The rapid influx of regulatory documents and enforcement actions has swamped compliance teams; regtech software like ING’s can restore efficiency. ING just spun out and sold its regulatory change-monitoring tool, SparQ, to risk intelligence firm Corlytics. SparQ’s software helps identify new regulations or threats, construct robust controls around monitoring and oversight, and ensure appropriate policies […]
Tag: Compliance
Recent news highlights why financial institutions need to revamp their compliance culture to be real-time and continuous – or face the consequences. Fraud protection is already hijacking headlines in 2023: Both PNC and JPMorgan are facing lawsuits that blame them for their customers’ fraud losses through insider threats or phished credentials, while Coinbase agreed to […]
As traditional financial firms continue to explore the use of blockchain and digital assets, compliance tools to help manage regulatory and reputational risk are in high demand. Blockchain intelligence firm TRM Labs is winning support from legacy financial firms for its ability to help launch blockchain and digital asset initiatives by analyzing and investigating crypto-related […]
Confidential computing – which protects data while it’s actively being processed, not just when it’s stored or transferred – is making inroads with big banks for use in marketing, fraud detection, and cybersecurity. Confidential computing is starting to be adopted at major banks, thanks to efforts from cloud providers like Microsoft, Google, and IBM. This […]
As US regulators hammer a dozen banks including JPMorgan, Goldman Sachs, and Bank of America with a combined $2 billion in fines for failing to properly monitor all employee messaging, comprehensive communications-surveillance tools are in high demand. The SEC slapped banks with steep fines after it discovered that their workers were using unmonitored chat apps, including […]
As financial regulators increase their scrutiny (and fines), regtech tools can help firms keep themselves compliant at a lower cost. As US regulators hammer the likes of JPMorgan, Citigroup, and Bank of America with a combined $1 billion in fines for failing to properly monitor all employee messaging, comprehensive communications-surveillance tools are in high demand. […]
As know-your-customer (KYC) and know-your-business (KYB) regulations tighten globally in response to a rise in financial crime, digital identity platforms can remove the pain and cost of compliance. Standard Chartered just joined HSBC in investing in Chekk, a KYC, KYB, and data-management platform that boasts an exhaustive dataset and easy integration. Standard Chartered is using […]
As swamped compliance teams struggle to keep up with the rapid influx of regulatory documents and enforcement actions, AI-powered software that scans, synthesizes, and provides recommendations can improve productivity and reduce errors. Compliance.ai monitors sources of new regulation, uses machine learning to highlight the changes that are relevant to a given financial institution, and automatically routes […]
Software that tracks governance risk in real-time can both improve executive decision making and reduce audit failures, which in turn cuts down on reputational damage and fines. A Fortune 500 financial institution recently refreshed its governance process: In a matter of weeks, it went from manually managing its compliance program in Word Docs and Excel […]