An artificial intelligence-powered product that automatically identifies regulatory conflicts has been launched by fintech firm Waymark.
The real-time tool identifies which EU regulations apply to a firm and then finds crossovers and conflicts in other regulatory packages. This allows compliance officers to streamline implementation procedures, reduce risk and lower costs.
It can flag up, for example, that both the second Markets in Financial Instruments Directive and Packaged Retail and Insurance-based Investment Products rules require fund managers to give retail investors – which under the regulations include high-net-worth individuals – suitable information to compare products and understand risks.
The platform gives firms a list of specific articles from regulations that are relevant to them, depending on their activity, geography and size. It then comes up with a step-by-step guide to ensure compliance.
It covers 43 EU regulations including MiFID II, PRIIPS, the General Data Protection Review, and the Alternative Investment Fund Managers Directive.
The platform is the latest in a line of tools launched to help fund managers navigate growing regulatory requirements. SS&C Technology recently upgraded its compliance platform Anova to include an AIFMD feature which enables managers to apply its compliance criteria to individual documents, analyze compliance breaches and view the underlying data in a compliance test.
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