If we had tried to create a system that is setup with a
regulatory process specific to a jurisdiction or industry we would have been
just another specialised, targeted solution on the market. This is what
happened to some operators on the market (good ones to be fair) to create
solutions specific to the banking industry.
What happened however is that regulations have changed
drastically since then. Market happenings such as Panama and Paradise papers
have introduced a different level of risk perception – internal policies –
which are driven by internal decisions and not market standards. Also we see
other service lines such as insurance who try to use such products however fail
due to the product being so closely linked to the banking framework.
What we have done instead is create a system that allows the
compliance teams to be able to create and manage the entire regulatory
framework at service level. This module of programmes
allows the teams to be able to define anything from review processes,
definition of the risk-based parameters, the dataset collected on entities,
document requirements, workflows, rules, questionnaires and so on and so forth,
practically the entire ID&V matrix for each service.
Allowing clients to define such processes at service level
allows for more flexibility. The ability of having a real time perception of
the risk based on the same service offered, but within different jurisdictions.
The latter would dictate different risk measures and maybe different document
requirements for the same product / service the company is offering. However
the distinction between the two allows the system to automate the entire
process across all subjects in real time.
The powerful aspect of this solution however is
that it lets compliance also tweak all settings in real time. Allowing to
update the regulatory process based on internal policy, market happenings and
regulatory changes. Such changes are instantly perceived not only on subjects
going forward but also on all past subjects.