No Result
View All Result
SUBSCRIBE | NO FEES, NO PAYWALLS
MANAGE MY SUBSCRIPTION
NEWSLETTER
Corporate Compliance Insights
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe
No Result
View All Result
Corporate Compliance Insights
Home GRC Vendor News

Synechron Launches RegTech Accelerator Program for Financial Services

by Corporate Compliance Insights
April 26, 2018
in GRC Vendor News
Synechron Launches RegTech Accelerator Program for Financial Services

New suite of accelerators will afford financial institutions greater control over regulatory and risk processes while optimizing related processes

New York, London, Paris, Amsterdam, Dubai, Pune (April 26, 2018) – Synechron, Inc, the global financial services consulting and technology services provider, has today announced the launch of its RegTech Accelerator program. Synechron’s RegTech Accelerators are focused on financial services applications to increase efficiency in processes relating to regulatory compliance. By leveraging Synechron’s unique combination of expertise in business consulting, technology, and digital experience, its RegTech Accelerators were created to give financial organizations the benefit of increased control through technology, which will allow for greater transparency, more efficiency, better data quality, and better overall management of risk and regulatory compliance.

Taking into consideration the vast number of regulations impacting global firms recently and those that are scheduled through the next few years, and the estimation that financial institutions will spend up to 10 percent of their total revenue on compliance by 2022, each of Synechron’s six RegTech Accelerators has been designed to address specific regulatory challenges, including solutions for the following regulations: Anti-Money Laundering (AML), Know Your Customer (KYC), Basel III, International Financial Reporting Standards (IFRS) 9, the Generally Accepted Accounting Principles (GAAP) and the Fundamental Review of the Trading Book (FRTB). While creating more control over processes for financial institutions, the Accelerators may also benefit users by reducing compliance costs and making regulatory compliance and risk management quicker, simpler, and more efficient as firms adjust to the evolving global regulatory landscape. Synechron’s Accelerator program is supported by best-in-class partnerships, including with data lineage solution provider Solidatus.

The overarching trend which the Accelerators have been designed to address key themes within regulatory obligations and concerns. Each accelerator has been categorized in the corresponding regulatory theme as follows:

Risk

Capital Walkforward Accelerator:With a combination of Machine Learning and Natural Language Generation (NLG), this Accelerator automates the variance calculation process, as well as identifies influencing factors, and generates required commentary for manual validation and distribution. This assists firms in Basel requirements for Capital Numbers reports and improves efficiency as it is quicker and less error-prone than human processing.

Fundamental Review of the Trading Book (FRTB) Accelerator:This Accelerator automates FRTB calculations requiring the Standard Approach to modelling risk using a Spark-based data analytics platform, addressing the key areas – Sensitivity Based Approach, Default Risk Charge, and Residual Risk Add-on, offering a greater degree of control against using internal risk models.

Client Lifecycle Management (CLM)

KYC Remediation Accelerator:The KYC accelerator uses Optical Character Recognition (OCR) to scan documents and Natural Language Processing (NLP) to analyze the data, eliminating manual processes and ensuring companies are controlling and managing their KYC exposures.

Legal & Compliance

Information Governance and Records Management Accelerator:This Accelerator addresses the inconsistencies in record keeping due to the high level of unstructured records banks are producing today, which are unsupported by the current manual processes used for traditional paper records, by applying automation to analysis, classification, and retention of unstructured documents for varying records management requirements using OCR and NLP to populate forms from the records data and create full audit trails.

Intelligent Controls Testing Accelerator: The intelligent Controls Testing Accelerator delivers an intelligent analytics platform boasting Data Science and Predictive Analytics to automate the current manual and tedious testing processes. This allows firms to trial its enterprise risk management systems, rather than rely on manual tests on the first line of defense (1LOD). 

Finance & Treasury

Accounting Standard Normalizer: Synechron’s Accelerator for Accounting Standards delivers a data analytics framework with a microservices architecture to input proprietary credit risk models and use real-time data to run calculations for global Expected Credit Loss (ECL) calculations. The Accelerator addresses the challenges global banks face with varying global accounting reporting standards, like the US Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) 9.

