PwC Switzerland, PwC UK and regtech company Cube have collaborated to launch Know Your Regulations (KYR), a technology-based solution to help financial services firms with their compliance duties.
The firms KYR draws on regulatory data from across 180 jurisdictions in 60 languages, quickens the process of understanding applicable regulations and identifies how the business is complying with them.
KYR shows the applicable regulations using Cube’s proprietary technology, gives a detailed view of what obligations the business needs to comply with and provides an analysis of where institutions are currently falling short.
The companies said that KYR has produced accurate and efficient results in the six months of beta testing and provides time savings compared to current manual methods.
“Our collaboration is accelerating how we support clients to define their regulatory obligations and demonstrate compliance,” said George Stylianides, global financial services risk lead at PwC UK.
“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.”
“We are delighted to be partnering with PwC, an industry-leader in the financial services and regulatory sector,” said Ben Richmond, founder and chief executive of Cube.
“We look forward to working together to deliver transformative regulatory compliance solutions to the world’s leading financial institutions.”