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Behind the scenes with 28 Compliance Software Companies – (RegTech Interviews)

As the global regulatory landscape evolves and expands and ever-increasing pace compliance departments across the world are discovering the advantages of using compliance software. Otherwise known as regulatory technology (regtech).

While there are hundreds of compliance software tools available covering every area of regulatory compliance it can be extremely challenging for compliance departments to understand what tools are available to them. More importantly though than just discovering the tools, the challenge when evaluating compliance software is understanding what set’s them apart from each other and assessing their ability to address your particular compliance needs.

At Planet Compliance, we live and breathe to make compliance software companies more discoverable to compliance departments and to help compliance professionals distinguish between the different RegTech tools available to them.

In addition to our weekly RegTech 100 ranking and Online RegTech directory, we conduct in-depth interviews with regulatory software companies to help you in your research as a compliance professional and prospective buyer of RegTech.

Here are interviews with the leaders of 28 regulatory technology companies:

Compliance Software (RegTech) Interviews:

1. Smarsh

RegTech category: Compliant Communication

We talk about the trend toward global banks shifting to the cloud in order to modernize their tech infrastructure away from legacy archiving systems and how Smarsh enables advanced communication archiving and retrieval to meet regulatory obligations. They also advise buyers of communications compliance software understand the current communications tools preferred by staff and customers and to ensure their e-discovery solutions is only suited for todays demands but also adaptable for the future.

Click for the full interview with Smarsh

2. RiskScreen

RegTech category: Monitoring & Screening

We talk about the important avoiding spending money on screening tools which limit your screening parameters and that don’t allow you screen in risk-based manner both of which lead to flagging false positive values. By choosing a tool which can accurately screen for quantitative risk you can redeploy your compliance staff of actually making qualitive assessments.

Click for the full interview with RiskScreen

3. Shield

RegTech category: Compliant Communication

We talk about the challenge financial services firms face when trying to keep up with regional and national regulations when communications channels are so diverse and evolving.  We also delve into how they helped a multi-billion-euro financial firm eliminate/reduce the compliance department’s manual workflow of recording data from siloed communication channels by automating data collection, enrichment for record-keeping and eDiscovery as every channel on a company wide basis.

Click for the full interview with Shield

4. Alyne

RegTech category: General Compliance

We talk about when compliance departments are choosing a compliance software, they should look a solution that doesn’t operate in silos but its enables collaboration, scalability and integration across the whole organisation. They also explain how their RegTech solution is able to take a vast number of complicated global regulations and simplify them into an easily manageable set of modules. Alyne’s solution also allows organisations to run compliance risk assessments at scale in minutes.

Click for the full interview with Alyne

5. Corlytics

RegTech category: Legal & Regulatory Analysis

We talk about when things why heads of risk and compliance should look to testing and deploying compliance software as opposed reacting by hiring more compliance people and lawyers. We go into how 7 of the world’s top 50 banks use their solution as a single source of regulatory intelligence which keeps them alert with all regulatory notices and changes. They integrate regulatory data within a workflow that uses taxonomy classification and creates and audit trail that can then be sent to the right person.

Click for full interview with Corlytics

6. AxiomHQ

RegTech category: Regulatory Reporting

We talk about how their end-to-end platform simultaneously solves multiple pain points and makes it easy for financial institutions to stay compliant while operating in a range jurisdictions and geographies. It also covers how they have expanded globally and are now being used by some of the largest banks in the world.

Click for the full interview with AxiomHQ

7. Lari Digital

RegTech category: Monitoring & Screening

We talk about when compliance leaders are choosing compliance software to adopted, they should understand clearly what problem they are trying to solve and what business results they are trying to achieve. They also go in to how this will help you avoid RegTech solutions that look good in a demo but have limited utility. They explain that while many solutions only cover monitoring or process documentation Lari’s solution covers the entire regulatory change Lifecyle.

