When Tony and I started Compliy we envisioned it as a platform to help monitor, manage and delegate the massive amounts of regulatory compliance work in financial institutions. Compliy was meant to be a project and task management platform for compliance officers. As we soon learned, there were much larger issues that needed to be addressed in the regulatory workflow that couldn’t be solved with just task management. Simply put, workflow management wasn’t enough for financial institutions drowning in the volume of regulatory compliance work. More importantly, we didn’t address the first step, but crucial part, in the process: understanding the regulation.
Compliy has since evolved into an AI-powered regtech platform providing regulatory analysis, automated policy management, and compliance monitoring all in a centralized, easy-to-use web-based app. The platform delivers an automated, intelligent and easily accessible regulatory change management system for small to medium fund management companies while reducing costs by 30%.
While banks are at the epicenter of the convergence of technology and financial services (Open Bank APIs, blockchain remittance services, etc) smaller institutions often get left behind. Where do fund management companies stand in this redefining age of financial services? Sadly, if they don’t evolve many funds will get left out or behind unless they start integrating newer and deeper technologies such as AI. To prevent becoming a “fossil fund”, we aim to shape these leaders through our innovative platform.
More exciting updates to come soon!