Through its own research, the Investment Association identified the following problem statements amongst its members:
These are just a few challenges faced across the whole asset management and capital markets industry, globally. We should expect the regulations, especially in ESG will increase and so the burden and obligation of all companies.
UK’s Financial Conduct Authority (FCA) says firms equipped with digital versions of regulations that eliminate interpreting and implementing reporting instructions would see big savings in compliance costs. Furthermore, the FCA stated, “RegTech is expected to provide a minimum of 30 – 40% efficiency gains.”
Primacy offers solutions that automate and improve the quality of compliance. We have invented a way to turn legislation into data and connect it to your business obligations. Our RegTech solution is the pathway to drive up efficiency allowing more time to focus on value-add activities.
RegTech offers incredible potential to reduce operating costs by automating manual processes, and benefits go far beyond cost reduction to offer substantial improvements in effectiveness and quality. Further, by automating routine tasks, it can also free sought-after risk professionals to work on higher-value activities.
Issues like data privacy, anti-money laundering (AML), combating the financing of terrorism (CFT), and know-your-customer (KYC) have been the subject of significant focus from regulators and create a significant compliance burden on companies operating in exposed industries. For small to medium sized enterprises (SMEs), the compliance burdens from regulation can be significant with the OECD research recognising that SMEs are typically less efficient than large firms in screening the regulatory environment and dealing with it. This is supported by Primacy’s own experiences with SME customers in financial services and cryptocurrency, labour hire and professional services Singapore, Australia, South Africa and the United Kingdom.
For more information on Primacy’s service offering, please contact us at [email protected] or visit our website at www.primacy.co
© 2020 The IA Engine Ltd. All rights reserved. Registered in England and Wales No 11258384. Registered office: Camomile Court, 23 Camomile Street, London EC3A 7LL