Focus on Financial Crime Compliance Obligations Management

In a world of ever-increasing regulation and heightened regulatory scrutiny, demonstrating that a financial institution is working diligently to meet its legal and regulatory Financial Crime Compliance (FCC) obligations has become a commercial and social imperative.

Failing to meet FCC obligations significantly increases your organisation’s exposure to regulatory enforcement action, along with the cost of the associated fine, potential reputational damage, and impact to investor confidence.

Despite this risk exposure, many financial institutions do not maintain a comprehensive obligations register or maintain in manual or sub-optimal solution that adds complexity and unnecessary costs, and all too-often does not provide compliance teams with the assurance they need.

Questions For Financial Institutions

  • Could you demonstrate to the regulator how your existing Policy Framework across all policies and standards meets applicable laws, regulations and guidance with full traceability?

  • How do you stay on top of every regulatory update and have you faced a situation where you have had limited time to implement new obligations due to late identification?

  • Are you able to immediately identify which Policy Framework documents are impacted by new regulations and implement the required changes?

  • How do you integrate disparate obligations management processes easily and cost-effectively?

  • How much are you currently spending on resources to manage obligations and conduct horizon scanning? In this cost conscious environment could you benefit from demonstrating a cost reduction to Senior Management?

  • As an accountable individual, are you concerned about your current approach to obligations management? Might you miss something critical and how do you address this concern?

Our Solution

  • Plenitude RegSight, our online obligations register service addresses all of these challenges and allows you to easily identify and address gaps in your existing Policy Framework and keep up to date on new regulations through our monthly horizon scanning service, currently conducted across +200 sources for applicable laws, regulations and guidance globally.

  • Plenitude RegSight is the simplest and most effective way to manage your Financial Crime Compliance obligations and Policy Framework, giving you ongoing assurance in a world of ever-increasing regulation and heightened regulatory scrutiny.

  • Our solution is ISO9001 (Quality Management) and ISO27001 (Information Security) compliant and certified, providing you with the assurance that the information provided in our obligations registers is reliable.

Key Features

  • Powerful Search Functionality – each obligation is categorised by jurisdiction, source, risk type, enforcement date, and topic (e.g. Governance, KYC, Risk Assessment etc.) to maximise retrievability; furthermore, you can bookmark and track obligations.

  • Comprehensive gap analysis functionality – supports the rapid self-assessment of policies, standards and procedures against relevant obligations and provides a holistic view of requirements coverage and critical compliance gaps.

  • Effective management reporting and analysis – RegSight self-assessment functionality allows you to generate a report on overall compliance with applicable obligations and highlights gaps identified, allowing you to maintain control and mitigate any compliance gaps.

  • Industry leading Horizon Scanning – RegSight includes monthly horizon scanning across 200+ legal and regulatory sources.  In-force documents are updated automatically and notification reports provide you with a summary of the key changes as well as in-draft or future-dated regulatory changes.

  • Simple and intuitive to use – Plenitude RegSight runs on bespoke software that has been designed from the ground up by ex-regulators and industry FCC SMEs, that simplifies the task and removes common barriers to effective obligations management.

  • Flexible and customisable solution – each RegSight client has a private instance, which allows you to customise to your specific requirements, e.g. by selecting applicable regulations and guidance, user access permissions, self assessment, and reporting, etc.

Key Benefits and Outcomes

  • Pinpoint and better understand current FCC obligations – with full visibility of all in-force international laws, regulations and guidance using our cloud-based solution.

  • Identify and effectively manage potential gaps in your Policy Framework  – the RegSight self-assessment module allows you to quickly assess your existing policies and procedures against applicable obligations with powerful management information and reporting

  • Proactively manage future FCC obligations more effectively – our horizon scanning service means you are always on top of forthcoming changes and you will receive a monthly notification allowing you to plan ahead for the required changes

  • Reduce costs and improved operational efficiency – the business case for deploying Plenitude RegSight is compelling when compared to the cost of managing obligations internally with cost savings typically in the region of +60%. Our monthly subscription fee also provides greater certainty around ongoing costs

  • Quality – our solution is ISO9001 accredited for Quality Management giving you assurance and mitigating the risks associated with manual or sub-optimal solutions

  • More effective financial crime risk management – more effective obligations management drives better risk management and ultimately risk mitigation outcomes, reducing your exposure to potential enforcement actions or fines

Menu