The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Thomson Reuters Builds Out Regulatory Change Management Offer

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.

Related content

WEBINAR

Upcoming Webinar: Getting ready for Sustainable Finance Disclosure Regulation (SFDR) and ESG – what action should asset managers be taking now?

Date: 8 June 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Interest in Environmental, Social and Governance (ESG) investment has exploded in recent years, bringing with it regulation and a requirement for buy-side firms to develop ESG strategies and meet disclosure obligations. The sell-side can help here by integrating ESG...

BLOG

Start Building your Data Capital Now – or Miss Revenue Generating and Cost Saving Insights Every Day

By Charlie Henderson, Co-CEO, FeedStock.  There have, in the past, been similarities drawn between data and oil. I would agree that there are certain elements of the two which are comparable: data is highly valuable and is extracted and refined like oil, indeed we use data pipelines. However, the application of data is fundamentally and...

EVENT

Data Management Summit Virtual

The Data Management Summit Virtual will bring together the global data management community to share lessons learned, best practice guidance and latest innovations to emerge from the recent crisis. Join us online to hear from leading data practitioners and innovators from the UK, US and Europe who will share insights into how they are pushing the boundaries with data to deliver value with flexible but resilient data driven strategies.

GUIDE

Regulatory Data Handbook 2020/2021 – Eighth Edition

This eighth edition of A-Team Group’s Regulatory Data Handbook is a ‘must-have’ for capital markets participants during this period of unprecedented change. Available free of charge, it profiles every regulation that impacts capital markets data management practices giving you: A detailed overview of each regulation with key dates, data and data management implications, links to...