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Jean-Marc Levy, CEOStanding on the cusp of this innovation-driven compliance management landscape is ComplySci, helping organizations meet their compliance requirements more effectively and efficiently. ComplySci helps 1,100 organizations identify, monitor, manage, and report on conflicts of interest arising from employee activities, including personal trading, political contributions, outside affiliations, and other code of ethics violations. With an advanced suite of workflow tools, intuitive user experience, and detailed reporting and analytical capabilities, ComplySci has emerged as a leading provider of compliance technology solutions in the financial services industry.
Jean-Marc Levy, CEO, ComplySci, comments that the regulatory teams of financial services organization are no longer viewed as supporting players, but rather as key players responsible for protecting their organizations. “Compliance should be a core component of every financial institution’s DNA,” he adds. “ComplySci facilitates this through its flagship platform that helps compliance teams proactively identify risks and manage complex regulatory and compliance workflows and processes.”
A unique risk management and compliance solution, the ComplySci platform allows Compliance Officers to administer regulatory processes with a data-centric lens.
Compliance should be a core component of every financial institution’s DNA
In addition to the platform’s robustness, ComplySci’s commitment to providing high-quality data is another significant factor behind its wide adoption. “Highest quality data is fundamental to achieving compliance excellence,” comments Levy. ComplySci is able to aggregate high-quality data through its Risk Data Engine. This proprietary engine automates and powers the aggregation, cleansing, normalization, and enrichment of vast quantities of data from a broad spectrum of sources, including direct broker feeds from over 175 brokerage houses and clearing firms. “Our extensive broker network, built over the course of a decade, makes us one of the most reliable compliance solution providers in the marketplace,” adds Levy.
When it comes to implementing the platform, Levy notes that the Business Requirements Design phase, during which ComplySci’s Professional Services team gathers and analyzes a client’s business requirements, is one of the most crucial steps in the ComplySci implementation process. Often, financial services firms have varied groups of employees, such as traders, investments bankers, and investment advisors, often in different geographies or lines of businesses, and each group has different rules, policies, and compliance standards. ComplySci’s subject matter experts distinguish these requirements and map out different processes and workflows suited to the needs of each group.
ComplySci’s growing footprint in compliance management is an indication of a new era of compliance solutions. The company intends to create more data-centric workflows, tools, and processes to help companies proactively identify, monitor and manage higher-risk employees. With several technology innovations and product developments underway, ComplySci is poised to continue transforming the compliance landscape.
NEW YORK - ComplySci, the leading provider of regulatory technology and compliance for the financial services sector, published its 2023 Regulatory Compliance Buyer's Process Guide for U.S.-based financial firms. The publication follows the company's U.K. buyer's guide and also aims to help compliance teams navigate the technology procurement process, providing a step-by-step implementation methodology for financial firms which are new or unfamiliar with regulatory compliance technology.
Guide highlights include:
• Defining the process and scope of work necessary for procuring new technology.
• Assessing the needs of the compliance department and the firm at large.
• Incorporating technical and functional requirements.
• Qualifying questions to assess potential vendors.
• Analyzing vendor capabilities to determine a best-fit match.
"The procurement process of an integrated regulatory compliance technology system is a significant and detail-oriented process, especially for firms which have not purchased and integrated a regulatory compliance technology recently," said COMPLY President Eric White. "Our guide aims to provide a roadmap for decisionmakers to move from idea to project to procurement successfully— and finally, successful risk mitigation and compliant operations."
The recent publication of the Security and Exchange Commission's exam priorities for 2023 highlight the complexity of the ever-expanding responsibility of a financial services firm's compliance department with detailed and evolving investment adviser and broker-dealer regulations and dynamic cybersecurity considerations topping the list of priorities from the U.S. regulator. Given the increased scope of requirements and the magnitude of ramifications should they not meet all applicable regulations, compliance departments must consider the strategic application of compliance technology solutions in achieving and maintaining compliance.
"While compliance is often seen as a black-and-white issue, the technology solutions which firms often rely on are not," said White. "Knowing what to ask when considering a new technology platform — especially ones related to their compliance program —is critical. Firms must evaluate potential partners to ensure a provider's offerings are compatible with their workforce, address the firm's most pressing issues and, frankly, fit within their budget."
Download ComplySci's Regulatory Compliance Technology Buyer's Process: A Step-by-Step Guide to Automating Your Compliance Program U.S. edition for a detailed look into how financial service firms can navigate the buying process, including who should be on the procurement team, how to align technical and functional requirements and how to assess potential vendors.