Welcome back to the RegTech Supply Chain Series! This series aims to help you navigate the RegTech ecosystem; the different sectors, what tools are available, and how they help satisfy compliance requirements and challenges. In the first three parts of the series we looked at onboarding, monitoring and detection tools , three areas that Trulioo is very familiar with.
We now move on to Part 4 where we explore reporting tools. As we introduced in Part 1 of this series, one way to catalogue all of these tools is by business needs, specifically classifying based on timeframes of the use of the RegTech tool.
Let’s review, what are different timeframes across a process lifecycle?
- 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
Reporting Tools
After the initial onboarding, monitoring and detection processes, compliance is not complete. There’s a necessity for reporting on an ongoing basis. Reporting refers to the tools to warehouse, organize and send data to regulators at scheduled intervals.
There are various activities to keep track of, such as compliance requirements, regulatory information, data privacy requirements and various other market and transaction reporting needs.
For financial institutions (FIs), reporting to regulators is critical to ensure their compliance requirements are met. FIs must use reporting tools to ensure that they effectively meet all compliance requirements and maintain the trust of regulators, customers, partners, and investors.
For regulators, reporting tools makes their collection, analysis and review processes easier. Improving the communication flow between regulated companies and the regulators create efficiencies that result in cost and time savings on both sides. [tweet_dis excerpt="#RegTech tools allow regulators to catch issues earlier, decreasing risk to the financial system —@Trulioo"]Better reporting tools also allow regulators to potentially catch issues earlier, decreasing risk to the financial system.[/tweet_dis]
At Trulioo, we focus on building a seamless process for adhering to regulatory requirements in over 60 countries around the world by supporting the reporting process after onboarding, monitoring, and detection. By performing these checks, FIs are then assured that they are in compliance with their regulatory obligations and maintain the trust of regulators, customers, partners, and investors. Since GlobalGateway keeps track of every identity verification transaction, clients have access to detailed reports for auditing, trend reporting and business intelligence.
Here are some other tools that are useful in the reporting stage:
| Company Name | ||
| Certent | Financial Reporting | Equity compensation management, reporting and disclosure management |
| Confirmation.com | Financial Reporting | Audit confirmation platform |
| Global Debt Registry | Financial Reporting | Asset assurance in online lending market |
| Intix | Financial Reporting | Financial transaction data management |
| Plia | Financial Reporting | Due diligence and operational risk management |
| Arachnys | General Compliance Management | Due diligence tool for regulatory and reputational based risk management |
| Artemis - Red Marker (Kaplan) | General Compliance Management | Reduce digital marketing compliance risk |
| Bigcontrols | General Compliance Management | Automated tracking, reporting, and compliance management |
| ClearMash | General Compliance Management | Compliance assurance and governance and regulation intelligence |
| Comply365 | General Compliance Management | Interactive compliance training |
| ComplyGlobal | General Compliance Management | Global compliance management software |
| Connxus | General Compliance Management | Supplier management |
| Convercent | General Compliance Management | Enterprise compliance management |
| CoVi Analytics | General Compliance Management | Regulatory compliance solution and workflow management |
| Datactics | General Compliance Management | Risk and compliance data management |
| FiscalNote | General Compliance Management | Government issue management and interaction |
| Flexeye | General Compliance Management | Auto create apps from spreadsheets to address compliance needs |
| GAN Integrity | General Compliance Management | Compliance program management |
| Gecko Governance | General Compliance Management | Fund management governance tool |
| Governance.io | General Compliance Management | Governance, Risk and Compliance solution for investment funds |
| Greenkey | General Compliance Management | Voice-driven collaboration platform with data analytics and workflows |
| Jewel Paymentech | General Compliance Management | Intelligent risk solutions for banking and electronic payments |
| KeeSystem | General Compliance Management | Automated compliance platform for asset managers |
