For the purpose, it has extended its ARC Logics for Financial Services suite with the launch of its new Regulatory Change Management solution which will enable UK financial institutions to keep up-to-date with regulatory changes, understand how the changes affect their business, and how policies and procedures should change accordingly.
The solution will be rolled out to regulated firms and individuals in the UK over the next few months and it will provide a structured and comprehensive view of the changing regulatory environment in which they operate and the policies they have in place.
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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.
"UK financial services organizations have to continuously analyze how their businesses will be affected by the growing amount of regulation they are faced with. 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," said Richard Pike, Senior Market Manager EMEA, Wolters Kluwer Financial Services.
"Our solution helps firms to maneuver the regulatory minefield, minimizing the cost of applying new regulation to internal policies and procedures in an effective and efficient manner," Pike added.
Further, the solution will provide expert analysis of regulatory events, model policies based upon the current regulations, a research tool and a policy management tool. Additionally, it will include daily updates via email and smartphone, clear dashboards of management information to assist in demonstrating compliance, and workflow and policy attestation functionality.
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