Innovations in Identity

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
CertentFinancial ReportingEquity compensation management, reporting and disclosure management
Confirmation.comFinancial ReportingAudit confirmation platform
Global Debt RegistryFinancial ReportingAsset assurance in online lending market
IntixFinancial ReportingFinancial transaction data management
PliaFinancial ReportingDue diligence and operational risk management
ArachnysGeneral Compliance ManagementDue diligence tool for regulatory and reputational based risk management
Artemis – Red Marker (Kaplan)General Compliance ManagementReduce digital marketing compliance risk
BigcontrolsGeneral Compliance ManagementAutomated tracking, reporting, and compliance management
ClearMashGeneral Compliance ManagementCompliance assurance and governance and regulation intelligence
Comply365General Compliance ManagementInteractive compliance training
ComplyGlobalGeneral Compliance ManagementGlobal compliance management software
ConnxusGeneral Compliance ManagementSupplier management
ConvercentGeneral Compliance ManagementEnterprise compliance management
CoVi AnalyticsGeneral Compliance ManagementRegulatory compliance solution and workflow management
DatacticsGeneral Compliance ManagementRisk and compliance data management
FiscalNoteGeneral Compliance ManagementGovernment issue management and interaction
FlexeyeGeneral Compliance ManagementAuto create apps from spreadsheets to address compliance needs
GAN IntegrityGeneral Compliance ManagementCompliance program management
Gecko GovernanceGeneral Compliance ManagementFund management governance tool
Governance.ioGeneral Compliance ManagementGovernance, Risk and Compliance solution for investment funds
GreenkeyGeneral Compliance ManagementVoice-driven collaboration platform with data analytics and workflows
Jewel PaymentechGeneral Compliance ManagementIntelligent risk solutions for banking and electronic payments
KeeSystemGeneral Compliance ManagementAutomated compliance platform for asset managers
LogicGateGeneral Compliance ManagementAutomated risk and compliance
Neota LogicGeneral Compliance ManagementLegal end compliance applications
OnRuleGeneral Compliance ManagementCloud platform to manage product regulatory compliance needs
QuaruleGeneral Compliance ManagementCompliance and risk control certification
Risk ScreenGeneral Compliance ManagementDue diligence screening
RizePointGeneral Compliance ManagementCorporate compliance and risk management
SilverfinchGeneral Compliance ManagementRegulatory data hub for asset managers and insurers
SocialSafeGuardGeneral Compliance ManagementSecurity, risk, and compliance tools for protecting social and digital assets
TrackBillGeneral Compliance ManagementLegislative bill tracking
Cloud RaxakInformation Security/CybersecurityCloud security compliance and management
CloudcoverInformation Security/CybersecurityManage enterprise IT assets, service contracts and vendors
CloudPassageInformation Security/CybersecurityAutomated security and compliance
Core SecurityInformation Security/CybersecuritySecurity and remediation
DatiphyInformation Security/CybersecurityDatabase threat intelligence
DruvaInformation Security/CybersecurityCloud data protection and information management
EiQInformation Security/CybersecurityIT security and compliance
EverCompliantInformation Security/CybersecurityTransaction laundering prevention
HytrustInformation Security/CybersecurityCompliance and policy enforcement
LogRhythmInformation Security/CybersecuritySecurity intelligence and analytics
LumetaInformation Security/CybersecurityNetwork situational awareness solutions
OnapsisInformation Security/CybersecurityCybersecurity and compliance solutions
QuarriInformation Security/CybersecurityWeb security solutions
RadarInformation Security/CybersecurityIncident response management
RiskIQInformation Security/CybersecurityDigital security intelligence
SkyhighInformation Security/CybersecurityCloud security and activity monitoring
Abide FinancialRegulatory ReportingEnd-to-end solution for all regulatory reporting
AccudeltaRegulatory ReportingData management solution for regulatory reporting and distribution
AssetLogicRegulatory ReportingCentral repository for investment data and documents
CappitechRegulatory ReportingEMIR trading and regulatory reporting for funds
ClausematchRegulatory ReportingData solution to manage Key Information Documents
CommciseRegulatory ReportingCommissions management and reporting solution
CrowdCheckRegulatory ReportingDue diligence , disclosure and compliance for online capital formation
DerivativesTechRegulatory ReportingData solution to manage key information documents
Fund RecsRegulatory ReportingData management and reconciliation software for funds industry
FundAppsRegulatory ReportingAutomated monitoring in financial compliance
Funds-AxisRegulatory ReportingInvestment compliance monitoring, risk analysis and regulatory reporting
FundsquareRegulatory ReportingInvestment fund order routing and information services
HexanikaRegulatory ReportingGlobal regulatory reporting templates and data management
IdiscloseRegulatory ReportingPrepares crowdfunding and private placement disclosures
ModelityRegulatory ReportingFinancial model libraries and finance analytics
QuanTemplateRegulatory ReportingRegulatory reporting and data analytics for insurance companies
SecondfloorRegulatory ReportingInsurance risk management
TransFICCRegulatory ReportingReporting for fixed income and derivatives trading operations
ViClarityRegulatory ReportingAutomated risk/compliance monitoring and reporting platform
VizorRegulatory ReportingRegulation 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.  

Disclaimer: Trulioo provides no warranty that the information contained in this document is accurate, up to date or complete and in no circumstance does such information constitute legal advice. Any person who intends to rely upon or use the information contained herein in any way is solely responsible for independently verifying the information and obtaining independent expert advice if required.

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