Synechron, a global financial services consulting and technology services provider, has launched its RegTech Accelerator program.
Following Accelerator programmes for Blockchain and InsurTech, the firm’s new RegTech Accelerator programme provides financial services players expertise and a range of tools & applications that increase efficiency in processes relating to regulatory compliance.
Its RegTech Accelerators were created to give financial organisations the benefit of increased control through technology, which will allow for greater transparency, more efficiency, better data quality, and better overall management of risk and regulatory compliance.
Due to the vast number of regulations impacting global firms already in the market and those that are scheduled through the next few years, Synechron has launched six RegTech Accelerators. Each has been designed to address specific regulatory challenges, including solutions for the following regulations: Anti-Money Laundering (AML), Know Your Customer (KYC), Basel III, International Financial Reporting Standards (IFRS) 9, the Generally Accepted Accounting Principles (GAAP) and Fundamental Review of the Trading Book (FRTB).
The firm claims that they will create more control over processes for financial institutions and will benefit users by reducing compliance costs and making regulatory compliance and risk management quicker, simpler, and more efficient as firms adjust to the evolving global regulatory landscape.
Each accelerator has been categorised to address a ‘key theme’ in the market. It plans to tackle risk, through the Capital Walk forward Accelerator and Fundamental Review of the Trading Book (FRTB) Accelerator. For Client Lifecycle Management (CLM) it has launched the KYC Remediation Accelerator, while for Legal & Compliance, Synechron has unveiled the Information Governance and Records Management Accelerator and Intelligent Controls Testing Accelerator. While for Finance & Treasure the firm has bought its Accounting Standard Normalizer into the market.
“Demand for smart solutions to regulatory challenges remains at an all-time high across the sector, and our Accelerator program is designed to help banks and insurers ramp up these efforts more quickly and efficiently as they move past a ‘check-the-box’ mentality regarding regulations, and look to innovative technologies to find creative solutions to addressing new and changing regulatory obligations.” Faisal Husain, Synechron co-founder & CEO, said. “We continue to see huge demand for RegTech solutions from clients seeking more control over their activities and risks. The focus on the total cost of compliance is high-priority for financial institutions, and technology is the best enabler to address this challenge.”
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