UK RegTech firm eflow Global has teamed with surveillance consultant GRSS to enhance their holistic market abuse surveillance solution.
According to eflow, effective compliance – which comes from a marriage of powerful technology and real-world expertise – forms the basis of the partnership between eflow and GRSS.
GRSS offers experienced compliance and trade monitoring specialists who analyse the output from the surveillance systems of a company, subsequently presenting the compliance officer with actionable reports.
eflow’s TZ system – launched back in 2004 – has helped provide compliance professionals with strong market abuse surveillance for close to 20 years. However, eflow stated that with this new partnership, eflow’s market abuse offerings are ‘stronger than ever’.
The GRSS team takes care of all the time-consuming tasks and works with the chosen company’s compliance officer to ensure that the firm uses the TZ system effectively and that its results are reviewed and consider appropriately. Through analysing and filtering the output of surveillance systems such as TZ, GRSS is able to ensure an appropriate level of compliance.
According to eflow, by combining best in-class technology with monitoring expertise, itself and GRSS will provide a comprehensive, managed market abuse surveillance solution to help ensure regulatory compliance.
Recent independent research from eflow has found a number of companies feel that they lack the necessary resources to ensure compliance, even with a market abuse system in place.
eflow said, “Large financial institutions with sizable compliance departments may not struggle with this issue, but for the majority of firms, monitoring and analysing the output of a surveillance system, processing alerts and ensuring correct configuration can be a lot to manage for someone whose primary role is not surveillance.”
eflow noted that in an attempt to deal with this problem, itself and GRRS hope to provide ‘both the technology needed to identify potential market abuse, and additional resources to analyse and process this data’.
This partnership, the company added, promises to make the life of compliance professionals easier and it also reduces the chance of exceptions going unnoticed within TZ.
eflow CEO and founder Ben Parker said, “Even the best surveillance system can benefit from additional security. Our goal as a vendor is to ensure that our clients remain compliant, but we understand that some firms simply don’t have the resources required to achieve this alone. It is these firms who will benefit most from this partnership”.
GRSS added, “As Ben has said, good compliance comes from a marriage of powerful technology, such as TZ, coupled with our team which provides both real-world expertise and the time to apply attention the issue. This makes for a truly effective solution.”
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