How RegTech companies can help businesses stay abreast of regulatory change

From: RegTech Analyst

KYC portal has published a new white paper making the case for why businesses need to have a RegTech solution in their corner.

Following the financial meltdown of 2008, regulators around the world introduced new laws to prevent a similar crisis from occurring in the future.

Yet, well-meaning as they may be, these regulations present businesses with new compliance challenges to meet. That is exactly the obstacles KYC Portal presents a way to overcome in its new white paper.

“The regulatory processes in which compliance teams are operating are constantly changing and proceeding globally at a rapid pace and on an unprecedented scale,” KYC Portal writes. “Regulatory change is one of the biggest challenges for companies today and for businesses in a highly regulated industry such as finance, things can be even more complicated and can be incredibly hard to keep up to date with.”

The RegTech company notes that its not just the smattering of new laws that businesses have to adopt to, but also amends and updates to existing ones. KYC Portal argues that there is only one way to stay abreast of all compliance obligations: investing in a RegTech solution.

“A powerful compliance software programme is absolutely essential nowadays in order to help your business maintain national and even international compliance standards, whilst also helping you keep up to date on reviewed policies,” KYC Portal argues, pitching its own solution.

“KYC Portal is a real-time, risk-driven client lifecycle management platform with full ownership of policy automation. The built-in configuration engine is fully dynamic, it allows your compliance team to dynamically tweak, define and maintain their entire regulatory framework, not only at company level but also at service and product level. KYCP allows your compliance team to set the system in such thorough detail, allowing them to be able to create and tailor an entire process based on the kind of risk one perceives.”

Moreover, the company argues that its “automatic risk assessment is constantly checking the risk based on all factors that you feed the system with, and in real time, instantly alerting the compliance team when the organisation is exposed.”

“KYCP’s approach to the real-time calculation of risk allows for newly on-boarded subjects whose risk is low, to be automatically approved without involving any human interaction,” it says. “On the other hand, the second a subject is marked as high risk for whatever reason, your team will be flagged within KYCP through notifications, to put the on-boarding process on hold until a team member logs in and checks this person’s application manually.”

You can read more about KYC Portal and its entire white paper here.

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