On September 26, 2018, Grand Hotel Adriatic, our software engineer Ivan-Dominik Ljubičić, delivered a talk titled “Automation of regulatory compliance processes” at the SmartCard 2018 international conference.
Ivan-Dominik talked about challenges financial institutions are facing regarding regulatory compliance and how to overcome them.
Regulatory compliance processes are still performed completely manually in most financial institutions which makes them ineffective and prone to errors.
INFIGO IS’ solution, the INFIGO Compli application, as presented by Ivan-Dominik, addresses this by automating regulatory compliance processes. This is achieved through automatic data retrieval of the most relevant regulatory web sources. Once received, the data is passed through a built-in, customizable workflow that includes relevance, trustee assignment and risk assessment of non-compliant regulations, where everything is handled through prebuilt web interfaces.
Implementation of such an application, as concluded by Ivan-Dominik, standardizes the way of handling a company’s compliance with newly published regulations and removes the risk of potential errors , while at the same time reducing the need of large manpower for regulatory compliance tasks.