Corlytics – Planet Compliance RegTech Interview (2021)

Let start with a brief introduction, what can you tell us about Corlytics and your RegTech offering?  

Corlytics looks at regulation as another class of risk for regulated firms. Given the enormous volume of regulators, regulations, regulatory changes and regulatory notices that a firm must keep on top of, Corlytics structures and ranks regulatory information according to the business and potential risk of a firm. We offer many visualisations of regulation, from volumes of publishing from different regulators, to risk based heat maps, to help make regulation actionable and easy to understand for non lawyers.

What are some of the biggest challenges your solutions you solve for your clients?

Making sense of large volumes of regulatory information, what is relevant and to where, what requires urgent action and what are key lessons learned from key regulators and their announcements.

Could you give us a use case of why a client came to you and how they are using your solution to solve their particular challenge?   

We have many ways in which we can rapidly add value to clients:

A number of our clients use us as a single source of regulatory intelligence, where we monitor all regulators notices and regulatory changes. We monitor all types of regulatory documents and the regulations themselves for a large number of regulators globally. We provide workflow with our regulatory data so that each notice can be classified by regulation type and relevant area of the business within a firm. We classify all information with our taxonomy and we map to the taxonomies of the firm. We then provide an audit trail so that it is sent to the right person within the organisation.

We can also send the information in granular form to other external systems and we also risk rank the information and provide RCSA reports to the risk function.

This full-cycle of the application is provided to 7 of the world’s top 50 banks, top insurers and wealth managers globally. 

How would you describe the differences between your offering from others in your RegTech category?

We have three main differentiators:  Firstly with the accuracy and consistency of our taxonomies, we are the proven choice for a number of global regulators. Secondly, the accurate way in which we calculate regulatory risk for firms, which is in turn due to the years we have spend developing risk models from enforcement and other information.

Lastly, we have a scalable open solution that readily integrates into the main enterprise systems of a firm.

What advice would you give to decision makers when choosing a RegTech solution such as the ones your offer?

To understand the risk of when things go wrong with the status quo.To consider the benefits of deploying technology, rather than trying to apply more compliance professionals and lawyers at the problem. Technology can be tested using proof of concepts in the beginning.

Due to the global pandemic a lot has changed in the world in the last year. How has your company changed in the in the last 12 months?

Covid has changed the business environment considerably, as regulatory compliance needs to be carried out digitally. The volume of regulatory changes globally due to the pandemic has been enormous, e.g. rapid changes to regulations around lending limits and loan modifications have changed as banks have needed to keep business afloat.

There has also been a revolution in the focus on ESG within regulators and banks.

Can you tell us about some of your most recent achievements or milestones you’ve reached?

  • COVID Trackers
  • Going live globally within a number of our clients, as firms now want global deployment at scale within their organisations in a post COVID environment.
  • The rapid roll-out of EGM Regulatory Monitoring system.

What is drives you as company & what is Corlytics long term vision?

Our long term vision is to help companies avoid unnecessary risk and regulatory infractions in the first place, by ensuring compliance obligations are implemented correctly – right first time. We see C level executives at every regulated firm having a risk weighted dashboard of the most significant regulatory risks.

What are some of the important developments you are seeing in the RegTech industry?

There has been an inevitable shaking out of smaller regtech firms, while at the same time reg technology is being deployed at scale globally, particularly since the pandemic.

What’s next for Corlytics?

Further scaling of our systems within our clients business. Maintaining our rate of innovation and new product development as we further grow and globalise. Further integration into larger enterprise systems as regtech information becomes a key part of enterprise data and risk data.

What is Corlytics doing about the industry’s focus on sustainability?

We have noticed the exponential growth in regulations and emerging regulations across the entire ESG spectrum. We are tracking all the emerging taxonomies in this area and are continuing to develop an industrial strength ESG regulatory monitoring platform.

What’s the best way for potential clients or investors to get in touch with you?

The best way is on info@corlytics.com

Planet Compliance

Planet Compliance is a marketplace where institutions and corporates can discover RegTech and LegalTech solutions. Planet Compliance also operates a content platform that provides information and insights on technology, regulation, compliance, finance and innovation.
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