Regulations may be multi-layered and regional, but they create similar challenges for banks whether they are based in the City of London or on Wall Street.
The Germany-headquartered provider of advisory, IT and software services to the financial services industry, GFT Technologies SE, today announced the launch of its Regulatory Change Management Service (RCMS), building on the backbone of the company’s Regulatory Change Manager toolset with its latest regulatory technology (RegTech) solution.
GFT announced that it has successfully implemented the solutions in a related project at RBS for its Trade and Transaction Reporting department, and that its new service is aimed to help financial institutions decrease ongoing regulatory compliance costs while reducing regulatory risk, according to the update.
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The firm is listed on the Frankfurt Stock Exchange on the TecDAX index, and had reported $374 million in consolidated revenues in 2015, and has a global team of 4,000 staff spanning 12 countries.
The press release described the RCMS solution as leveraging three key components, including pulling in data related to regulatory change from hundreds of data sources, and then using the GFT Architectural Visualizer (GAV) tool to link business requirements to related regulatory interpretations in order to generate business requirements for each rule and related asset class.
Thirdly, the last component is the dashboard that brings all the data together for users to make sense of the regulatory change progress via a configurable workflow through the eventual implementation.
Gareth Richardson, Managing Director at GFT UK, commented in the press release: “Regulations may be multi-layered and regional, but they create similar challenges for banks whether they are based in the City of London or on Wall Street; the new GFT Regulatory Change Management Service helps solve these difficult regulatory challenges and mutualises these answers for all users of the Service, providing a lower total cost and risk no matter where they are located.”
Commenting in the official press release, Tony Sodhi, Head of Legal, Regulatory and Compliance at GFT added: “Our experienced team of regulatory specialists have established a new smart approach – a complete ‘end-to-end’ solution to the complex regulatory control challenges faced by the financial community in a world of continual regulatory change.”
Mr. Sodhi added: “We have seen a huge appetite for this type of solution from our clients, so it is very exciting to be able to roll this Service out to the market. The ability of the Service to demonstrate and log regulatory compliance actions will also give comfort to hard-pressed senior management within banks.”