Helping financial institutions identify and meet legal and regulatory Financial Crime Compliance obligations
Plenitude, the Financial Crime, Risk and Compliance specialists offering advisory, transformation services and innovative RegTech subscription products, today launched Plenitude RegSight, a cloud-based Financial Crime Compliance (FCC) obligations management solution.
In a world of increasing regulation and heightened regulatory scrutiny, the requirement for organisations to meet legal and regulatory obligations has never been more important. This has become even more complex and time-consuming due to constantly evolving laws and regulations, set against a backdrop of increased enforcement actions resulting in costly fines, potential reputational damage and loss of investor confidence.
Despite this exposure, many financial institutions either do not have in place a comprehensive Obligations Register or are maintaining a solution that adds complexity and unnecessary costs, and all too-often does not provide compliance teams with the assurance they need.
Confident that the industry needed a more efficient and effective approach to managing FCC obligations, Plenitude developed RegSight working first-hand with leading global financial institutions.
Plenitude RegSight provides a cloud-based technology platform to identify and manage FCC obligations, improve operational efficiency and ultimately drive more effective financial crime risk management. RegSight enables the immediate identification of specific legal and regulatory obligations across a multitude of sources, jurisdictions and FCC domains along with corresponding regulatory and industry guidance, including the latest UK laws and regulations post Brexit. Compliance teams are able to use RegSight’s proactive horizon scanning to anticipate changes in relevant laws and regulations ahead of time and also quickly identify any potential gaps in their Policy Framework through the self assessment tool.
Commenting on the launch of RegSight, Alan Paterson, Plenitude Managing Director, said: “We are delighted to announce the launch of RegSight today. Financial Crime Compliance obligations management is a critical enabler to address the regulatory and social imperatives for more effective financial crime risk management. Historically obligations management has been complex and costly due to the lack of bespoke technology solutions resulting in firms conducting the work inhouse or accepting sub-optimal solutions”.
Paterson continued: “To address these challenges we embarked on the development of an innovative and comprehensive cloud-based solution with input on the design from experienced FCC industry practitioners. We believe RegSight is unique in terms of the combined FCC obligations content, product features and functionality that is expected of a leading RegTech subscription product.
Commenting on the launch of RegSight, Asad Choudhary, Partner at Plenitude, said: RegSight is the culmination of a three-year development effort. Most importantly, it is cost effective and less resource intensive when compared to the cost of managing an Obligations Register internally, with cost savings typically in the region of 50-70%. As a result, we are already seeing a strong demand for the product from our existing client base and looking forward to deploying the product across the financial services industry.