The requirement for third party due diligence affects many different sectors, including Clearing Banks in respect of specific clients; Payment Service Providers and their Agents; and Lenders/Funders in respect of their Brokers.  This is sometimes mandated, for example as set out in the Payment Services Regulations 2017, but often it is required for commercial prudence and risk management. 

Compliancy.CAM helps you overcome two key issues:

  1. Increased compliance costs - the traditional approach involves a costly onsite consultant audit, and in our experience, this results in some firms taking the risk by not undertaking third party due diligence.  

  2. Poor analytics - where firms do undertake due diligence, the data tends to be in individual files and is not easily accessible or reportable across the portfolio.

How Compliance Assurance Manager works

  • Determines the level of risk posed by each audited firm, enabling you to use a risk adjusted blend of remote and onsite audits more selectively and efficiently;

  • Audits are reviewed by a skilled assessor providing a consistent assessment process;

  • Collates compliance due diligence information, whether the audit is carried out remotely or in person;

  • Using our proprietary web based application it provides interactive and on demand reporting of all data gathered, enabling a range of insights on the portfolio in question providing genuine business intelligence.

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Assessing PSD2 and MLR 2017 Compliance

FINANCIAL INSTITUTION ON-BOARDING SPECIALISTS

Our RegTech enabled service combines subject matter expertise and technology to help you reduce compliance costs and improve data collation, reporting and analytics in the execution of due diligence on third party firms that may pose a regulatory compliance risk.