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Forbes recently published a list of what to expect in 2023 in Finance and Regtech, based on feedback from attendees of their global compliance forums.
At Custodia, we wanted to see how Compliance Cloud One (CC1), our cloud-native SaaS service addresses the core governance, risk, compliance and data challenges facing enterprises in highly regulated industries such as energy, finance and healthcare according to Forbes top trends in finance and Reg tech for 2023.
1. Expect increased adoption of Regtech solutions
An aggressive and evolving regulatory environment, burgeoning threat landscape and a desire to move data and workloads to the cloud means the global market for Regtech solutions will more than double, to US$22 billion, by 2026.
Custodia is well-positioned to capitalise on these trends as CC1 enables customers to safely and securely migrate to the cloud by ingesting, normalising and reconciling their legacy compliance data while leveraging their entire governance, risk and compliance architecture to capture and archive any type of data, automate workflows, simplify reporting, and integrate behaviour, analytics, artificial intelligence (AI) and machine learning (ML) assets.
2. Plan for staged deployment to support gradual cloud adoption.
Even if they wanted to, multinational companies in regulated industries don’t have the luxury of lifting and shifting to the cloud all at once. CC1 solves this problem by enabling customers to transition to the cloud at their pace. Custodia has developed a series of connectors that ingest the customer’s legacy data into our digital data lake from wherever it resides. This means the customer can begin using CC1 to ensure compliance for users on the latest communications apps like MS Teams, Whatsapp and Slack while simultaneously migrating, centralising and normalising their historical data from legacy capture platforms.
3. Look for broader adoption of plug-and-play Regtech as opposed to heavily customised solutions.
CC1 is a global, Azure-based SaaS compliance service available on the Azure Marketplace and that can be deployed in a matter of weeks for a small business unit or an entire enterprise. It is vendor-agnostic and through a portfolio of connectors and API enables customers to integrate with an array of data and compliance applications and services to create a seamless compliance architecture.
4. Watch for an increasing shift from internal builds to working with vendors.
Custodia delivers CC1 from our global, resilient cloud eliminating the need for customers to deploy or support infrastructure. Unlike most SaaS solutions, Custodia also offers expert, high-touch professional services so our customers are assured that CC1 is deployed with minimal disruption or internal resources and making the headaches associated with security, software updates, data backups and reporting a thing of the past.
5. Understand that financial institutions want strategic partners and not just vendors.
While CC1 is a cloud-native service, Custodia’s heritage as a managed service provider running regulatory compliance programs for the financial services sector means we have a practitioner’s mentality and approach to the day-to-day challenges facing our customers.
Our Insights management application includes a range of tools that offer monitoring, reporting and self-service capabilities that ensure the service conforms to the needs of the business and stands up to regulatory scrutiny.
CC1’s open architecture allows us to develop and offer new capabilities that meet customer needs whether it is a leading storage provider, mobile recording or the latest collaboration app, Custodia is ready to develop and deliver new modalities and integrations.
6. Prepare for a growing focus on clean data.
CC1 not only eliminates data silos and repositories of dark data, our proprietary ingestion and normalisation technology means that we centralise all data in a single cloud data lake and through our API enable customers to let this clean data flow throughout the enterprise whether it is for regulatory compliance or business intelligence purposes.
7. Bank on the evolution of compliance manager skills.
Keeping up with the evolving regulatory landscape, compliance technologies and ever changing demands of the business is an almost impossible task. This is why Custodia has combined a flexible cloud service that can adapt to the dynamics of the market with in-house compliance expertise and white-glove service and support. This allows customers of all sizes to blend their approach with our services.
8. Follow the audit trail and look for more digital collaboration.
CC1’s digital architecture and Insight management portal helps customers automate reporting and reconciliation while reducing the friction of sharing data with regulators, auditors and colleagues in virtual work environments.
9. Get ready for customer experience to be a differentiator providing a greater competitive advantage.
The long-awaited AI/ML revolution is gradually taking shape and driving broad, deep change across the business landscape. The most successful companies will harness mature data capture, governance and analysis architectures that have access to the largest and cleanest data sets. With these assets, leaders can derive insights, allocate resources and deliver differentiated customer experiences that positively affect business performance.