Ascent RegTech has formalised a collaboration with the Financial Conduct Authority to componentise the FCA Handbook.
By working together, they are hoping to help financial firms, and other organisations which are contingent to the FCA Handbook, more easily access and understand the FCA regulations. As a result, it will then help them meet compliance demands.
Due to concerns raised over going through volumes of regulatory text with a fine-tooth comb to extract their specific obligations, the FCA teamed with Ascent to simplify these burdens. It chose The RegTech startup because of its ‘traction in the market with global banking entities.’
Ascent RegTech uses natural language processing and machine learning algorithms to convert regulatory text into workable tasks. Data is collected from a selection of channels and includes historical and real-time documents/rules directly from regulators, personalised for each business.
Offerings from the company include targeted intelligence, workflow management, regulatory updates, research library, case management and reporting.
Ascent RegTech founder and CEO Brian Clark said, “The reality is that 99% of firms out there are ‘good actors’ — they are making every effort to comply, but the complexity of our current regulatory landscape does not support those efforts.
“By coordinating directly with the FCA and making regulation more accessible and easy to understand, we can increase compliance across the industry, freeing up the FCA to direct critical time and effort towards high-risk issues. This kind of collaboration is a win-win for financial firms and regulators.”
The RegTech recently closed its Series A round on $6m, with Alsop Louie Partners leading the investment. Its round was closed around the same time as Ascent completed a pilot of its solution with ING and CommonWealth Bank of Australia.
Earlier in the year, Ascent RegTech was again listed in the RegTech 100 list, its second consecutive year of making the 100.
Copyright © 2018 RegTech Analyst