“Demand for smart solutions to regulatory challenges remains at an all-time high across the sector, and our Accelerator program is designed to help banks and insurers ramp up these efforts more quickly and efficiently as they move past a ‘check-the-box’ mentality regarding regulations, and look to innovative technologies to find creative solutions to addressing new and changing regulatory obligations.” Faisal Husain, Synechron Co-founder & CEO, said. “We continue to see huge demand for RegTech solutions from clients seeking more control over their activities and risks. The focus on the total cost of compliance is high-priority for financial institutions, and technology is the best enabler to address this challenge.”


Previous Post

A Compliance Crisis in North Korea

Next Post

The Supervisor’s Role in Wage and Hour Compliance

Corporate Compliance Insights

Corporate Compliance Insights

Related Posts

business person diving for answers

Diving Into the Deep End of ESG Reporting? Do You Even Know How to Get to the Pool?

by FTI Consulting
June 24, 2022

Companies are eager to establish their ESG programs, and it’s not hard to understand why. But as a trio of...

Stericycle FCPA Enforcement Action

Stericycle FCPA Enforcement Action

by Corporate Compliance Insights
June 23, 2022

Tom Fox dives into the details of Stericycle’s multinational bribery scheme in Latin America that landed the company millions of...

Ethisphere Launches The Sphere to Provide On-Demand Ethics and Compliance Benchmark Analysis

Ethisphere Launches The Sphere to Provide On-Demand Ethics and Compliance Benchmark Analysis

by Corporate Compliance Insights
June 23, 2022

Business ethics think-tank Ethisphere has launched a new product that aims to enable ethics and compliance leaders to efficiently benchmark...

Never the Same: 5 Ways Russia’s Invasion of Ukraine Will Impact Business Forever

Never the Same: 5 Ways Russia’s Invasion of Ukraine Will Impact Business Forever

by Thomas Fox
June 23, 2022

Tom Fox’s musings on the war following a recent chat with Exiger CEO Brandon Daniels; the pair discuss the ways...

Next Post
businessman handing check to colleague

The Supervisor’s Role in Wage and Hour Compliance

Compliance Job Interview Q&A

Jump to a Topic

AML Anti-Bribery Anti-Corruption Artificial Intelligence (AI) Automation Banking Board of Directors Board Risk Oversight Business Continuity Planning California Consumer Privacy Act (CCPA) Communications Management Corporate Culture COVID-19 Cryptocurrency Culture of Ethics Cybercrime Cyber Risk Data Analytics Data Breach Data Governance Decision-Making DOJ Download Due Diligence Enterprise Risk Management (ERM) ESG FCPA Enforcement Actions Financial Crime GDPR HIPAA Know Your Customer (KYC) Machine Learning Monitoring Ransomware RegTech Reputation Risk Risk Assessment SEC Social Media Risk Supply Chain Technology Third Party Risk Management Tone at the Top Training Whistleblowing
No Result
View All Result

Privacy Policy

Founded in 2010, CCI is the web’s premier global independent news source for compliance, ethics, risk and information security. 

Got a news tip? Get in touch. Want a weekly round-up in your inbox? Sign up for free. No subscription fees, no paywalls. 

Follow Us

Browse Topics:

  • CCI Press
  • Compliance
  • Compliance Podcasts
  • Cybersecurity
  • Data Privacy
  • eBooks Published by CCI
  • Ethics
  • FCPA
  • Featured
  • Financial Services
  • Fraud
  • Governance
  • GRC Vendor News
  • HR Compliance
  • Internal Audit
  • Leadership and Career
  • On Demand Webinars
  • Opinion
  • Resource Library
  • Risk
  • Uncategorized
  • Videos
  • Webinars
  • Well-Being
  • Whitepapers

© 2022 Corporate Compliance Insights

No Result
View All Result
  • Home
  • About
    • About CCI
    • Writing for CCI
    • NEW: CCI Press – Book Publishing
    • Advertise With Us
  • Explore Topics
    • See All Articles
    • Compliance
    • Ethics
    • Risk
    • FCPA
    • Governance
    • Fraud
    • Internal Audit
    • HR Compliance
    • Cybersecurity
    • Data Privacy
    • Financial Services
    • Well-Being at Work
    • Leadership and Career
    • Opinion
  • Vendor News
  • Career Connection
  • Events
    • Calendar
    • Submit an Event
  • Library
    • Whitepapers & Reports
    • eBooks
    • CCI Press & Compliance Bookshelf
  • Podcasts
  • Videos
  • Subscribe

© 2022 Corporate Compliance Insights

Welcome to CCI. This site uses cookies. Please click OK to accept. Privacy Policy
Cookie settingsACCEPT
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT