IA Fintech Member Insights: Waymark Tech
Waymark Tech, a UK based RegTech and SupTech firm that provides global regulatory insight and analytics to both the private and public sectors, has once again been named in the RegTech100 for 2020. This is RegTech100’s third annual top 100 list in which a panel of analysts and industry experts vote to identify the world’s most innovative regulatory technology companies. Only 21 companies have been named on the list in all three years and Waymark Tech is proud to be one of them. “More than 1,000 companies were identified from within the sector by RegTech Analyst this year, so with more competition than ever, to be named in the top 100 again is excellent and a huge honour,” said Mark Holmes, Founder and CEO of Waymark Tech.
The list identifies the world’s most innovative providers of solutions that address challenges and regulatory issues facing businesses within the financial services sector. Finalists are recognised for their innovative use of technology to solve a significant industry problem, or to generate cost savings, or efficiency improvements across the compliance function. “As a team we have worked meticulously to ensure our offering meets the ever-growing needs of our clients and to make the list for the third year running is testament to the team’s dedication and the success of our technology,” said Mark.
“Even though 51% of RegTech100 companies are based within the UK or US, the spread of RegTech innovation has seen companies from another 23 countries make the list,” said Mariyan Dimitrov, head of research at RegTech Analyst. “Employing RegTech solutions to modernise the compliance function is now mission-critical for financial institutions globally.” Furthermore, the list aims to assist senior management and compliance staff to assess the solutions that have the highest market potential to succeed, those that have a considerable impact on the regulatory technology industry, and those that are providing the most pioneering solutions.
A technology company at heart, Waymark utilises Artificial Intelligence (AI), specifically Natural Language Processing (NLP), to automatically deliver tailored and actionable regulatory content to its end users. This benefits the end user, typically compliance departments, professional service firms and government agencies, in three key ways:
- Effort to conduct manual monitoring of data sources is reduced from man days to man hours
- Reassurance that nothing gets missed and work is prioritised and tracked to completion
- Provides Audit Trail to discharge obligation of NED or senior manager.