Corlytics to join next round of FCA sandboxPublished on 8th December 2017
, 8th December 2017
Corlytics, the global leader in determining regulatory risk impact, is involved in the next round of Financial Conduct Authority’s (FCA) sandbox. It is supporting a top-tier global bank as part of the third cohort of participants. The sandbox provides a safe space for firms to test innovative products, services or business models in a live user environment. Corlytics is working with one of the new cohorts to track updates to regulations within the FCA handbook. Aligning new regulation, Corlytics was the ideal partner as it walked with the FCA to make new handbook intelligent.
MAPPING THE FCA HANDBOOK TO FINANCIAL INSTITUTIONS
Corlytics developed the world’s first intelligent handbook with the FCA. 3,000 metadata tags have been added to the original handbook infrastructure to make all technology projects around the democratisation of this industry resource possible. Now that this has been completed, it is possible to the push the tags via APIs through to the respective financial institutions, that can embed them in their own infrastructure.
The top-tier global bank has asked Corlytics and a number of other unique vendors to make the task of compliance more efficient and less fraught with risk. Using automation to smartly align and reduce compliance modelling. The process will manage the impact, policies and procedures of the financial institutions respective regulatory change, while saving costs.
WHAT IS THE FCA SANDBOX?
The sandbox is expected to run for six months, with several sprints taking it to completion. This trial should reduce the risk associated with compliance modelling for regulated firms and prompt financial institutions to take a risk based approach to addressing their compliance mandates. It is part of Project Innovate, which the FCA launched in 2014 to promote innovation and competition in the interest of consumers. John Byrne, CEO of Corlytics stated,
“The value that the FCA has brought through democratisation of the handbook will now be realised through regulatory technology initiatives such as this. Tracking regulatory change and the risks associated with huge regulatory change projects has become a major issue for financial institutions. Not only are these programmes costly and take long periods to complete, the pose a significant risk to the bank if not tracked and risk assessed properly.”