RegTech Insights: Governor Software Partners with AI Specialists Waymark for Global Coverage
18 February 2020
Oversight solutions specialist Governor has become a global reseller of financial regulatory content from UK-based Waymark Tech: including current regulations, regulatory news and regulatory change. The agreement launches Governor Software’s regulatory compliance solution onto the world stage, as Governor Reg can now support compliance teams across all financial regulations worldwide.
Governor Reg was initially developed in conjunction with the Financial Conduct Authority (FCA) in the UK, utilising visualisation technology to provide FCA-authorised firms with a unique version of the FCA Handbook, allowing them benefits from improved search functions, increased visualisation of regulations and the ability to download specific modules, to being able to view changes by date using the history feature.
But with clients asking for a broader range of global coverage, including similar offerings for overseas authorities, the glacial pace of regulatory decision-making proved just a little too slow. “It would be a long road if we worked regulator by regulator,” CEO Richard Pike tells RegTech Insight. “So we looked around to see if there was any way to provide the same service without involving the regulator directly – and Waymark was the obvious answer. It’s use of artificial intelligence to automate the extraction of regulatory requirements integrated seamlessly with Governor Reg and passed Governor Software technology stress tests.”
Waymark Tech offers an AI toolkit that enables it to take regulations directly from the regulator’s website and digitise them, even if they are presented in basic form such as a PDF or Word document, providing the regulatory content required to allow regulated financial institutions from all over the world map, track and report regulatory compliance as well as receive Regulatory Change updates and Regulator News on the day they take place.