AAAtraq, a new US-based FinTech company offering automated compliance identification management system, has launched its operations.
The company launched its services to help businesses demonstrate reasonable adjustment towards digital accessibility compliance and ward off the threat of legal action.
Its tool suite enables businesses to better understand their existing level of non-compliance risk exposure and follow a managed process to rectify this.
A report from Forbes claimed that the number of lawsuits filed against companies in the US increased by 183% between 2017 and 2018.
AAAtraq is hoping to reduce this through its personalised compliance support. Clients each receive an ‘accessibility rating’ badge which shows they are working to meet compliance.
The RegTech assesses the current risk level and through a monthly subscription, the company would be given automated compliance, which includes methodology supplier management, AI-based training and education and more.
AAAtraq CEO Lawrence Shaw, said, “Organizations are not deliberately non-compliant, but the level of misinformation in circulation coupled with a succession of successful legal cases in the US, has created the perfect storm.
“Digital inaccessibility lawsuits are one of the fastest growing financial risks for organizations who are literally ‘burying their heads in the sand’ because they don’t understand the accessibility legislation and mistakenly believe it is difficult and expensive to comply,” concludes Shaw.
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