Changes to regulations such as money laundering or data protection rules place high regulatory demands on banks. The changes often affect IT systems and processes. Banks and providers must therefore recognise the implications at an early stage and may need to modify their applications.
Our regulatory monitoring service reduces the workload for banks. We monitor relevant changes or updates, analyse the implications of new or modified regulations, categorise them and assess if and how the affected banking applications should be modified. Changes, updates and suggestions are discussed online and documented in full. Banks can obtain regulatory monitoring as a service. Finnova, the core banking system manufacturer, actively uses this service. The community therefore benefits from the hive mind and direct discussions with relevant stakeholders.
Our regulatory monitoring service is primarily aimed at Swiss banks that work with Finnova. Thanks to our service, they can reduce the workload of their in-house monitoring and/or banking compliance departments and implement regulatory requirements efficiently, effectively and on time.
Evaluating the implications of new or modified regulations for IT applications and processes is resource intensive and challenging. This is where our banking IT compliance specialists can take over. They identify modification requirements at an early stage and develop proposals for implementing mandatory changes.
We monitor regulatory developments, analyse their impact and assess whether the requirements can be met with existing IT and processes.
If not, we analyse the needs and develop implementation proposals for our software partners so that banks can comply with the requirements as quickly as possible.