Individual regulatory compliance software [a quick guide]
Individual regulatory compliance (IRC) is a concept that brings all your regional and global regulatory needs around the individual together in one place. Whether your goal is to achieve good governance or to create a framework for tracking regulatory requirements, individual regulatory compliance software helps you achieve these outcomes.
Trailight’s IRC platform is focused on enabling transparency and accountability for individuals in financial services industries, in order to create good outcomes for organisations as a whole.
The importance of individual regulatory compliance
Traditionally, the different elements of individual compliance within firms can occur in different areas of an organisation and as such the relevant information and metrics and have often been subject to significant silos. Human resources solutions monitor one aspect while GRC tools look at another. However, neither covers the full, multifaceted scope of what senior or certified individuals need to manage in order to remain compliant under various individual accountability regimes.
Bringing this information into a centralised system allows organisations to monitor the status of their individuals’ compliance from every perspective. As regulatory regimes around the globe evolve and expand, this is increasingly important to be able to do effectively. With Trailight’s IRC, you can better measure good outcomes under broad regulation such as Consumer Duty, as well as tracking the details under regional senior management regimes such as SM&CR and IAF / SEAR.
Alongside the geographical and regulatory nuances is a holistic view of organisational compliance. By viewing individual requirements in isolation, or not at all, organisations increase their propensity for risk, poor conduct and negative compliance cultures. An approach that focuses only on the big picture of organisational compliance opens the door to inconsistencies and breaches.
Trailight, on the other hand, starts with the individual. People are the building blocks of compliance, and so by using software frameworks to support individual compliance, organisations are effectively ingraining regulatory best practice and good values from the ground up. Governance can then be viewed on a holistic level through views that encompass departments, global entities or even cross-jurisdictional populations.
This allows organisations to better track trends, measure outcomes, manage inconsistencies, and identify risks, as well as their root cause.
The pillars of individual regulatory compliance
Individual regulatory compliance software is a centralised platform used to manage all your individual compliance needs. It enables the many elements of compliance – including F&P, conduct, permissions, accountability, policies, breaches and risk, to name a few.
In addition, these capabilities can be used at both an individual and global level. While it focuses the lens of compliance around all individual activities and requirements, IRC works across jurisdictions, regimes and regions, giving organisations an individual perspective at global scale. Trailight’s flexible views mean MI data can be captured and reported on across all elements of individual compliance, which includes regional variances. Users can report on global trends or national metrics, regional requirements or individual competence.
Nevertheless, no matter what view you take, IRC instils the common principles and objectives of competence, conduct and culture across your organisation.
1. Regulatory governance
a. Accountability mapping
b. Regional requirements
c. Regulatory hierarchies
2. Assessments
a. Attestations
b. Key assessments capability (e.g. F&P)
3. Individual Certification
a. F&P tracking
b. Roles and responsibilities
c. Regulatory onboarding and vetting
d. Regulatory record keeping
e. Certificates
4. Competence and capability
a. Training
b. PRM
c. Development planning
d. Competence and people risk metrics
e. Competence frameworks and schemes
f. Internal licences
g. Training log
h. Qualifications and experience
5. Conduct measure
a. Conduct rule breaches
b. Internal policy breaches
c. Regulatory data outputs
The flexibility to fit your requirements
While Trailight covers all aspects of individual compliance, across regions, you may only need one component of this. In this case, the platform is modular based on your jurisdictional and organisational needs. For example, Trailight can be adapted for SM&CR, IAF and SEAR, IAC, FAR and more.
Equally, the functionality within the platform can be configured to suit your own processes, frameworks and job roles. As regulation changes throughout the financial services sector, the platform can be adjusted, and our team diligently keep track of new requirements in order to continuously update the capabilities.
The future of IRC
Our individual regulatory compliance software solution is always being improved, updated and innovated to make your compliance process simpler and easier. One timely example is the Consumer Duty. This regulation is fresh in the industry and firms need to assess their conduct risk frameworks accordingly, ensuring the principles of customer support, good outcomes and value are accurately reflected in their approach.
To understand more about how Consumer Duty will impact your organisation, read our article on aligning with the four outcomes.
Explore our IRC platform capabilities here.