Managed RegTech Solutions: Deloitte and Appway join forces to launch four compliance modules
This collaboration combines the best of digitisation and regulatory expertise to offer innovative and reliable RegTech solutions to the Swiss financial services industry.
Today, financial service providers face more compliance burdens than ever before. The rising costs and complexity of building and maintaining market-specific regulatory processes are a significant challenge for Swiss banks and asset managers – next to the cost and innovation challenges they are already facing. Regulatory compliance is mandatory, but it is also non-differentiating and is becoming costlier. This is the main reason why financial service providers are increasingly investing in smart solutions that draw on today’s technology and that spread the costs of regulatory compliance across industry players – RegTech.
Deloitte and Appway: 4 managed services offerings
Deloitte has an alliance with Appway, a software development company specialised in the financial services industry. Combining the best of both regtech worlds, we provide managed solutions that ensure compliance, support when needed, and clarity in procedures to be performed, thereby delivering a positive user experience. Appway’s leading technology and Deloitte’s market-leading regulatory, tax and consulting expertise combined improve compliance and client onboarding quality while lowering costs. Furthermore, the alliance protects existing investments made by Appway user organisations, as the modules are designed to integrate easily into existing processes.
The cooperation between Appway and Deloitte consists of four innovative and reliable managed services offerings:
- With DMS Concierge, the automated onboarding workflow is enriched with a function that provides users withsecure, real-time access to Deloitte subject-matter experts. For example, when struggling with a FATCA classification, users can contact their “concierge” (i.e. Deloitte compliance officer) within the workflow via chat function or VoIP, who will, if needed, involve a Deloitte FATCA specialist. The assessment and the advice is directly documented in the client profile.
- Compliance Link allows users to redirect entire working tasks (e.g. formality control, background screening, etc.) to Deloitte Managed Services (DMS). Using industry-leading technology and tools, DMS aligns the data and the working steps of the applied process to a dynamic risk assessment, thereby optimizing costs while warranting compliance. Banks can thus ensure that their compliance departments receive the right basis for their work, enabling them to focus on what is important – bank-specific matters.
- GetAware provides banks with detailed and reliable information about (potential) clients, which increases clarity on risk exposure as to client relationships, thus minimizing compliance and reputational risks. The adaptable, integrated risk engine establishes the client screening strategy and runs background screenings in several phases.
- The RegIntegrator module provides country-specific rule sets, such as Anti Money Laundering and KYC-specific laws and regulations, including their interpretations by local subject-matter experts.