(2 min read)
Ascent RegTech announced today that its cloud-based platform now supports the regulators required by federally-regulated banks and other financial firms, bundled for simpler purchasing and implementation.
Ascent’s Regulation AI rapidly identifies and maps a customer’s specific regulatory obligations and ongoing rule changes, generating the knowledge that is traditionally done manually by regulatory analysts and risk/compliance teams.
The Federal Regulators Pack includes:
- FinCEN Chapter X
- FFIEC Handbooks
“Banks are facing 18.5 times more regulatory changes every day compared to before the financial crisis. Big firms are continually hit with record fines and smaller firms are suffering from an inability to keep up with regulation due to fewer resources. The Federal Regulators Pack was created to help financial services firms of all sizes more easily understand and manage their obligations, and we are excited to release this product to the market to further our mission of helping our customers be more compliant.” —Brian Clark, Founder and CEO, Ascent RegTech
For every regulator, Ascent’s technology is capable of slashing regulatory review and analysis time from thousands of hours to just a few minutes, as demonstrated with the EU’s MiFID-II and MiFIR obligations in a recent project with ING and Commonwealth Bank of Australia.
By augmenting their existing resources with Ascent, financial firms enable and empower their people to accelerate their regulatory change and end-to-end obligations management processes. Customers using the Federal Regulators Pack, which includes 11 regulating bodies, are looking at saving upwards of 4,000 hours in expensive labor costs.
Ascent’s regulatory change and obligations management solution is now trusted by 30+ businesses, including Tier 1 and Tier 2 banks and other financial firms. Ascent’s Regulation AI identifies all of the obligations and rule changes that apply to a specific business, then displays them as daily compliance tasks which can be actively managed to completion.
Customers have the flexibility to access just this crucial data, or add on a complete obligations management platform for a fully traceable, end-to-end compliance process.
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Ascent helps customers automate and manage their compliance programs through a simple-to-use, cloud-based platform powered by Regulation AI. We help you reduce risk, control costs, and achieve total confidence in your compliance program.