The aim of the partnership is to streamline how financial firms comply with evolving regulations.
As part of the deal, Ascent’s RegTech platform will be connected to Onspring’s Compliance Management solution, which they hope will improve time savings and reduce risk by leveraging machine learning and natural language processing
Together, they will offer an end-to-end, scalable and repeatable regulatory compliance process. Firms will be able to turn volumes of data into targeted knowledge, minimising the need for manual regulatory research.
It will also help them unlock a clearer view of regulatory risk by mapping granular obligations to policies, procedures and controls in a centralised view. Finally, it will enable them to manage regulatory change with built-in algorithms that easily recognise change on a one-to-one basis.
Ascent vice president of sales Dominick Campagna said, “At Ascent, we’ve found a way to pair machine-driven efficiency with human expertise from our in-house team of data scientists and legal experts. Our industry-trusted, world-class algorithms are able to ingest, parse, and analyse millions of lines of regulatory text to pinpoint the obligations that matter most.
“We could not be more excited to give firms the assurance they need to quickly and effectively assess the impact of regulation within the context of their businesses, with the help of Onspring.”
Ascent recently released a report on how small companies can make the most of their small compliance teams.
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