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Helping you to detect and prevent market abuses that could jeopardize your
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May 3, 2021
HOW REGTECH WILL HELP FINANCIAL SERVICES MANAGE COMPLIANCE
By Tim Ward BEST PRACTICES, EMPLOYEE CONFLICTS OF INTEREST
Compliance automation can protect financial services firms from regulatory
violations. Here are three ways regtech platforms can improve compliance
management from Star's Director of Product Strategy & Marketing, Tim Ward
In many ways, regulation in the financial services industry is a positive
thing—after all, what could be more important than keeping client information
and money safe, and keeping markets operating safely, predictably, and
ethically? On the other hand, superfluous regulation can cause operational
bottlenecks and challenges that hinder firms’ abilities to service clients.
Given the ever-expanding list of global regulations that can have serious
impacts on a firm’s reputation and bottom line, the financial services industry
needs a better approach to managing compliance than traditional manual or
semi-manual processes. Enter “regtech,” or regulation technology. Regtech
compliance tools are evolving to fill the vacuum created by this industry need
for moving toward automation, and can fundamentally improve the way compliance
departments handle regulation.
THE EVER-EVOLVING ROLE OF COMPLIANCE MANAGEMENT
Why is regtech important? Consider how challenging it is for compliance officers
to do all the legwork necessary to protect their firm from regulatory
violations. From pre-clearing trade requests to ensuring employees complete
certifications to maintaining insider lists on spreadsheets, compliance officers
certainly have their work cut out for them.
When performed manually, these activities place a great deal of strain on
compliance officers. The role of compliance officers is constantly evolving, and
it’s already difficult for them to keep up with changing roles and
responsibilities. Automated regtech platforms can improve compliance
management in a number of ways.
1. REGTECH PROMOTES PRE-CLEARANCE FOR KEY ACTIVITIES
With the help of a regtech platform, pre-clearance can be quick and easy for
employees. They can simply log in to the platform and submit a request form
before carrying out a certain activity—making a trade or political donation, for
instance. Sophisticated platforms can even give approval or denial in a matter
of seconds after the submission, so there’s no question of whether an action is
within the boundaries of the firm’s code of ethics.
Web-based regtech platforms make it even easier, as employees can access the
tool from anywhere and at any time to submit requests. The more efficient you
can make pre-clearance for your employees, the more issues you’ll prevent, and
the more time and effort you’ll save for compliance officers down the line.
2. REGTECH ALLOWS FOR STREAMLINING OF CERTIFICATIONS AND ATTESTATIONS
Certifications and attestations might seem like a box to check, but they are
much more important than a simple pro forma exercise. Not only are these
processes a regulatory requirement, but they also ensure employees take
accountability for reading and abiding by relevant policies, and offer
protection for firms should issues arise in the future.
But the process of collating each employee’s data into a certification or
attestation can be time consuming for compliance teams. Look for a regtech
platform that automatically collects and combines all of an employee’s activity
information into one file. Automating this task takes the menial work from
compliance teams’ shoulders, and having all the information in one place means
employees have fewer files to review. The platform should also be able to store
approved certificates for future reference and allow your team to easily
download and view the files whenever you need them.
3. REGTECH SIMPLIFIES INSIDER LIST MANAGEMENT
Regtech compliance tools provide a convenient and centralized solution for list
management. They help compliance teams assess which projects may result in the
exchange of material nonpublic information (MNPI) within the firm and which
employees and third-party contacts may have received such information. A
regulator may request this information at any time, and firms have a relatively
short response period, so keeping accurate and comprehensive records is
essential.
Regulatory compliance can be a real challenge, but regtech compliance tools and
the automation they bring go a long way toward keeping that challenge
manageable.
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