In a move to help companies steer clear of regulatory fines when doing business in the U.K, information services provider, Wolters Kluwer Financial Services recently announced the extension of ARC Logics for Financial Services suite to include its new Regulatory Change Management solution.
The Regulatory Change Management solution helps U.K. financial institutions stay current with regulatory changes and understand how the changes affect business, including what policies and procedures should change, the company said in an announcement.
The web-based solution, Wolters Kluwer explained, “Provides a structured and comprehensive view of the changing regulatory environment in which they operate and the policies they have in place. “This will help aid decision-making, promote resource efficiency and produce management information to assist in the demonstration of effective compliance, and ultimately help reduce risk.”
Specifically, it analyzes regulatory events, models company policy based on current regulations, and serves as a research and policy management tool. It comes with daily updates through e-mail and smartphones, has a management dashboard that helps with demonstrating compliance, and includes workflow and policy attestation functionality.
U.K. regulatory penalties amounted to roughly £66 million ($102.1 million) in 2011, according to Wolters Kluwer, with the average penalty increasing from £31,654.00 in 2010 to £1,121,098.97 in 2011. The company expects such regulatory policing to continue in the near future.
“U.K. financial services organizations have to continuously analyze how their businesses will be affected by the growing amount of regulation they are faced with,” said Richard Pike, senior market manager EMEA at Wolters Kluwer Financial Services. “Regulatory change can be swift and all companies want to ensure that they are protected from potential reputational damage and potentially large fines that can result from missing or misunderstanding changes that take place.”
Pike noted that the new Regulatory Change Management solution helps firms maneuver the regulatory minefield, while minimizing the cost of adjusting to the regulatory changes.
ARC Logics, the larger suite that includes the new module, assists financial organizations with transparency, traceability and efficiency when managing compliance, operational and financial risks.
According to the company, with Arc Logic firms can; implement effective policies, procedures and risk limits ;conduct testing to monitor compliance and measure risk ; quantify capital-centered risks ;evaluate and track risks across sectors, product lines, and locations ;provide transparency into risk to senior management and board members and develop comprehensive internal controls
Wolters Kluwer offers a variety of services, including legal and regulatory, tax and accounting, health, and financial compliance.
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