Plenitude rolls out financial crime compliance solution

By Megha Bhattacharya

Financial crime, risk and compliance solutions provider Plenitude today announced the launch of Plenitude RegSight, a cloud-based Financial Crime Compliance (FCC) obligations management solution. The new tool will provide a cloud-based technology platform to identify and manage FCC obligations, improve operational efficiency and drive more effective financial crime risk management.

Alan Paterson, Plenitude Managing Director, said, “We are delighted to announce the launch of RegSight today. Financial Crime Compliance obligations management is a critical enabler to address the regulatory and social imperatives for more effective financial crime risk management. Historically obligations management has been complex and costly due to the lack of bespoke technology solutions resulting in firms conducting the work inhouse or accepting sub-optimal solutions”.

According to Plenitude, RegSight enables the immediate identification of specific legal and regulatory obligations across a multitude of sources, jurisdictions and FCC domains along with corresponding regulatory and industry guidance, including the latest UK laws and regulations post-Brexit.

Paterson continued, “To address these challenges we embarked on the development of an innovative and comprehensive cloud-based solution with input on the design from experienced FCC industry practitioners. We believe RegSight is unique in terms of the combined FCC obligations content, product features and functionality that is expected of a leading RegTech subscription product.”

Plenitude offers advisory, transformation services and cloud-based RegTech subscription products. They aim to address the legal, regulatory, reputational and social imperative for financial institutions to take steps to mitigate financial crime risks.

Asad Choudhary, Partner at Plenitude, said, “RegSight is the culmination of a three-year development effort. Most importantly, it is cost-effective and less resource-intensive when compared to the cost of managing an Obligations Register internally, with cost savings typically in the region of 50-70%. As a result, we are already seeing strong demand for the product from our existing client base and looking forward to deploying the product across the financial services industry.”