Hosted Managed Services--A crucial option for institutions striving to maximize RegTech capabilities, focus on core business
Custom fit. Tailored. Bespoke. Made to order.
If you’ve been tracking trends in RegTech and GRC solutions, you might recognize how those terms describe an innovative new direction: hosted managed services.
Prior to the pandemic, very few customers requested hosted solutions. Customers unequivocally required the PII of their clients to remain entirely inside their on-site firewalls. Then came the plague, and financial institutions realized it was just as secure—and
in some cases more secure—to safeguard their data behind a network of security professionals whose deep expertise was to keep data safe but still accessible.
This was only the first part of a major shift. The next big step in this new direction was the embrace of managed services—enlisting RegTech software firms not only to design and deliver solutions but also to manage them expertly from beginning to end.
The timing and logic of this RegTech evolution has followed closely on advances in secure Cloud Hosting Services and in the extraordinary growth in scope and capacity of top RegTech solutions. To take advantage of these rapid changes, financial institutions
began seeing the value of enlisting experts in RegTech so that institutions can focus on their own book of business while still achieving AML Compliance and high standards of Governance, Risk, and Compliance.
This seismic shift in meeting customers’ comprehensive RegTech needs solves a myriad of issues present in multi-RegTech-system institutions. Many institutions employ an AML system, a screening system, a due-diligence system, a completely separate governance
system, a vendor system, and more. Getting these systems to communicate with each other often requires a ton of various-vendors consulting and a high tolerance for endless headaches.
Financial institutions today want to avoid that misery, stress, and the iffy results. They no longer want to talk just about buying software—software alone doesn’t solve problems. Only solutions solve problems. And today’s solutions include services like
proof of concept, implementation, production support, augmented staff, and more-- i.e. Full Solutions.
We have to evolved along with our customers. From initial proof of concept conversations to end-of-life management, RegTech and GRC/AML solutions now need to be a version of white-glove service. Managed-services menu includes arranging and managing hosting
solutions, full implementation, workflow-design services, dedicated designers and/or technicians, and more. Demands are hign to leverage RegTech expertise and strategic partnerships to deliver hosted managed services end to end—truly tailored to the needs
and requirements of each customer, one at a time.
Given the pace of change and the power of tech advances, hosted managed services make perfect sense. All of this makes possible hub-and-spoke access in geo-locations around the globe as well as crucial interconnectedness of applications and data that can
be accessed via fully secure hybrid cloud-based hosting.
These are exciting advances, and it’s where the industry needs to go. Hosted managed services can end the ambiguity of what needs to happen when and by whom--among too many different dance partners that don’t communicate effectively. With this new approach
to hosted managed services, everything you require can happen for you, when required, seamlessly and successfully.
Bottom line: Pick your Cloud and Let’s go catch some criminals together.