Solvassure creates first-of-its-kind integrated reg platform 25 October 2017London Reporter: Theo Andrew
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Solvassure has created a compliance platform for the General Data Protection Regulation (GDPR) and the Accountability Regime, to help firms meet next year's regulatory deadlines.
The cloud-based platform allows up to 50,000 firms regulated by the UK’s Financial Conduct Authority (FCA) to access compliance data, and performs automated data gathering, escalation and resolution. The data feeds can be tailored to a firm’s individual needs, and can be applied to various parts of the business.
The software uses material from the Prudential Regulation Authority (PRA), the FCA and the Information Commissioner’s Office, making Solvassure the first firm to be granted a development license to use copyrighted regulatory material.
GDPR mandates more controlled processes around gaining consent to use a client’s data, and introduces a right to object to automated data profiling and a right to erasure, meaning clients can, in some cases, request data to be deleted.
The regulation also introduces fines of up to 4 percent of global turnover in the case of a cyber breach.
The Accountability Regime is a joint effort from the PRA and FCA to hold senior managers more accountable for their actions, while providing more clarity on their roles.
Clive Godwin, founder and CEO of Solvassure, said: “Beyond the second Markets in Financial Instruments Directive, these are two of the most important regulations to hit the financial services sector in a decade.”
He added: “With significant fines and even jail sentences at stake, it’s not surprising that responsible owners are feeling nervous. Our platform enables them to speed up the process of implementation without breaking the bank.”
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