FAQs

Frequently Asked Questions

Please find below some of the frequently asked questions about our regulatory technology. Given that our all software is built off the same model, a lot of the features are similar in each. We hope these questions help you find an answer.

FAQs for RegTech

What is the DCA (Digital Compliance Assistant)?

This is a compliance software which we have developed in-house and includes a maintained compliance manual, a quarterly monitoring plan, access to compliance registers and employee-specific records and attestations.

What is the KYCA (Know Your Client Assistant)?

This is a client on-boarding software accessible online, which acts as a portal designed to assist investment management firms with their gathering of information prior to engaging with any new client. The software is built with a ready-made template (which can be changed) so each potential client user has their own account to complete the on-boarding process, saving time (up to 50%) for on-boarding procedures. It is a workflow software which includes all the necessary content to manage AML, KYC, and MiFId categorisation or other parameters of risk profiling.

What is the DDM (Due Diligence Manager)?

The Due Diligence Manager is a tool to help streamline the operational due diligence process. The User’s can input the answers into designated Question & Answer section (similar to a DDQ) and the generic report text will be automatically generated to create a final, formatted report, depending on various templates (all of which can be changed) which currently cover hedge funds, private equity and funds of funds. Relevant documents can also be uploaded to the site to ensure all documents are in one place.

Who can access the information? How is it controlled?

Access to the site can be given to all employees or third parties and the Administrator has the ability to limit that access. For example, the standard user groups, are that the compliance team can access the information and edit the manual/ongoing monitoring in the DCA whereas the other employees’ view is limited to a read only published compliance manual, or the ability for them to input their own gifts and inducements, conflicts of interest, complete their online training etc. For the KYCA we encourage you to rely on the feature which opens up the system to clients.

Who controls access?

Access is controlled by the Administrator, and usually split into two groups; those who can edit documents and those who have read only access.

Can I edit the content in terms of questions and chapters?

Yes, it is possible to add chapters including questions with open text or with some customisation questions with various automatic text designed to your specifications. We can also help you add new reports with wysiwyg text functions which is useful to create directors’ reports for example.

Do I have to write out the report text within the software?

No, the report text is written in standardised form automatically. The source for this text is built into a database at the backend of the software, the content of which is displayed depending on the answers the User inputs into the Question & Answer sections, often selected from tables, drop down options or free text options.

Can I write comments outside of the standard questions that will be included in the report?

Yes, there is an option at the bottom of each Question & Answer sections to add a comment that will be included within the report text if desired.

Can I edit the standardised report text?

Yes, there is the ability to edit the report text if the User wishes to customise the report, or mitigate a particular risk or issue raised with their own comment.

Is there an audit trail of any edits made?

Yes, any edit made to the standard report text is flagged by a little green button on the left hand side of the text. This ensures any edits are easy to review. Edits are also recorded by named user, date and time.

If a red flag or concern is raised, can I edit the content or make a comment?

There is the ability to edit the content and wording if there are red flags or concerns raised. Again, any edits made are audit trailed by named user, time, and the system will hold each change of the edited section. This feature allows the User to explain the presence of the red flag/concern, or to explain some mitigation if that is appropriate.

Is there any way to communicate with my team within the software?

Yes, there is a comments section at the bottom of the page which enables colleagues to communicate with each other if they have queries over a particular section. This negates the need for email and ensures relevant commentary is in the relevant section.

Can my client input information into the software?

Yes, the User can give their client access to help fill out the software especially in the case of the KYCA. This shortens the time needed for the user to onboard clients. The client’s view is limited to only the Question & Answer section where they input their information, they cannot see the final report text, red flags or concerns raised or the verify boxes. They do have access to the comments section so they can communicate with the User if they have any questions.

Does this mean the client can see the report content, red flags or concerns?

No, the client view means the client is limited to just the question and answer section and comment sections. They cannot see the final report text, red flags or concerns. They can however be given a write to export all of their answers for their own record keeping.

Can I review the report whilst I write it?

Yes, you can review the text in the software as well as any final PDF export of the report at any point in the development process by clicking ‘Review Section’ or ‘Review Report’ in the top right corner of the screen. This will generate a PDF report of the current content within the software.

Can I download the final report?

Yes, you can download the report in PDF form at any point during the development of the report. You can also download the final version in read only format.

Can I upload documentation associated with the report?

Yes, you can upload all relevant documentation into the document repository within the software. For example, on the KYCA you could upload relevant passport copies so they are in the same place as the KYC report itself.

Can I designate a report reviewer?

Yes, in the Configure Report section you can choose a report review who will be responsible for the report. Therefore, when the analyst has finished the first draft of the report, they click ‘Submit for Review’ and it will go to reviewer to be looked over before being published. An email will give notice of this development to the named person as well.

Can the review frequency be linked to my outlook calendar?

Yes it’s possible to sync the review frequency of reports to an outlook calendar directly from the software.

Latest from the Newsroom

ComplianceFeatured

GDPR in full force days after deadline

The GDPR is, at the time of writing, exactly 6 days old and some of (more...)

RegTech

ACCESSING US CAPITAL AND FACILITATING INVESTMENT BANKING TRANSACTIONS

THE BROKER DEALER QUESTION Micah A. Taylor for Institute of Compliance Accessing US Capital private (more...)

ComplianceFeatured

GDPR: Does your company need an EU representative according to Article 27?

The General Data Protection Regulation (GDPR) is set to come into force on 25 May (more...)