like analysing and implementing regulations. The client saw the need to automate some of these tasks, especially with the major challenge of 2020—the arrival of Covid—driving this change.

SOLUTION:

Recognising the need for an advanced regulatory risk intelligence platform, the firm chose Corlytics for its strong capabilities and proven success. The solution delivered several important features, including regulatory monitoring across multiple jurisdictions.

With Corlytics’ real-time insights into regulatory developments, the firm gained the ability to proactively manage risks and make informed decisions. Additionally, advanced analytics and customisable reporting tools allowed the hedge fund to thoroughly assess regulatory risks, showing compliance clearly to stakeholders. Within a month, the firm expanded its use of Corlytics by adding Compliance Management (CM) modules and integrating Corlytics’ Clausematch Policy Management (PM) solutions, creating a smooth workflow from horizon scanning to policy management.

Adopting Corlytics’ policy management system further streamlined operations in several ways:

• It enhanced regulatory and policy alignment, allowing seamless integration of new regulations into existing policies and ensuring consistent compliance across all operations.

• The system also improved the management of regulatory changes, enabling the firm to stay ahead of updates and reduce the risk of non-compliance and penalties.

• A fully digital, dynamic policy portal provided easier policy access and simplified attestation, offering a hassle-free experience for users.

OUTCOME:

Our client strategically adopted a complete suite of Corlytics solutions to expand their regulatory and compliance frameworks. By implementing Corlytics’ tools, the company greatly improved its ability to achieve strong, long-term returns while upholding high standards of regulatory compliance and risk management.

This advancement was made possible through seamless automation of the regulatory lifecycle, from horizon scanning to policy management and attestation. This automation strengthened their regulatory engagement, now managed more efficiently. As a result, our client can proactively address potential impacts, maintaining their leadership in the market.

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

Read our blogs