With the financial services industry facing unprecedented levels of regulation, Accenture has launched a dedicated RegTech stream for its sixth FinTech Innovation Lab London.
Accenture’s shortlist, a list of 20 start-ups which will be mentored by top banks and insurers, features four RegTech companies. The RegTech stream includes Cognitiv +, Regnosys, Safescribe, and Waymark.
Accenture launched the RegTech stream in response to an increased pool of start-ups offering solutions for compliance, with 2018 seeing the financial services industry facing a wave of new regulations including PSD2, GDPR; and MiFID II.
Cognitiv + provides legal and regulatory analytics to corporates, consultancies and legal firms. Its technology, which enables them to understand and act upon their compliance obligations using artificial intelligence, accumulates data from contracts, policies and legislation.The London-headquartered company was founded by Achilleas Michos and Vasilis Tsolis in April 2016.
Regnosys ‘enforces compliance programmatically at every step of the process’. The platform embeds rules as transparent, executable logic, packaged into a cloud-based software that directly plugs into an organisation’s workflows. It claims this enables the compliance implementation to become auditable, traceable and programmatically tied to the rules, from input to output.
The other two companies to make the RegTech stream are Safescribe and Waymark. London-based Safescribe helps protect companies and their employees against regulatory, legal and reputational risk issues arising from electronic communications.
Its ‘early warning system’ offers a scaleable and reliable software solution, which aims to reduce the costly legal and reputational risk arising from an employees mistake.
Waymark’s provides an AI that continually monitors and analyses regulatory changes, and makes recommendations to ensure compliance. The company says its technology can reduce the burden on compliance officers by freeing people to focus on higher-order problem solving, and avoid paperwork burnout.
Julian Skan, executive sponsor of Accenture’s Fintech Innovation Lab London, said: “The risk of non-compliance is what keeps financial boards awake at night. As the drive for better customer experience and lower unit costs pushes data into the cloud, the price of getting things wrong has risen. It’s a pivotal moment for technology solutions to help banks and insurers not just to meet the needs of regulators, but make the most of the digital economy.â€
The other shortlisted start-ups include: Issufy, PrimaryBid, Traderion, TransFICC, OweMe, Curl, Onedox, Smartcalling, AssetVault, MyDRO, Optalitix, RiskAPP, Blocko, DreamQuark, , Memgraph, and Warwick Analytics. The three-month accelerator programme, which runs Jan. 2 to March 22, will see start-ups partnered with executives from banks and insurers to fine-tune and develop their technologies and business models.
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