Welcome back to the RegTech Supply Chain Series! This series of posts helps make sense of the RegTech ecosystem; the different sectors, what tools are available, and how they help satisfy compliance requirements and challenges. In the first four parts of the series we looked at onboarding, monitoring, detection and reporting tools.

We now move on to Part 5 where we explore process tools and controls. As we introduced in Part 1 of this series, one way to catalog all of these tools is by business needs, specifically classifying based on time-frames of the use of the RegTech tool.

Let’s review, what are different time-frames across a process life-cycle?

• Onboarding
  Tools for the first step of signing up a customer. These are often one time or for new cases (ex. ONC, CDD, and KYC).
• Monitoring
  Tools for analyzing performance on an ongoing basis.
• Detection
  Tools for flagging potential events, such as risk or fraud. These are occasional in nature but require the utmost of attention.
• Reporting
  Tools to warehouse, organize and send data to regulators at scheduled intervals.
• Process Tools and Controls
  Tools and controls that operate over the entire process lifecycle

Process Tools and Controls

Throughout the onboarding, monitoring, detection and reporting processes, compliance is not complete. There’s a necessity for process tools and controls that operate over the entire process lifecycle.

Process tools and controls help support consistency across each process. They help to ensure that the process flows effectively from onboarding, monitoring, detection, and reporting. Controls ensure that all requirements are met across each process, which is essential for meeting compliance requirements and mitigating potential risks. FIs can be assured that they are in compliance with their regulatory obligations across each process stage.

Here are some other tools that are useful in the process tools and controls stage:

Company Name	Category	Description
Continuity	Controls Automation	Automatic alert generation and workflow solution
EarlyIQ	Controls Automation	Verifies that investors are accredited for Regulation D investments
Flextrade	Controls Automation	Order management system
InvestGlass	Controls Automation	Offers robo-advising solutions
Tillr	Controls Automation	Internal audit automation
ICIX	Environment, Health, Safety, and Quality	Helps retailers manage risk across supply network
Intelex	Environment, Health, Safety, and Quality	Manage environment, health & safety, quality and suppliers.
Aesthetic Integration	Financial Services	Financial algorithm testing
AlgoValue	Financial Services	Valuation tool for fair valuation calculations
ArgosRisk	Financial Services	Business credit risk analytics and software
Cloud9	Financial Services	Cloud communication for financial markets
Credit Benchmark	Financial Services	Risk management and capital allocation decision making
CreditPoint	Financial Services	Commercial credit risk and collections management solutions
Fincad	Financial Services	Derivatives risk management software and pricing analytics
Finomial	Financial Services	Automated investor servicing
KoreConX	Financial Services	Raising equity capital and simplified shareholder communications
Kyriba	Financial Services	Treasury and risk management solution
Limina Financial Systems	Financial Services	Automated fund management systems
LoanLogics	Financial Services	Mortgage loan and enterprise lending software
Riskalyze	Financial Services	Portfolio analysis and risk alignment platform
Greenlight.guru	Healthcare	Health quality management software
Invis Alert Solutions	Healthcare	Compliance-based patient safety solutions
Qualtrax Compliance Software	Healthcare	Managing documentation, automating business processes, and streamlining training management for compliance processes
Checkr	Identification/Background Check	Automated background screening
Nowwecomply	Identification/Background Check	Intelligent Robotic Process Automation
ThisIsMe	Identification/Background Check	Protects and stores identities online
Verato	Identification/Background Check	Identity resolution platform
Alacra	Identity Management and Control	Workflow applications for client onboarding, client screening, vendor risk management and front office business research
AvoxData (Thomson Reuters)	Identity Management and Control	Data entity identification data enrichment
Nice - Actimize	Identity Management and Control	Provider of anti-financial crime, risk and compliance solutions
OpusDatum	Identity Management and Control	Focus on economic sanctions, anti-money laundering, anti-bribery & corruption and financial fraud
TransparINT	Identity Management and Control	Money laundering and financial crime public risk information
Certrax	Vendor Risk Management	Insurance tracking and compliance and management system
Prevalent	Vendor Risk Management	Third party risk management for financial services
Venminder	Vendor Risk Management	Bank and credit union vendor management

As you can see from the variety of vendors and solutions, process tools and controls covers a lot. There are industry-specific vendors, who can help you comply with the regulations for that industry.

When considering what RegTech solutions are appropriate for your company, starting from an industry point of view makes a lot of sense. Each industry will have its own regulations, so you need to exactly what laws apply to you and what the regulators are looking for.

There are various vendors who help mitigate various risk components. For example, background checks help companies ensure that their employees don’t have criminal backgrounds, or that they are eligible for security clearances. Or, systems that check vendors to ensure they are legitimate.

What are the risks that your companies face? The first step to mitigating risk is to understand what you are facing. From this point, you can create strategies and polices to deal with various risks and then look for the appropriate solutions.

What are your company’s plans for growth? RegTech should not just be about simply meeting today’s compliance needs. If that is the case, you will always be scrambling, trying to catch up of any changes in regulations or changes in company focus occurs.

Effective RegTech is about setting up systems that are agile, scalable, and fast. By properly assessing your requirements, anticipating your needs and picking the correct vendor, you can turn what many view as a cost, to cost-saving, or even revenue-generating and competitively-advantageous.

We hope you find this RegTech Supply Chain series interesting and useful. We now turn it over to you, what questions do you have or what issues would you like to resolve? Let us know in the comments which direction you’d like to see this series take.