Financial Crime, Risk and Compliance specialist Plenitude has launched Plenitude RegSight, a cloud-based Financial Crime Compliance (FCC) obligations management solution.
Plenitude RegSight provides a cloud-based technology platform to identify and manage FCC obligations, improve operational efficiency and ultimately drive more effective financial crime risk management. RegSight enables the immediate identification of specific legal and regulatory obligations across a multitude of sources, jurisdictions and FCC domains along with corresponding regulatory and industry guidance, including the latest UK laws and regulations post Brexit. Compliance teams are able to use RegSight’s proactive horizon scanning to anticipate changes in relevant laws and regulations ahead of time and also quickly identify any potential gaps in their Policy Framework through the self assessment tool.
Alan Paterson, Plenitude Managing Director, says: “We are delighted to announce the launch of RegSight today. Financial Crime Compliance obligations management is a critical enabler to address the regulatory and social imperatives for more effective financial crime risk management. Historically obligations management has been complex and costly due to the lack of bespoke technology solutions resulting in firms conducting the work in-house or accepting sub-optimal solutions.
“To address these challenges we embarked on the development of an innovative and comprehensive cloud-based solution with input on the design from experienced FCC industry practitioners. We believe RegSight is unique in terms of the combined FCC obligations content, product features and functionality that is expected of a leading RegTech subscription product.
Asad Choudhary, Partner at Plenitude, says: RegSight is the culmination of a three-year development effort. Most importantly, it is cost effective and less resource intensive when compared to the cost of managing an Obligations Register internally, with cost savings typically in the region of 50-70 per cent. As a result, we are already seeing a strong demand for the product from our existing client base and looking forward to deploying the product across the financial services industry.”
