We have been working for leading consulting companies for many years. Business was great and we were able to help dozens of financial institutions on regulatory change and compliance challenges.
Our accomplishments for clients were high but we always felt, that there is so much more value to add. So we started thinking about how to bring regulatory change management and compliance to the next level.
We quickly agreed that we need a fresh view on the entire approach as well as on the technology as the key element in it. So we started connecting the dots and building our vision.
We once again recapitulated the current approaches and major problems in the market. There was lot of manual and unstructured regulatory change management and compliance work, process interruptions and dead ends. Regulatory information were stored in silos, with a high amount of redundancies and a low data quality. Collaboration within companies, but especially between companies and regulatory authorities was ineffective and knowledge sharing insufficient, leading to a high degree of double work. The additional spendings were enormous and there was a hint of frustration within many companies.
However, we decided to abstain from targeting quick selective fixes, but rather to focus on the deep root causes and the bigger picture.
As a result, we came up with the new RegHub regulatory change management and compliance approach, based on five major principles:
- All stakeholders and entities in the market are connected in the highest possible way
- Collaboration and knowledge sharing between all stakeholders and entities on all levels is focused and highly efficient
- The end-to-end regulatory change management and compliance process is integrated and strongly connected
- Regulatory information are centralized and immediately available to everybody in the highest quality when needed
- Tasks and sub-processes are automated as much as possible
In the next step we started to search for a technology platform, able to support the RegHub approach. And guess what, we did not find what we were looking for.
Well, to be more precise, there were some pretty good tools and RegTechs out there, but most of them were very much focusing on automation of particular compliance tasks, such as regulatory monitoring, trade surveillance, market abuse monitoring, product information generation, contract screening, complaints management or control tracking and automation.
Those tools were great and important in making certain compliance tasks more efficient. But our vision sightly goes in a different direction. The perfect platform, supporting the RegHub approach, should cover all aspects of the very complex regulatory change management and compliance in one place. It should allow fluent transition between sub-processes and of course an easy integration of specialized tools and RegTech to better support certain activities. Furthermore, it has to enable and provide intelligent automation of different time consuming tasks as well as to capture, analyse and deliver structured high-quality data. But in the first place, it has to provide smart digital collaboration channels for the whole ecosystem.
So, we decided to start building a platform, supporting our idea of the regulatory change management and compliance of the future. And the RegHub journey started.
Today, after a long period of building, we are very happy to introduce RegHub to the public.
Please visit RegHub.io for more information and feel free to contact us in case you have any questions or ideas. Our journey continues and we would be happy, if you would join us.
By the way, you are very much welcome to try RegHub for free on the use case Sustainable Finance.