NEW YORK, Jan. 26, 2023 – COMPLY™ portfolio firm ComplySci, the leading provider of regulatory technology and compliance for the financial services sector, published its 2023 regulatory compliance buyer’s process guide for UK-based financial firms. The guide addresses critical facets of the technology procurement process and provides a step-by-step methodology for financial firms who are new purchasers of automated compliance technology.
Highlights of the guide include:
- Defining the process and scope of work necessary for the procurement of a new technology.
- Assessing the needs of the compliance department and the firm at large.
- Incorporating technical and functional requirements.
- Qualifying questions to assess potential vendors.
- Analyzing vendor capabilities to determine a best-fit match.
“Financial firms can struggle with how to effectively manage the procurement process of an integrated regulatory compliance technology system, a challenge which is especially pertinent for those firms who have not purchased and integrated a regulatory compliance technology previously or who have not done so in the last few years,” said COMPLY President Eric White. “With this guide, we provide the information they need to successfully move from idea to project to procurement.”
The ongoing implications from the Financial Conduct Authority’s (FCA) 2022-2025 strategy, which includes an increased focus on shutting down noncompliant firms, as well as newly proposed regulations such as consumer duty, which increases the standards of consumer protection and places the heightened responsibility on firm to communicate the necessary knowledge and insight required for a consumer to make well-informed decisions, mean firms are facing increased pressure from regulators to comply or risk the consequences. Thus far in 2023, the FCA has already fined two firms a total of £11,695,400 in support of their aim to protect consumers, enhance market competition and raise standards within the UK financial sector.
Given the significance of the FCA’s focus area and potential implications, up to and including firm closure, advisers must proactively assess their need for increased compliance resources, whether technological or otherwise. Armed with the right technology partner, firms can help automate and verify information to reduce administrative burden, ensure accuracy and decrease risk.
“Technology is never a one-size-fits-all situation,” said White. “There are a number of elements firms should take into account when evaluating potential partners, ranging from functional offerings to usability to implementation requirements and budget. It’s crucial firms do their homework and know what to ask when evaluating any potential technology platforms – especially ones related to their compliance program.”
Download ComplySci’s Regulatory Compliance Technology Buyer’s Process: A Step-by-Step Guide to Automating Your Compliance Program UK edition for a detailed look into how financial service firms can navigate the buying process, including who should be on the procurement team, how to align technical and functional requirements and how to assess potential vendors.
About ComplySci
ComplySci, a COMPLY company, believes advanced compliance technology empowers compliance professionals to transform their business. Built for institutional investors, including some of the world’s largest financial institutions, private equity firms and hedge funds, ComplySci’s scalable and sophisticated platform helps our clients stay ahead of risk and unlock the strategic potential of their compliance data. Our regulatory technology solutions help compliance organizations identify, monitor, manage and report on risk and conflicts of interest, including personal trading, gifts and entertainment, political contributions, outside business affiliations and other Code of Ethics violations.
ComplySci is part of the COMPLY portfolio of firms, which includes ComplySci, RIA in a Box, NRS and illumis. Learn more at complysci.com.
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