Ascent, a firm that claims it helps users comply more efficiently, accurately and cost-effectively, has launched its Compliance Confidence Scorecard.
According to Ascent, the questions in the scorecard represent the building blocks for how Ascent believes superior compliance programs should be built.
The scorecard can be leveraged to gauge preparedness in a number of key areas. Firstly, it measures preparedness in entity mapping and obligation management. The company said, “How do you map products and services, identify laws, rules, and regulations, and create tailored obligation lists to your institution’s corporate entities?”
In addition, the scorecard measures preparedness in regulatory monitoring and updates in order to help users understand how they keep their institution monitor regulatory changes and update its obligation library in response to said changes.
Lastly, they help with change management and compliance tracking. Ascent explained, “What steps are in place for reviewing, analyzing, and closing out tasks? How are you capturing information on new initiatives that would require new regulatory requirements?”
Founded in 2015, Ascent invented a new type of technology called Regulatory Knowledge Automation (RKA) that generates a complete set of obligations targeted to your business, and keeps them up-to-date automatically.
You can get the Scorecard here.
Ascent recently partnered with Halo Ai to transform how risk and compliance teams work, through automation.
Keep up with all the latest FinTech news here.
Copyright © 2023 FinTech Global
