Compliance automation platform Ascent RegTech has released a new change management solution which helps companies keep up-to-date with regulatory changes.
The Ascent Change Management product will help players in financial services and other industries to improve their horizon scanning and change management processes, and in turn streamline compliance tasks. Powered by AI technology, the solution will automatically deliver regulatory updates to the customer and shows them how this change will impact their daily compliance activities.
Tools supplied by the solution include Horizon Scanning, which delivers a targeted and personalised feed of new regulations and rule changes, and Change Identification, a side-by-side comparison of previous and new versions of regulations. The final product is Impact Analysis which gives a customer an oversight on how tasks will need to change in relation to controls, policies and/or procedures.
Ascent Chief Revenue Officer Jeff Heine said, “Ascent’s enhanced Change Management offering provides the market much needed capability to identify all changes to the regulations that apply to them, down to the actual Rule changes and exact obligations.
“So much time is spent just trying to identify the changes, and most firms aren’t confident that they’ve identified them all and are very concerned about the potential risks that poses to their businesses. Working with several innovative customers in the Financial Services Industry, Ascent has introduced a truly game-changing capability.”
Ascent uses natural language processing and artificial intelligence to convert regulatory text into workable tasks. Data is collected from a selection of channels and includes historical and real-time documents/rules directly from regulators, personalised for each business.
Late last year, Ascent formalised a collaboration with the Financial Conduct Authority to componentise the FCA Handbook. By working together, they are hoping to help financial firms, and other organisations which are contingent to the FCA Handbook, more easily access and understand the FCA regulations. As a result, it will then help them meet compliance demands.
Ascent CEO Brian Clark said, “Compliance teams are superheroes, full stop. They are are contending with massive amounts of regulation in a regulatory landscape that is constantly changing and where the stakes are incredibly high. By using AI technologies and automation to effectively eliminate, or at least drastically reduce, the amount of manual work they have to complete, we can help them be more accurate and comprehensive while saving them time and money.”
In an interview with RegTech Analyst, Ascent Technologies chief revenue officer Jeff Heine said RegTech can bring benefits to a range of sectors outside of financial services; however, regulators could do more to raise awareness for the burgeoning space.
Ascent RegTech was recently named in the RegTech 100 list, its second consecutive year of making the 100.