Financial Regtech service provider CUBE has entered a new partnership with Sionic, the international consulting company.
As first reported by Finextra, CUBE and Sionic plan to ensure regulatory compliance, by leveraging CUBE’s AI-enhanced regulatory data inventory and Sionic’s applied expertise in financial compliance.
Financial institutions across the globe are managing several different, complex regulatory requirements, all of which affect various businesses and jurisdictions. Although certain aspects have been automated, a lot of the work is still performed manually. These processes are also quite time-consuming and error prone. Even the automated aspects of the process are fairly complex, sending many different alerts to users who then still have to determine which message is relevant to them.
CUBE and Sionic will now aim to ensure that customers have updated regulatory guidelines that are appropriate to their business or company, thus helping to remove the inefficiency of false-positives, which are categorized and mapped to the related operational controls.
Ben Richmond, Founder and CEO at CUBE, stated:
“Partnering with Sionic represents a key step on CUBE’s journey to transform regulatory data into regulatory intelligence. Our inventory is built on 10 years’ experience and expertise working with regulatory data. Coupling that with Sionic’s deep domain expertise is a compelling combination for financial firms across the globe who are looking to transform their regulatory compliance.”
Robert Cranmer, Managing Partner and Head of Sionic Canada, remarked:
“Our clients rely on us to provide insights and solutions that are relevant and timely. Partnering with CUBE enables us to combine the best of reg tech and AI with our experience of what clients need to do to be compliant with regulations and crucially, how they need to do it. We are delighted that this innovative partnership originated from our Toronto-based team. We believe that accessing CUBE’s inventory will be a powerful accelerant of regulatory intelligence across North America and beyond, offering significant efficiency benefits to our whole international client base.”