Regtech Plenitude launches cloud-based service for financial crime compliance

Plenitude launched RegSight, a cloud-based Financial Crime Compliance (FCC) obligations management solution developed with global financial institutions. It provides a technology platform to identify and manage FCC obligations, improve operational efficiency and ultimately drive more effective financial crime risk management.

In a world of increasing regulation and heightened regulatory scrutiny, the requirement for organizations 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.

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.

Alan Paterson, Plenitude managing director, said in a statement: “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.

“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.”

Asad Choudhary, partner at Plenitude, said in a statement: “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.”

A spokesperson added that Plenitude has worked with six global banks subject to the Financial Conduct Authority’s  Systematic Anti-Money Laundering Programme (SAMLP) and works with a wide array of financial institutions including retail, commercial and investment banks, insurance companies and investment management firms across the UK, Germany, France, Nordics and the EU.

Source

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