Click for the full interview with Lari Digital

8. Kompli Global

RegTech category: General Compliance

We talk about how most adverse media and fraud mitigation systems can only flag ‘bad actors’ after they are convicted and how only 1% of these people are ever convicted, whereas Kompli are able to flag people who have misconduct behaviour patterns allowing for early intervention. They also highlight they uncovered significant critical intel for a Payment service provider on a merchant that their own due diligence failed to detect.

Click for the full interview with Kompli Global

9. Kyckr Plc

RegTech category: Identity Verification

We talk about how unlike other KYC solutions, Kyckr doesn’t store out of data company data instead they ensure up to date and quality information by having real time connections to the relevant corporate registry. They also urge financial firms before choosing a KYC software to consider factors such as how established it is, if it has lost customers and why, can it integrated with their existing workflows and does it meet common enterprise security standards.

Click for the full interview with Kyckr Plc

10. Apiax

RegTech category: Legal & Regulatory Analysis

We talk about how the Apiax Cross-border compliance solution helps a global ownership management platform effortlessly stay up to date with country-specific regulations and rapidly expand into new territories while staying compliant. They also cover some of biggest challenges they solves such customer facing employees having access answers complex regulatory questions and allow legal and compliance teams to access and update all rules in force in line regulatory changes.

Click for the full interview with Apiax

11. Arctic Intelligence

RegTech category: Risk Management

We talk about they developed enterprise software of the financial services sector in order to innovated the enterprise risk assessment process an improve governance regarding combating financial crime. They also elaborate on they help regulated entities avoid hefty fines and loss of reputation which comes with breaching AML regulations and the how their compliance software ensures a efficient and effective process at handing all risk domains.

Click for the full interview with Arctic Intelligence

12. Merlon

RegTech category: Financial Crime

We talk about how a global bank used their regulatory technology to increase the efficiency of their adverse media processes by integrating with their existing data provider which allowed their analysts to flag risk from unstructured data less manually. They also cover how unlike other adverse media tools that relay on keyword searches or human curated databases, using AI/ML their engines are able identify risk using articles context and ensure the person being investigated is the perpetrator and not the victim.

Click for the full interview with Merlon

13. eXate

RegTech category: Data Compliance

We talk about how one of the most important challenges they solve for regulated entities is the need to automate manual compliance processes and while ensuring compliance with data privacy laws. They also demonstrate how they helped a multinational financial services firm by integrating the eXate platform in their API gateway so they could control sensitive information internally and when sharig with 3rd parties.

Click for the full interview with eXate

14. Vneuron

RegTech category: General Compliance

We talk about how they conducted a survey on their clients base and found that their solution reduces the cost of customer acquisition and operational costs for financial institutions. We also delve into how their solution doesn’t require clients to change their core systems as their compliance software solutions can be adapted to any legacy system.

Click for the full interview with Vneuron

15. Performline

RegTech category: Compliant Communication

We talk about their new product launch Document Review solution which solves enterprise pre-production and live monitoring compliance requirements. They also state that they make implementation of their solution easy with an extensive library of ready to go rulebooks for every industry and how each get client gets assigned a dedicated client success expert to help FI get extra bandwidth.

Click for the full interview with PerformLine

16. Kompany

RegTech category: Identity Verification

We talk about they helped a European investment management firm who manages one trillion Euros in AUM solves imminent KYB problem of verifying a backlog of 10,000 clients at the time. They also advise that that data quality is paramount and compliance leaders should be certain to choose a compliance software partner who solution exclusively uses real-time and source company information.

Click for the full interview with Kompany

17. SingleRulebook

RegTech category: Legal & Regulatory Analysis

We talk about how in the face of ever-changing ad evolving regulation they provide a single source of truth of the most recent version of any regulation for legal and compliance teams. We also cover SRB is more than a simple search or horizon scanning software as they enable you use literal or sematic search as well as share, annotate, manage and create audit trails regulatory articles.

Click for the full interview with SingleRulebook

18. KYC Portal

RegTech category: Risk Management

We talk about their compliance software is real-time risk driven full lifecycle management platform for policy automation, which focuses on automating the back office of all due diligence processes. They also advise buyers of RegTech to ensure whatever solution they choose to make sure that it can keep up with regulatory changes without having to call the provide for adjustments each time.

