Banks are facing 18.5x more regulatory changes every day compared to pre-2008.
And the costs are staggering.
Compliance with U.S. federal regulation costs $1.9 trillion a year. Banks alone have been fined $243 billion in the past decade.
Penalties come in all sizes, from headline-making, big-ticket fines to smaller infractions like MOUs and MRAs, which can cost upwards of $1 million each to resolve.
In areas as varied as cybersecurity, digital currencies, anti-money laundering (AML) and know-your-customer (KYC), the regulatory landscape is more treacherous than ever.
READ ARTICLE: How Ascent Helps Customers Save Money on Compliance
Firm executives and compliance teams are losing sleep over it.
The three major questions that banks and financial firms wrestle with are:
- Are we sure that we know all of our regulatory obligations?
- Are we sure that we know about regulatory changes and how they impact our business?
- Are we effectively managing our obligations in order to maintain compliance?
Risk and compliance teams live under unrelenting pressure to stay up-to-date, but the time and effort required in trawling regulator websites, relying on emailed summaries and excel spreadsheets, or trusting word-of-mouth updates from peers is unsustainable.
Firms are spending more time and money than ever on compliance, but the sheer volume of regulation means the risk for human error has only increased.
REQUEST A DEMO: Click here to request a demo and see how Ascent can help you rise above regulatory complexity.
Using Ascent, ING Bank and CommBank Slashed Regulatory Development Time From 1,800 Hours to 2.5 Minutes.
The goal was to demonstrate the incredible efficiencies the Ascent platform could bring to compliance and change management tasks.
In the pilot, each bank produced their list of obligations from the MiFID-II and MiFIR regulations in the manner they have always done it — manually.
That effort took 1,800 human-hours to complete, roughly equal to one full-time employee, one full year.
Ascent was put to the same task and finished the job in just 2.5 minutes, achieving near-perfect accuracy relative to the banks’ own work.
In other words, Ascent performed as well or better in identifying the banks’ regulatory obligations in a fraction of the time, and for a fraction of the cost.
DOWNLOAD CASE STUDY: ING and CommBank Pinpoint Obligations in 2.5 Minutes Using Ascent
Ascent for Regulatory Change Management
Ascent rapidly identifies the regulatory changes that apply to the customer, in real time. This targeted regulatory change feed provides complete visibility into how a rule has changed and the impact to the customer’s internal controls, policies, and procedures.
Now Available: The Federal Regulators Pack for U.S. Federally-Regulated Firms
The federal regulators most needed by U.S. firms are conveniently bundled, including:
- FinCEN Chapter X
- CFPB (formerly BCFP)
- FFIEC Handbooks
REQUEST A DEMO: Click here to request a demo and see how Ascent Change Management works with the Federal Regulators Pack.
Ascent for End-to-End Compliance
Ascent intelligently maps regulatory text to the customer’s business, producing their entire register of unique obligations faster and more accurately than humans alone — enabling Risk to identify current and future risks to the business.
Compliance teams can then manage their obligations within Ascent to ensure completeness. Instant auditing and reporting capabilities enable a fully-traceable, end-to-end compliance system.
Lastly, our API allows customers to connect Ascent to their own internal systems or a separate GRC.
REQUEST A DEMO: Click here to request a demo and see how Ascent can help you manage your obligations for end-to-end compliance.
Ascent is cloud-based, flexible, and simple-to-use.
Ascent saves up to 49% of every compliance officer’s time per year.
These massive time savings coupled with the peace of mind offered by increased accuracy means that compliance teams are freed from the most tedious, frustrating, and error-prone aspects of traditional compliance work.
With Ascent, people can focus on the things that only people can do, such as working with the lines of business, developing regulatory strategy, and proactively defending the firm.
REQUEST A DEMO: Click here to request a demo and see how Ascent can help you accelerate your compliance program.
How We’re Different
Think of Ascent as a digital brain that cares only about compliance.
Using artificial intelligence, it both generates and houses all of a customer’s regulatory obligations, including incoming rule changes — automatically.
This digital brain — a true innovation in regulatory technology — powers the entire Ascent platform.
With this digital brain at its core, Ascent is the only solution that can provide 100% automation in identifying a firm’s specific obligations from oceans of text.
Other solutions are partially automated (or not at all), leaving customers with the significant burden of manually producing their obligations and tracking regulatory changes.
Given this reality, companies are forced to take a top down, risk-based approach. This means focusing time and resources on the most significant risks and de-emphasizing others. By no fault of their own, this leads to gaps in risk management and compliance.
LEARN MORE: How Ascent is Different
As shown by the enormous fines incurred by financial firms around the world, half measures are simply not enough to protect firms from regulatory and reputational risks.
With Ascent, banks and other firms can achieve total confidence in 1) Knowing all of their regulatory obligations, 2) Knowing all regulatory changes and how they impact the business, and 3) Managing all obligations for full traceability, accountability, and completeness.
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Learn how Ascent can help you reduce risk, avoid fines, and safeguard your reputation by requesting a demo below.