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RegTech

Laven Partners extends its RegTech offering, launching the Digital Compliance Assistant software

Posted on 6 Jul 2016

Laven Partners, already famed for its Due Diligence Manager software, releases the Digital Compliance Assistant software designed to revolutionise how regulated firms manage their compliance procedures. Each client can have their own Compliance Manual digitalised. The software will also link the firm’s specific requirements to a full ongoing Digital Monitoring Plan. In addition, the package offers a choice of registers that can be used online by all staff as ‘live’ documents. All documents are exportable in PDF or Word format. 

Laven Partners’ Digital Compliance Assistant software includes a separate module for conducting Internal Audits. This has been designed to allow for a full review of all aspects of a firm’s compliance operating manual, processes and systems.

Laven Partners have ensured that the Digital Compliance Assistant is stocked with a host of best practice and regulatory information, expectations and recommendations, becoming an online in-house compliance assistant. All Internal Audit questions are accompanied by a choice of answers, and depending on what information the user selects or inserts, a full report is automatically written by the Digital Compliance Assistant with suitable, tailored recommendations.  

The software package allows firms to have a compliance manual, a monitoring programme and all corresponding tests of their controls and processes all in one place. 

The Digital Compliance Assistant is focused on firms regulated by the UK FCA and the US SEC, CFTC and NFA.

Laven Partners have ensured that the Digital Compliance Assistant is affordable to enable both smaller and larger firms to deal with compliance more efficiently and effectively. The software’s content and coverage is updated at least every quarter to ensure that changes to regulations and best practices are current within the Digital Compliance Assistant.

Users can, subject to user right management policies, amend their own compliance manual, add additional information to the reports produced, and customise the Digital Compliance Assistant’s generated responses. This means that a firm can operate a permission hierarchy and will hold an auditable evidence trail so that all changes are tracked for safety and compliance purposes.

Jerome Lussan, CEO of Laven Partners said: “Laven Partners has once again combined strong expertise and proprietary technology to deliver a dynamic RegTech solution, streamlining ongoing compliance systems and controls. This is the result of extraordinary teamwork aimed at driving down costs and ensuring visible compliance controls like never before. This Digital Compliance Assistant gives clients confidence in their compliance infrastructure and simplifies what can be a complex time consuming undertaking, at a lower cost. As an entrepreneur myself I wanted this product to help support all the entrepreneurs in the financial services industry, notably asset managers and advisors.”