Irish regulatory technology company Corlytics, the global leader in regulatory risk intelligence, has launched a new solution to help financial institutions navigate the Covid-19 emergency. It is offering the innovation to both customers and non-customers alike.
The role financial institutions can play in maintaining stability and security in the current crisis, across the world, is well understood. But it is a role they must play while at the same time managing their own operating challenges, in what is a fast-changing environment.
Corlytics’ Covid-19 Regulation Tracker provides them with a user-friendly, thematic dashboard that allows them to track regulatory and risk-related developments related to the pandemic, right around the world – at speed.
As with all of Corlytics’ proprietary software, the solution analyses the flow of information from regulators, government bodies and other sources worldwide and uses advanced analytics to identify themes and trends just as they emerge.
Analysis is available by jurisdiction, source, and theme, a comprehensive functionality that helps compliance, legal, audit and risk teams stay up to date with important information.
The regtech company was established in 2013 and has become a world leader in regulatory risk intelligence thanks to its adoption by regulators, financial institutions and their advisors globally.
Its products provide users with relevant insight into the size, scope and root causes of regulatory risk. By identifying and ‘risk-weighting’ regulatory themes, it enables better regulatory outcomes for both regulators and regulated firms alike.
Corlytics’ unique position as a single, centralized source of regulatory notices provided it with an early, bird’s eye view of the international regulatory response to Covid-19.
It reacted with speed. “Within a period of a week we had pivoted our platform,” says Mike O’Keeffe, head of EMEA sales at Corlytics.
“We have seen a deluge of information from regulators across the globe, from China, Singapore, and Hong Kong to the European Central Bank, the European Banking Authority, the FCA and BaFIN and now the US regulators too. What we do is make sense of it for our clients,” he says.
“Many regulatory programs are effectively being put on pause right now because companies everywhere are trying to deal with this emergency. Our role is to help them understand what regulators are saying and analyzing it so that they can route it to the right person internally.”
Its user-friendly dashboard allows companies to find intelligence tailored for specific teams, such as legal, compliance, audit and risk. “The powerful visualization tools we use, sliced and diced in a number of ways – including by theme – means users can quickly get the information they need and progress it internally in their firms,” he says.
Right now hot topics include capital requirements, business continuity planning and regulations relating to remote working. Topics such as benchmark rates, foreign exchange, and quantitative easing are also bubbling up. Insurance and reinsurance issues are being flagged on the system, as are concerns about a possible rise in incidence of fraud.
“Because we can provide a bespoke service, depending on what a client wants to know, very early on in the crisis some of them asked us to track Covid-19. We undertook some additional development and reconfiguration of our data and analytics and provided the new solution to all our existing clients.”
Their response was swift. “Within just a few days we could see a huge spike in users. With all the banks working from home right now, our cloud-based solution means everyone is working off the same information, from any location.”
Corlytics is now making the solution available to non-clients too who feel it might benefit their business in the current emergency.
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