Streamline your compliance operations with a compliance management software

Replace those dense country manuals with digital rules. Get your regulatory content always up-to-date and integrated into the systems already in use. 

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What is a compliance management software?

A compliance management software is based on the digitisation of regulations. Dense country manuals are digitised and presented in the format of digital rules that become easier to access across the entire organisation. This kind of software allows the automation of compliance processes which helps compliance teams to spend less time with compliance requests and ensure compliant day-to-day operations.

 

Global banks are making the move to regulatory technology as a compliance management tool to make their compliance workflows less dependent on manual efforts, reduce compliance risks and expand their business opportunities. 

By adopting regulatory intelligence is it possible to access regulatory content in the format of digital rules, instead of spending hours analysing heavy country manuals. 

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Regulatory technology is empowering organizations with the tools required to drive efficiency and sustainability in their regulatory compliance functions.

The challenges of compliance management in banks

According to the Cross-Border Compliance Report 2022, compliance professionals spend on average 10 hours per month solving cross-border compliance issues only.

Efficiency in compliance management is often threatened by series of factors that compliance officers have no control, for example:

 

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  • Ever-changing regulations
  • Relying on external legal providers
  • Compliance checks based on extensive country manuals
  • Time spent with compliance monitoring
  • Non-scalable compliance processes and workflows

Embedded compliance: the leading compliance management software

A compliance management software for banks makes life easier when it comes to complying with regulations and managing them in a digital, scalable way.

Apiax’s compliance management system uses embedded compliance. It means that all the teams can still work with their existing tools and have an add-on that tells them what are the do’s and dont’s of specific activities.

This digital-first approach of regulatory compliance for banks not only contributes to the digitisation and optimisation of compliance management processes but also to reduce the uncertainty that an ever-changing regulatory environment creates, by making compliance knowledge accessible and actionable to everyone.

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By providing regulatory answers right when and where users need them, embedded compliance:

  • Reduces dependencies on the legal & compliance teams
  • Minimises compliance risks
  • Contributes to a faster go-to-market

How a compliance management software works

Embedding compliance into daily operations is possible via an app or integration with your existing infrastructure. Apiax offers an API-first regulatory compliance software, which makes it easier to integrate with your current banking system or CRM. All the regulatory content is sourced and verified from one of the world’s leading law firms who we proudly have as partners.

While traditional compliance is heavily dependent on an extensive human analysis of documents, with our compliance management software you can find your answers in minutes instead of hours.

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  • Access regulatory content maintained and verified by the world’s leading law firms.
  • Adapt regulatory answers to your own risk appetite and business needs.
  • Benefit of global coverage in more than 150 jurisdictions.
  • Frictionless, easy to use, no additional hardware required.

How a compliance management software removes the burden of compliance monitoring

A compliance management software comes as a proven success as compliance management solution, especially if it’s embedded into your existing tools and processes.

It leverages the selling process, by enabling wealth managers, asset managers and relationship managers to have access to regulatory answers in real-time and on-te-go, via an app. This way, business teams can save time and close more deals, faster, without depending on memos or on the compliance team for clarification requests.

For legal teams, a regulation tracking software comes in to help digitise heavily manual compliance processes, but also to streamline communication between legal and customer-facing departments that frequently need pre-activity compliance checks.

For financial institutions, implementing embedded compliance as a compliance management solution means way more than a digital transformation project solely. It’s about creating a solid digital compliance infrastructure to enable teams to focus on customers and generate more revenue.

 

Looking for a compliance management solution?

Download our embedded compliance guide and find out how digital compliance fits into your business.

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