Source: Governor Software
Governor Software Ltd, an innovative governance and oversight solution provider, today announced that it has launched Governor Reg: FCA, a live version of the Financial Conduct Authority (FCA) Handbook which allows UK regulated financial institutions to map, track and report regulatory compliance.
Governor Reg: FCA utilises Governor Software’s unique visualisation technology, providing FCA authorised firms with a unique live copy of the FCA Handbook. This allows them to benefit from improved search functions, increased visualisation of regulations, and the ability to download specific modules. An inbuilt history feature allows users to see changes by date, whilst the cloud based solution also provides breaking UK regulatory news, powered by industry leading regulatory intelligence from Corlytics, in real time.
To date financial institutions have had to manually map their FCA regulatory obligations in tools not purpose built for compliance oversight, such as Microsoft Excel, and manually manage status and obligations with an error-prone and non-auditable operational model. This not only exposes institutions to unnecessary risk but also prevents them from proactively managing ongoing changes within specific regulations.
“A key component of good governance is good oversight. However, the key challenge to effective oversight for FCA authorised firms is the communication of obligations set out in the FCA Handbook, and the subsequent proof of adherence to relevant stakeholders,” commented Richard Pike, Founder and CEO, Governor Software. “Governor Reg: FCA is unique in that it provides compliance teams with a structured list of tasks and evidence documents, which may be interfaced to their internal systems. All of this is completed within a structured and auditable platform that supports compliance management becoming less fraught.”
Not only does Governor Reg: FCA empower financial institutions through working with a live version of the FCA Handbook, but it also allows compliance teams to receive live regulatory newsfeeds via Corlytics RED, a regulatory newsfeed app.
“We are delighted to be partnering with the Corlytics team to integrate their industry leading RED news feed platform into Governor Reg: FCA. Both companies are working to address the root causes of regulatory risk, and enable the three lines of defence to better plan their compliance programmes,” added Pike.
Contributed | what does this mean?