Thomson Reuters’ release of Regulatory Change Management is designed to help financial institutions harmonise their approach to regulatory change and compliance, mitigate risk and reduce administrative costs. The introduction of RCM follows Thomson Reuters’ acquisition of UK-based regulatory technology provider Empowered Systems in March 2016.
RCM is offered on Thomson Reuters’ Connected Risk platform and is a compliance workflow with a dashboard that allows compliance teams to connect standardised regulatory rules to their own procedures, and tailor the information they receive and frequency of notifications about regulatory changes, essentially letting them see regulatory change, ensure change is made to their processes and all necessary data is added for compliance.
The solution is web-based, or can be licensed as stand-alone software, and maps regulatory content from Thomson Reuters’ and third-party platforms to firms’ internal policies and procedures, allowing them to consolidate processes and cut duplicative processing across regulations.
Gareth Evans, managing director of Enterprise Risk Management at Thomson Reuters, says the company already offered solutions providing regulatory content, but saw the need for more versatile technology as the volume of regulation grew. RCM is based on Empowered Systems’ technology that provides more flexibility and the ability to improve the mapping of regulatory change to firm’s processes.
He explains: “Organisations used to recruit individuals to drive compliance programmes for each new regulation, but there is a huge overlap across regulations. To harmonise regulatory compliance processes, people need to come together and map all regulations to a single view of the business. RCM can help here.”
Thomson Reuters is initially targeting RCM at Tier 1 banks and fund managers in the Americas and Europe, although it plans to extend its reach to Asia Pacific later this year.