Democratising interpretation of principles based regulation

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Solvency II

MiFID II

PSD 2

GDPR

We believe in empowering compliance professionals

Never in history has the pace of regulatory change been this fast. Compliance teams are increasingly relying on external help to keep abreast of incoming changes.

CMILE puts compliance teams back in control.

 

Two Types of Regulation

Rules based: regulation that applies consistently to all financial institutions. Rules around customer engagement are often delivered in this manner, ensuring a consistent treatment of consumers irrespective of the size of the firm providing those service. Rules based regulation includes Knowing Your Customer (KYC), Anti-Money Laundering (AML) and marketing practices.

Principles based: regulation that applies differently to each financial institution depending on the nature, scale and complexity of their operations. This type of regulation is used to ensure financial stability (i.e. requiring appropriate capital buffers to support risk taking activities). Principles based regulation includes capital requirements (aka. balance sheet regulation), senior managers’ regime and having appropriate system and controls environment.

We are re-designing how financial services digest regulation

The current process for identifying and managing the regulation is extremely manual and cumbersome. Moreover, when the regulation changes, it triggers a chain reaction of amendments, review and sign-off process.

Regulation

Step 1 - Regs

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

Mapping

Step 2 - Mapping

Track applicable rules along with how the business actions those requirements in an ever growing mapping spreadsheet.

Policies

Step 3 - Firm's Policies

Develop internal policies (e.g. remuneration), capturing how the business intends to comply with the regulatory principles.

OUR APPROACH

Managing interpretation on top of Regulation

Our re-designed approach allows financial institutions to manage interpretation on top of regulation, eliminating the need for time-consuming mapping exercises (Step 2) and minimising governance efforts (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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