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RegTech Reporting Tools

RegTech Supply Chain – Reporting Tools

RegTech Reporting Tools

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. Better reporting tools also allow regulators to potentially catch issues earlier, decreasing risk to the financial system.

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.  

The information in this blog is intended for public discussion and educational purposes only. It does not constitute legal advice.

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