RegTech & Compliance Ops · Use case

Run a compliance management system

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Short answer

A compliance management system connects regulatory obligations to your policies, controls, owners and evidence, so you can show at any time what you must do, who does it and how you know it works. It replaces spreadsheets that break as the firm grows.

What this use case is

A compliance management system connects regulatory obligations to your policies, controls, owners and evidence, so you can show at any time what you must do, who does it and how you know it works. It replaces spreadsheets that break as the firm grows.

Who builds this

Newly licensed fintechs
Growing EMIs and payment institutions
Banks
Crypto-asset service providers

What your customer sees

  1. 1Nothing directly; a firm that can answer supervisors' questions quickly

How RegTech & Compliance Ops solves it

1

Obligations captured from regulations

Obligations captured from regulations

2

Mapped to policies and controls

Mapped to policies and controls

3

Owners assigned

Owners assigned

4

Controls tested and attested

Controls tested and attested

5

Issues and actions tracked

Issues and actions tracked

6

Dashboards for board and regulators

Dashboards for board and regulators

Want to have

  1. Obligation register
  2. Policy management
  3. Control library and testing
  4. Attestations
  5. Issue and action tracking
  6. Board reporting
  7. Audit trail

Optional

  1. Regulatory change feeds
  2. Risk assessments
  3. Outsourcing and third-party registers

Design decisions

Scope

Compliance only
Wider risk and governance

focus versus a single system.

What to put in your RFP

Registers

  • Registers

Workflow

  • Workflow

Reporting

  • Reporting

Integrations

  • Integrations

Regulatory content

  • Regulatory content

Commercials

  • Commercials
Add these to an RFP

How to evaluate providers for this use case

  1. 1Fit to your regulatory perimeter
  2. 2Usability for control owners
  3. 3Reporting quality

Pitfalls

  • Buying a system nobody outside compliance uses
  • Importing obligations without mapping controls

What providers will ask you

  1. Licences and regulators
  2. Current registers
  3. Team and control owners

Other Finlane categories that cover parts of this

This use case is solved mainly with RegTech & Compliance Ops. These categories cover specific parts of it and can be tendered alongside it.

Fraud & AML Monitoring

Financial-crime controls evidence

KYC, KYB & Identity

Onboarding controls evidence

Frequently asked questions

Other RegTech & Compliance Ops use cases

Automate regulatory reporting

Generate and file transaction, prudential and consumer-duty reports across jurisdictions.

Manage financial-crime cases

Investigate alerts across KYC, fraud and transaction monitoring in one workflow with full audit history.

Scope run a compliance management system with RegTech & Compliance Ops providers

Scope this use case