AI-powered compliance company Ascent has deployed its technology to an unnamed New York-based broker-dealer firm to improve their compliance processes.
In its latest case study, the RegTech platform states its new client had adopted a technology first ethos from its formation, meaning it wished to automate compliance tasks all the way from risk management to legal and compliance operations.
Instead of scraping compliance rules, the client was looking for a technology solution that could handle general rulebooks, regulatory obligations, policies and procedures and operations.
“If you’re looking at the full compliance chain,” explained an unnamed investment manager from the firm. “It starts with ‘what are the regulations, and what are your obligations?’ It then turns to ‘what are the policies and procedures you need to complete the required tasks?’”
After exploring the market, the client chose Ascent due to its ability to monitor regulatory rulebooks, identify applicable obligations and ensure compliance is met.
“There are a lot of vendors who can tell you what the rules are,” the manager said. “It gets more difficult to find vendors to help you identify your firm’s obligations under those rules by synthesizing the data and applying machine learning and natural learning processing to initiate the steps your firm must take to comply with a given rule.”
The firm also noticed that Ascent shared the same vision of compliance being a profit centre, where most firms only look at it as a cost centre, it said.
To view the full case study click here.
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