Democratising interpretation of principles based regulation

We believe in empowering compliance professionals

Never in history has the pace of regulatory change been this high. Compliance teams are increasingly relying on external help to keep abreast of incoming changes, while being dragged into the mundane.

We want to put the compliance teams back in control with CMILE

 

Two Types of Regulation

Rules based: regulation that applies consistently to everyone. This is how regulation around customer engagement is delivered and includes areas such as Knowing Your Customer (KYC), Anti-Money Laundering (AML) and marketing practices.

Principles based: regulation that applies differently to each financial institution, based on the nature, scale and complexity of their operations. This is how regulation around balance sheet protection is delivered and includes areas such as capital requirements, senior managers’ regime and having in place appropriate system and controls.

We are re-designing how financial services digest regulation

The current process for identifying and managing the regulatory rules that apply to a business is extremely manual and cumbersome. Moreover, when the regulation changes, it triggers a chain reaction of amendments to process and governance.

Regulation

Step 1 - Regs

Review all regulatory text that is published by multiple authorities in multiple documents to find the rules that apply to the business.

Mapping

Step 2 - Mapping

Keep track of all the rules that the business needs to comply with in an ever growing spreadsheet.

Policies

Step 3 - Firm's Policies

Firms put in place internal policies (e.g. remuneration), capturing how they intend to comply with the regulatory principles.

OUR APPROACH

Managing interpretation on top of Regualtion

Our re-designed approach allows firms to manage interpretation on top of the regulation, eliminating the need for time consuming mapping exercises (Step 2) and limiting the governance effort (Step 3).

We use fluid visualisations, advanced analytics and Machine Learning to simplify and automate tasks for compliance teams.

CORE RMF
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