| LogicGate | General Compliance Management | Automated risk and compliance |
| Neota Logic | General Compliance Management | Legal end compliance applications |
| OnRule | General Compliance Management | Cloud platform to manage product regulatory compliance needs |
| Quarule | General Compliance Management | Compliance and risk control certification |
| Risk Screen | General Compliance Management | Due diligence screening |
| RizePoint | General Compliance Management | Corporate compliance and risk management |
| Silverfinch | General Compliance Management | Regulatory data hub for asset managers and insurers |
| SocialSafeGuard | General Compliance Management | Security, risk, and compliance tools for protecting social and digital assets |
| TrackBill | General Compliance Management | Legislative bill tracking |
| Cloud Raxak | Information Security/Cybersecurity | Cloud security compliance and management |
| Cloudcover | Information Security/Cybersecurity | Manage enterprise IT assets, service contracts and vendors |
| CloudPassage | Information Security/Cybersecurity | Automated security and compliance |
| Core Security | Information Security/Cybersecurity | Security and remediation |
| Datiphy | Information Security/Cybersecurity | Database threat intelligence |
| Druva | Information Security/Cybersecurity | Cloud data protection and information management |
| EiQ | Information Security/Cybersecurity | IT security and compliance |
| EverCompliant | Information Security/Cybersecurity | Transaction laundering prevention |
| Hytrust | Information Security/Cybersecurity | Compliance and policy enforcement |
| LogRhythm | Information Security/Cybersecurity | Security intelligence and analytics |
| Lumeta | Information Security/Cybersecurity | Network situational awareness solutions |
| Onapsis | Information Security/Cybersecurity | Cybersecurity and compliance solutions |
| Quarri | Information Security/Cybersecurity | Web security solutions |
| Radar | Information Security/Cybersecurity | Incident response management |
| RiskIQ | Information Security/Cybersecurity | Digital security intelligence |
| Skyhigh | Information Security/Cybersecurity | Cloud security and activity monitoring |
| Abide Financial | Regulatory Reporting | End-to-end solution for all regulatory reporting |
| Accudelta | Regulatory Reporting | Data management solution for regulatory reporting and distribution |
| AssetLogic | Regulatory Reporting | Central repository for investment data and documents |
| Cappitech | Regulatory Reporting | EMIR trading and regulatory reporting for funds |
| Clausematch | Regulatory Reporting | Data solution to manage Key Information Documents |
| Commcise | Regulatory Reporting | Commissions management and reporting solution |
| CrowdCheck | Regulatory Reporting | Due diligence , disclosure and compliance for online capital formation |
| DerivativesTech | Regulatory Reporting | Data solution to manage key information documents |
| Fund Recs | Regulatory Reporting | Data management and reconciliation software for funds industry |
| FundApps | Regulatory Reporting | Automated monitoring in financial compliance |
| Funds-Axis | Regulatory Reporting | Investment compliance monitoring, risk analysis and regulatory reporting |
| Fundsquare | Regulatory Reporting | Investment fund order routing and information services |
| Hexanika | Regulatory Reporting | Global regulatory reporting templates and data management |
| Idisclose | Regulatory Reporting | Prepares crowdfunding and private placement disclosures |
| Modelity | Regulatory Reporting | Financial model libraries and finance analytics |
| QuanTemplate | Regulatory Reporting | Regulatory reporting and data analytics for insurance companies |
| Secondfloor | Regulatory Reporting | Insurance risk management |
| TransFICC | Regulatory Reporting | Reporting for fixed income and derivatives trading operations |
| ViClarity | Regulatory Reporting | Automated risk/compliance monitoring and reporting platform |
| Vizor | Regulatory Reporting | Regulation system portal for financial authority oversight |
On the next RegTech Supply Chain post we’ll look at process tools and controls; what are they, how they can help your business and a survey of suppliers.
As you can see from the list, there are many options to choose from, and the key to picking the solution that is right for your product or service is to understand your current business needs and anticipate and prepare for the regulatory challenges on the horizon.
Market Fintech conducted a RegTech Performance Report where they ranked top performing RegTech suppliers from around the world. If you’re interested in Trulioo’s approach to customer monitoring and how we can help you comply with cross-border requirements with speed, agility and scalability, check out our Resources page.