RegTech Supply Chain — Reporting Tools

Welcome back to the RegTech Supply Chain Series! This series aims to help you navigate the RegTech ecosystem; the different sectors, what tools are available, and how they help satisfy compliance requirements and challenges. In the first three parts of the series we looked at onboarding, monitoring and detection tools , three areas that Trulioo is very familiar with.

We now move on to Part 4 where we explore reporting tools. As we introduced in Part 1 of this series, one way to catalogue all of these tools is by business needs, specifically classifying based on timeframes of the use of the RegTech tool.

Let’s review, what are different timeframes across a process lifecycle?

  • Onboarding
    Tools for the first step of signing up a customer. These are often one time or for new cases (ex. ONC, CDD, and KYC)
  • Monitoring
    Tools for analyzing performance on an ongoing basis
  • Detection
    Tools for flagging potential events, such as risk or fraud. These are occasional in nature but require the utmost of attention
  • Reporting
     Tools to warehouse, organize and send data to regulators at scheduled intervals
  • Process Tools and Controls
    Tools and controls that operate over the entire process lifecycle

Reporting Tools

After the initial onboarding, monitoring and detection processes, compliance is not complete. There’s a necessity for reporting on an ongoing basis. Reporting refers to the tools to warehouse, organize and send data to regulators at scheduled intervals.

There are various activities to keep track of, such as compliance requirements, regulatory information, data privacy requirements and various other market and transaction reporting needs.

For financial institutions (FIs), reporting to regulators is critical to ensure their compliance requirements are met. FIs must use reporting tools to ensure that they effectively meet all compliance requirements and maintain the trust of regulators, customers, partners, and investors.

For regulators, reporting tools makes their collection, analysis and review processes easier. Improving the communication flow between regulated companies and the regulators create efficiencies that result in cost and time savings on both sides. Better reporting tools also allow regulators to potentially catch issues earlier, decreasing risk to the financial system.

At Trulioo, we focus on building a seamless process for adhering to regulatory requirements in over 60 countries around the world by supporting the reporting process after onboarding, monitoring, and detection. By performing these checks, FIs are then assured that they are in compliance with their regulatory obligations and maintain the trust of regulators, customers, partners, and investors. Since GlobalGateway keeps track of every identity verification transaction, clients have access to detailed reports for auditing, trend reporting and business intelligence.

Here are some other tools that are useful in the reporting stage:

On the next RegTech Supply Chain post we’ll look at process tools and controls; what are they, how they can help your business and a survey of suppliers.

As you can see from the list, there are many options to choose from, and the key to picking the solution that is right for your product or service is to understand your current business needs and anticipate and prepare for the regulatory challenges on the horizon.

Market Fintech conducted a RegTech Performance Report where they ranked top performing RegTech suppliers from around the world. If you’re interested in Trulioo’s approach to customer monitoring and how we can help you comply with cross-border requirements with speed, agility and scalability, check out our Resources page.

Originally published at on May 17, 2017.

One clap, two clap, three clap, forty?

By clapping more or less, you can signal to us which stories really stand out.