BCT Digital, a global Fintech company specializing in regulatory technology, has launched ‘rt360 Compliance Management’, which enables organizations to automate their compliance processes, helping them in achieving better compliance at a lower cost . By automating the overall process, it conducts continuous monitoring thereby proactively detecting any compliance violations to protect the company from considerable reputational damage and high financial penalties.
It operates on five key elements. Firstly, it enables organizations to maintain a comprehensive library of regulations with regards to Compliance Management, wherein authorized users can add new regulation requirements such as external regulations or internal policies and map them at a process, department, or organization level. Secondly, it allows initiation of Compliance programs on a planned or on ad-hoc basis allowing to create and perform standardized compliance programs. It enables the company to foresee and prevent potential risks early and improve collaboration across verticals to provide critical real-time insights into compliance processes.
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Further, the rt360 GRC solution comes up with a Compliance Register which serves as a centralized process repository for creating and managing internal policies and external regulations. Mapping of risk, controls, and other parameters for compliance can be performed through the application. It also helps in conducting periodic assessment and monitoring of organization’s compliance requirements to check the effectiveness of each control. The solution, further, offers reporting solution enabling persona-based reports and a comprehensive Compliance Dashboard to get data insights and monitor adherence.
The application provides an integrated and holistic view of tracking compliance, risks and audits related to compliance through seamless integration with in-house systems and external third-party systems.
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Jaya Vaidhyanathan, CEO, BCT Digital said, “We are delighted to add a crucial Compliance Management solution to our rt360 GRC product suite, which reduces risk of compliance violations, penalties and reputational damage. Driving compliance proactively is a significant challenge faced by many organizations due to the ever-changing regulatory landscape. Organizations need to constantly monitor the adherence to both outside regulatory and legal requirements as well as internal policies and bylaws. We are certain that the distinctive features of rt360 Compliance Management will help companies in achieving better compliance at a lower cost.”
The rt360 Compliance Management is a new addition to BCT Digital’s rt360 Governance, Risk and Compliance (GRC) product suite, which has led the company to achieve distinctive recognitions. It recently ranked amongst Chartis Research’s top 100 RiskTech companies in its 2022 report. It was also named as ‘Category Leader’ in the RiskTech Quadrant for Model Risk Management solutions 2021.
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