Author: Change Gap – changegap.co
RegTech consultancy, Change Gap is delighted to announce a new partnership with the award-winning legal services provider Stephenson Law to bring exciting new collaboration offerings across RegTech & Legal Services.
We are pleased to announce the first service that we have collaborated on, specifically for investment firms: Digital regulatory interpretations for the Investment Firm Prudential Regime (IFPR).
From January 2022, firms will have access to the interpretations through Change Gap’s cloud-based solution, MIDEUM, noted by industry-experts as a ‘game-changer’.
This partnership offers a solution to the Bank of England’s recent ‘Dear CEO’ letter stating concerns over firms’ inability to recall how reporting obligations have been interpreted. Even if the reporting has been outsourced, the responsibility for the interpretations and the reports remains with firms.
Analysed by Change Gap and verified by Stephenson Law, firms can access the complete view of IFPR obligations and receive future updates.
Firms can easily see how the obligations link to policies, processes, data required for K-Factor calculations and reporting. This provides lineage and explainability, from rule to report bringing confidence to CFOs and Boards in managing compliance risk.
The interpretations module is an easily accessible entry-level module on our cloud-based MIDEUM platform.
CEO and Co-Founder of Change Gap, Sarah Sinclair said …
“We are really excited to be ‘joining the dots’ with award-winning firm Stephenson Law, who are very aligned to us in purpose and approach; creating an enhanced combined offering for our clients bringing together RegTech and Legal Services”
This first collaboration will create value for investment firms seeking practical business and legal support as they get to grips with the new IFPR regime. There is a lot of talk about IFPR but we’ve not seen anything out in the market quite like this – a refreshingly simple and effective offering to mitigate compliance risk. The module clears the fog from hundreds of pages of regulatory text enabling firms to see what they need to do and provides clear traceable interpretations underpinning IFPR reports.”
Head of FinReg at Stephenson Law, Gareth Malna said …
“Regulatory reporting is becoming increasingly burdensome for firms, and the reporting requirements of IFPR will create a new layer of complexity. The content of the regulation means that reporting will sit somewhere between the Finance Director and the Compliance Team, so it’s super important for everyone to be on the same page when it comes to interpreting the wording of the regulations and implementing it in their business …
… I’m delighted to see that Change Gap has moved into this space to create a product that can help our clients and other investment firms reach that consensus interpretation and potentially save themselves a headache further down the line in the event that the regulator comes along to ask questions. Change Gap has incredible experience and a fantastic reputation in the compliance consulting and regulatory reporting spaces, so firms who adopt this product into their ecosystem are going to be in safe hands.”
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