Redland, which designs compliance solutions for financial services, has been selected by Natixis Investment Managers UK to support regulatory requirement needs.
The deal will see Redland support Natixis, a global asset management company, with senior managers & certification regime (SM&CR) compliance.
Its technology will help the firm meet all aspects of the regime including SM&CR, MRMs, SoRs, Fitness & Propriety, Certification, Conduct Attestation and Conduct Rule Breaches.
SM&CR originally introduced to the UK market in 2016 with the goal of boosting individual accountability and help establish a standard of personal conduct for people working in financial services.
Earlier this week, the UK’s Financial Conduct Authority extended the regulation to FCA solo-regulated firms, including claims management companies.
Several changes also made to the regulation. These include the confirmation that the head of legal function is excluded from the requirement to be approved as a senior manager. It has also clarified the requirements and scope of the regime.
Redland provides businesses with a user-centric application which helps them better understand the roles of all their staff, marking out their responsibilities and reporting lines. This simplifies the process of highlighting any transactions which need monitoring or checking.
Furthermore, it alerts a client when an employee needs development or additional coaching in their position.
The RegTech was recently acquired by GRC software management company Ideagen for £15.8m.
In a recent interview with RegTech Analyst, Redland co-founder Carl Redfern said financial institutions initially underestimated SM&CR but are beginning to realise its profound impact and the level of change it requires.
To find out more about Redland view their profile here.
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