Regulatory Compliance Software

Embed compliance into your existing banking system with a regulatory compliance software and expand your business opportunities.

How to ensure regulatory compliance

Ever-changing regulations and a fast-paced regulatory environment make ensuring regulatory compliance one of the most pressing concerns for highly regulated entities, such as financial institutions. 

Relying on internal legal teams and external legal providers to supply stakeholders with regulatory answers has proven to be ineffective. Not only speaking in terms of the time spent digging in heavy country manuals, but especially in slower sales growth. Fortunately, there are other ways of dealing with this.

What if instead of constantly trying to monitor regulatory compliance, you had an option to have it embedded into your existing tools

Global banks are now using regulatory technology as a compliance management solution not only to make their compliance processes more efficient but also to avoid compliance breaches, stay away from heavy penalties and boost time to market. 

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Regulatory technology and compliance management solutions

The demand for compliance management solutions has seen an increase in recent years. Besides the intent to streamline compliance processes, it’s a strategic move for banks to use regulatory technology to leverage their business operations.

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

When looking for a compliance management solution at first, many options may appear like the perfect tool to address regulatory requirements in an automated way. 

There are many compliance management software options, but before even starting to look at features, it’s crucial to define what you concretely need. Turns out, besides dealing with regulations, like MiFID II or FinSA, you may need a fully integrated compliance software instead. A compliance management system might be different from an AML software and from a Governance and risk management compliance software (GRC Software). So what is a compliance management software?

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Compliance management software helps organizations track, monitor, and audit business processes to ensure that they are aligned with applicable laws, organizational policies, and consumer and business partner standards.

Embedded compliance: the new regulatory compliance software

A regulatory compliance software facilitates how financial institutions comply with regulations and manage them in a more efficient manner. It allows teams to use a framework that helps them avoid compliance breaches by always staying up to date with regulatory requirements, in a digital way.

At Apiax, we offer regulatory compliance software that uses embedded compliance, to allow financial institutions to keep working with their existing tools. This digital-first approach of regulatory compliance for banks not only contributes to the digitisation and optimisation of regulatory management processes but also makes compliance knowledge accessible and actionable to everyone.

While traditional compliance is heavily dependent on an extensive human analysis of documents, with a regulatory compliance software you can find the required case and answers in minutes instead of days.

Embedding compliance into daily operations is possible via an integration with your existing infrastructure. It’s also possible to create your own rules, in case you need to tailor them to your own requirements.

How a regulatory compliance software works

Depending on your regulatory compliance software vendor, the infrastructure needed might be different. It’s all related to how robust their solution is. 

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 from one of the world’s leading law firms who we proudly have as partners.

The intent is that you can always access up-to-date regulatory content on top of your existing tools. Frictionless, easy to use and no additional hardware required. 

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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.
  • Embed compliance into any team, tool or process for fully compliant business growth.

Why do financial institutions need a regulatory compliance software?

A regulatory compliance software comes as a great compliance management solution for many teams, 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 questions in real-time. Business teams can save time and drive more deals, faster. 

For legal teams, a regulatory compliance tracking software comes in to help digitise heavily manual compliance processes, but also to streamline communication between legal and customer-facing departments that frequently urge with compliance questions due to regulatory requirements.

For financial institutions, implementing embedded compliance as a regulatory compliance software means way more than a digital transformation project solely. It’s about setting up digital banking compliance processes by removing complexity from regulatory requirements and using compliance automation so that teams can instead focus on customers and generate more revenue.

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Looking for a regulatory compliance software?

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

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