Consulting and software service provider GFT has launched its new Regulatory Change and Management Service, a tool for helping firms track regulatory changes in the industry.
The new service is intended to reduce the risk of non-compliance and to help reduce the costs associated with new regulation by providing tracking for the likes of the Markets in Financial Instruments Directive (MiFID) II, the European Market Infrastructure Regulation (EMIR), the Dodd-Frank Act and Senior Managers Regime, and to help senior managers to handle regulatory change in a structure way.
It provides updates on changes drawn from various data sources, and a process tool that links business requirements and individual regulations, automatically generating requirements for each regulation and asset class. Users will also have access to a visual dashboard, helping workflow for successful implementation.
Built using the GFT regulatory change manager tool-set, the service has already been implemented in the trade and transaction reporting department at RBS.
Gareth Richardson, managing director at GFT UK, said: “Regulations may be multi-layered and regional, but they create similar challenges for banks whether they are based in the City of London or on Wall Street. The new GFT Regulatory Change Management Service helps solve these difficult regulatory challenges and mutualises these answers for all users of the service, providing a lower total cost and risk no matter where they are located.”
Tony Sodhi, head of legal, regulatory and compliance at GFT, said: “We have seen a huge appetite for this type of solution from our clients, so it is very exciting to be able to roll this service out to the market. The ability of the service to demonstrate and log regulatory compliance actions will also give comfort to hard-pressed senior management within banks.”
