April 25, 2022
Estimated reading time: 4 minutes
PricewaterhouseCoopers Aarata launches RegTech service for financial institutions in partnership with CUBE
PricewaterhouseCoopers Aarata LLC (hereinafter: PwC Aarata) has launched a compliance advisory service using RegTech (regulatory compliance technology) in partnership with CUBE. This is the third partnership between CUBE and the PwC global network, following collaborations with PwC UK and PwC Switzerland.
PwC Aarata and CUBE will roll out Know Your Regulations (KYR) in Japan, a service that allows clients to identify the regulations from various countries and regions that apply to them, thereby efficiently and effectively understanding their own compliance status. To do so, the service combines PwC Aarata’s expertise in regulatory compliance with CUBE’s AI-powered platform that collects regulatory information from 180 countries in 60 languages in real time. The service will be provided by PwC Aarata, in close collaboration with CUBE.
Regulatory compliance is a critical issue for financial institutions. Financial institutions often struggle to clearly identify the regulations that apply to them and the scope of influence, for example, of regulations that apply outside their original jurisdiction, especially if they operate in multiple jurisdictions and offer a broad range of products and services. And this issue is only compounded by the measures they must take to address an increasing number of soft laws, such as those related to ESG and sustainability, in addition to legally binding hard laws and regulations.
Financial institutions with a multinational presence need to understand regulations that are numerous, ever-changing, and that impact different business areas, which is currently a laborious and time-consuming process.
- The ability to rapidly identify applicable regulations using CUBE’s proprietary technology
- Classification and analysis of the laws and regulations for which compliance is required
- Gap analysis of the institution’s current measures
With the deployment of KYR in Japan, PwC Aarata will provide an opportunity for financial institutions to quickly and effectively identify the regulations that affect them, link these regulations to their internal policies, processes and controls, and implement an advanced compliance system.
Commenting on the partnership, CUBE Founder and CEO, Ben Richmond said:
“It’s great to see that CUBE’s partnership with PwC’s global network is growing stronger and developing into new jurisdictions. Our partnerships in the UK and Switzerland are already making significant progress in delivering valuable regulatory intelligence to customers, we look forward to doing the same in Japan and within a region that has such a rapidly evolving regulatory landscape.”
PwC Aarata’s CEO, Takaaki Ino said:
“PwC Aarata strives to become a leading firm to build trust in a digital society and resolve important social issues. We support our clients by proactively using the cutting-edge technology, as part of broader assurance services which leverage our audit services.”
CUBE is a global RegTech boasting the world’s most comprehensive source of classified, meaningful regulatory intelligence. Born of the 2008 financial crisis, CUBE combines industry leading technology and automation with expert-validated insights to enable global financial institutions to streamline their complex regulatory change management processes.
Using leading techniques in artificial intelligence, including machine learning and natural language processing, CUBE captures and classifies all regulatory content across 180 countries in 60 languages and maps it to customers’ compliance frameworks, from financial crime to cyber, privacy, tech risk and more.
About PricewaterhouseCoopers Aarata LLC
As a member of the PwC global network, PricewaterhouseCoopers Aarata LLC strives to become a leading firm to build trust in a digital society and resolve important social issues. It provides high-quality audit services that meet global standards, building on trusted audit approaches and cutting-edge technologies developed throughout the long history of the PwC network. It also leverage this knowledge to advise clients through broader assurance services in a variety of fields, including accounting, internal controls and governance, as well as cybersecurity, regulatory requirements, digitalisation and initial public offerings. Find out more here.
PwC’s purpose is to build trust in society and solve important problems. PwC is a network of firms in 156 countries with more than 295,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more here.