PwC and London-based RegTech CUBE are partnering to launch a new compliance service called ‘Know Your Regulations’.
The tie up between the UK and Switzerland divisions of PwC and CUBE’s RegTech platform will offer a technology-based assessment of regulatory compliance, which draws on regulatory data from across 180 jurisdictions in 60 languages.
The organisations said it accelerates the process of understanding applicable regulations and identifying how the company is complying with them, and claims this analysis works twice as fast as current, manual practices.
The partners said that Know Your Regulations has produced accurate and efficient results in six months of beta testing and is targeted at financial institutions struggling with the complexity of regulatory compliance and identifying the rules that apply to them, especially if they operate in multiple jurisdictions.
George Stylianides, global FS Risk lead, at PwC UK, said: Our collaboration is accelerating how we support clients to define their regulatory obligations and demonstrate compliance.”
“Having a continuously updated golden source of regulations, with exceptional language translation capability, and the ability to align regulations to client specific or pre-defined operational taxonomies is a game-changer.”
Ben Richmond, founder and CEO of CUBE, said: “This collaboration will enable us to deliver further value to our customers combining CUBE's leading regulatory intelligence RegPlatform and PwC's domain expertise. We look forward to working together to deliver transformative regulatory compliance solutions to the world's leading financial institutions.”
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