Source: Solvassure
RegTech pioneer Solvassure has created a single compliance platform for GDPR and the Accountability Regime, as the race to meet next year’s implementation deadlines heats up.
The new platform, populated by material licensed to Solvassure by the FCA, PRA and Information Commissioner’s Office, will enable up to 50,000 FCA regulated firms to be compliant with both GDPR and the Accountability Regime in a single cloud-based environment, for the first time. This is achieved using Solvassure’s proprietary regulations library which stores and processes published directives from UK and EU watchdogs.
Solvassure was the first RegTech firm to be granted a development licence to use copyright regulatory material by the FCA and the PRA.
The global demand for regulatory, compliance and governance software is expected to reach $118 billion by 2020. With pressure mounting on budgets and timescales, the benefits of running multiple regulations on the same cloud-based platform will be considerable.
Solvassure’s Founder and CEO, Clive Godwin, commented: “Beyond MiFID II, these are two of the most important regulations to hit the financial services sector in a decade. With significant fines and even jail sentences at stake, it’s not surprising that responsible owners are feeling nervous. Our platform enables them to speed up the process of implementation without breaking the bank.”