CUBE partnered with PwC UK and Switzerland for regulatory compliance

By Joy Dumasia

PwC Switzerland, PwC UK and CUBE have revealed a collaboration that will see the organisations work together to transform the world of financial compliance by combining PwC‘s expertise in regulatory compliance with a leading RegTech platform.

The first move of this new collaboration is the launch of KYR, a service designed to shake up the compliance space. KYR, or ‘Know Your Regulations’, transforms how companies demonstrate compliance.

KYR provides a rapid scoping of applicable regulations using CUBE’s proprietary technology, having a detailed view of what obligations the institution need to comply along. Also, having a gap analysis of where institutions are currently falling short.

This rapid, technology-based assessment, which draws on regulatory data from across 180 jurisdictions in 60 languages, accelerates the process of understanding applicable regulations and identifying how the organisations are complying with them.

George Stylianides, Global FS Risk lead, PwC UK, said: “Our collaboration is accelerating how we support clients to define their regulatory obligations and demonstrate compliance. Having a continuously updated golden source of regulations, with exceptional language translation capability, and the ability to align regulations to client-specific or pre-defined operational taxonomies is a game-changer.”

Ben Richmond, Founder and CEO of CUBE, said: “We are delighted to be partnering with PwC, an industry leader in the financial services and regulatory sector. This collaboration will enable us to deliver further value to our customers combining CUBE’s leading regulatory intelligence RegPlatform and PwC’s domain expertise. We look forward to working together to deliver transformative regulatory compliance solutions to the world’s leading financial institutions.”

Matthias Leybold, Data & Analytics Leader at PWC Switzerland, said: “We are impressed with CUBE’s capability to curate and segment regulatory documents down to the individual obligation. Thanks to this, regulatory themes can easily be viewed across different regulations, and it is now possible to link individual obligations to specific client controls.”

IBS Intelligence recently reported that Swiss FinTech NetGuardians, known for its AI-based enterprise risk platform for combating banking fraud, announced a partnership with PwC Singapore.