PwC and Regtech CUBE To Streamline Regulatory Compliance Administration

Compliance in monetary companies will likely be drastically improved by leveraging revolutionary technology-based assessments which draw on regulatory knowledge from round 180 jurisdictions, as a part of a collaboration between Large 4 auditing agency PwC and Regtech CUBE.

PricewaterhouseCoopers (PwC) Switzerland, PwC UK and London‘s CUBE will likely be engaged on an initiative that may see the organizations remodel the monetary compliance sector through the use of PwC’s experience in regulatory compliance in addition to CUBE‘s Regtech platform.

As first reported by Finextra, the primary stage of this collaboration will embody the launch of KYR, a service developed to disrupt the standard compliance house. KYR, or “Know Your Laws,” transforms or essentially modifications how corporations undertake and implement compliance necessities.

This fast, tech-based evaluation, which makes use of regulatory knowledge from round 180 jurisdictions in 60 totally different languages, goals to hurry up the method of understanding relevant rules whereas figuring out how the organizations are complying with them.

This affords appreciable time-savings when in comparison with extra conventional handbook processes. It allows monetary establishments to raised perceive their regulatory necessities, and provide compliance in an extra environment friendly and efficient method.

KYR is reportedly the primary service of its form at the moment out there and has generated correct and dependable outcomes through the 6 months of beta-testing.

Due to the complexity of guaranteeing regulatory compliance, monetary service suppliers normally battle to precisely establish the rules which will apply to them, notably if they provide companies in a number of totally different jurisdictions. It can be difficult to remain compliant if monetary establishments present a various vary of merchandise.

Banking establishments with a global footprint have to know a mess of fixing regulatory pointers which will have an effect on totally different enterprise areas, which is commonly a tedious and time-consuming job.

This complexity and lack of enough regulatory traceability has led monetary service suppliers to introduce slightly advanced and dear working environments which can be unable to reveal compliance. KYR has been particularly designed to deal with this subject.

KYR affords the next:

• a fast scoping of related rules utilizing CUBE’s proprietary tech
• an entire view of what obligations the service supplier should adjust to
• a niche evaluation of the place establishments are falling brief

The KYR service goals to deal with the problem of regulatory traceability and affords a possibility for monetary companies suppliers to reliably establish after which successfully apply the related rules. After finishing this step, they will map out the necessities to particular processes, controls and coverage areas to reveal strict compliance.

George Stylianides, World FS Threat lead, PwC UK, said:

“Our collaboration is accelerating how we help purchasers to outline their regulatory obligations and reveal compliance. Having a repeatedly up to date golden supply of rules, with distinctive language translation functionality, and the power to align rules to shopper particular or pre-defined operational taxonomies is a game-changer.”

Ben Richmond, Founder and CEO of CUBE, remarked:

“We’re delighted to be partnering with PwC, an industry-leader within the monetary companies and regulatory sector. This collaboration will allow us to ship additional worth to our clients combining CUBE’s main regulatory intelligence RegPlatform and PwC’s area experience. We look ahead to working collectively to ship transformative regulatory compliance options to the world’s main monetary establishments.”

Matthias Leybold, Knowledge & Analytics Chief at PWC Switzerland, added:

“We’re impressed with CUBE’s functionality to curate and section regulatory paperwork right down to the person obligation. Due to this, regulatory themes can simply be seen throughout totally different rules and it’s now attainable to hyperlink particular person obligations to particular shopper controls.”