Click for the full interview with KYC Portal

19. PassFort

RegTech category: Identity Verification

We talk about they enabled a leading card firm with global ambitions with complex multi-jurisdiction processes to create custom, streamlined and automated KYC and AML checks. They also point out that when choosing a RegTech solution to consider not only solving efficiency problems today but also one that’s flexible, can scale as your business scales and will suit your business 5 to 10 from now.

Click for the full interview with PassFort

20. Neotas

RegTech category: Monitoring & Screening

We talk about how in the digital era trusting that people over the net is one of the biggest challenges and how they compliance software scans the entire depth and breadth of the internet searching for non-financial and reputation risk that lurks beneath the web. They also highlight the difficulties of complying with ever-changing regulations and how they conduct enhanced due diligence checks by screening an entities entire digital footprint which include all the unstructured data on the internet.

Click for the full interview with Neotas

21. MAP Fintech

RegTech category: Regulatory Reporting

We talk about how regulators have made major investments in protecting and monitoring the quality of regulatory reporting data and how RegTech firms must understand the impact of these technologies on their business. Another trend mentioned was the development of AI in the RegTech industry. They also highlight how they support over 180 2b2 clients on global basis including by some of the leading CFD broker and brokers listed on the LSE.

Click for the full interview with MAP Fintech

22. Lab Group

RegTech category: Identity Verification

We talk about many KYC/AML providers have a high touch consulting style business model whereas LAB offers clients a streamlined onboarding digital platform suitable for financial institutions and reporting entities. They also advise RegTech buyers when choosing a KYC compliance software to consider what’s best for your customer journey, what will allow you increase applications and comply with KYC/AML regulations.

Click for the full interview with Lab Group

23. Cappitech

RegTech category: Regulatory Reporting

We talk about when CME announced they were exited the regulatory reporting space and in the middle of the pandemic their clients were left to find a another way conducting regulatory reporting. Because IHS is able to take data in any format and offer advanced automation they were able to take on the majority of clients left in the fallout. They were able to port the new client’s data well ahead of the November deadline as they offer end to end automation of trade reporting processes.

Click for the full interview with IHS Markit

24. Kaizen Reporting

RegTech Category: Regulatory Reporting

We talk about how they helped a tier 1 investment bank achieving transparent and effective reporting after the FCA raised concerns and founds issues with their transactions reporting. They also explain the difficulty and complexity many firms have with accurate and timely regulatory reporting and how their solution ensures regulated entities can meet their reporting obligations and mitigate regulatory risk.

Click for the full interview with Kaizen Reporting

25. Corizance

RegTech Category: Risk Management

We talk about how Corizance is re-shaping legacy risk management systems in high-risk sectors with their risk management platform. They also highlight the fact their solution comes with built in advanced analytics and out of the box risk intelligence.

Click for the full interview with Corizance

26. Napier

RegTech Category: Financial Crime

We talk about they how they were chosen by a tier 1 bank who was under pressure regarding it customer activity monitoring because their solution is highly scalable and has API integration with any KYC and transaction monitoring software.  We also cover how they are focused on AML solutions and their fully integrated sandbox enables compliances professionals to create and test rules without creating a single line of code.

Click for the full interview with Napier

27. Web Shield

RegTech Category: Regulatory Reporting

We talk about how their solution allowed a merchant acquirer to transition from manual investigations and cut their on-boarding cost by 72% as their InvestiGate system reviews 12 investigations in the time it takes an underwriter to do 1. We also cover how even automated systems can be compromised if the staff behind them are not fully trained and how their Web Shield Academy serves to solve this problem. 

Click for the full interview with Web Shield

28. CUBE

RegTech Category: Monitoring & Screening

We talk about they used their RegPlatform to help a large US banks upgrade from a legacy regulatory change provider to streamline their compliance processes to increase efficiency by 50%, reduce their overhead and save time. We also cover how CUBE’s solution captures regulatory change in 60 languages across 180 jurisdictions in a standardised and configurable library.

Click for the full interview with CUBE

Planet Compliance

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