2020 has presented a wealth of challenges and innovations that have the potential to change the way that businesses, regulators and financial institutions work – both now and in the long term. With that in mind, we examine the 4 ways that CUBE is primed to support your business in a transformational, post-pandemic world.
1. Horizon scanning to manage regulatory unpredictability
The first half of the year, bolstered by the Covid-19 pandemic, brought wide-reaching uncertainty for businesses and individuals alike. As well as economic upheaval, financial institutions (FIs) must now manage the challenge of increased regulatory uncertainty. Global financial regulators have placed new or amending regulations on hold in a bid to give FIs breathing space to manage the new landscape. This pause is not indefinite and, as operations and policy developments return to normal, there are signs that there may be a post-pandemic run on regulatory activity.
As we move towards the end of 2020 – and the beginning of 2021 – regulatory changes will not only continue but may be seen at a greater volume than before as regulators look to issue guidance concerning the post-Covid environment. For many FIs, resources may be depleted and predicting and managing regulatory change could become increasingly difficult.
CUBE’s Digital Regulation Platform (DRP) is centred around transforming through change. It is designed to track and predict changes, and to manage them accordingly. CUBE surveys the entirety of global regulatory data and sends tailored alerts to FIs when relevant regulatory change occurs. CUBE RegBook allows users to horizon scan – to see pending amendments or new regulations, as well as look back at previous changes or versions of regulatory rule books. It provides an accurate gap analysis, so FIs know whether they’ve got holes in their compliance regime.
In this apparently ‘new normal’ – CUBE helps to level out regulatory unpredictability and allows FIs to embrace transformational change.
2. Automating compliance to free up resources
A long-lasting side effect of Covid-19 is, for many businesses, a reduction in resources; be that budget, tools or manpower. FIs that have historically used manual processes to manage compliance, may find that a reduction in resources leaves them struggling to keep ahead of regulatory changes and obligations.
CUBE automates processes that have previously been carried out either manually, or by legacy governance, risk and compliance (GRC) programmes. Such programmes are often outdated. For instance, trawling regulatory rulebooks to uncover potential changes can be done instantaneously through automation, but can take hours or days if conducted by a compliance team.
CUBE uses regulatory intelligence to streamline tasks that have previously required tens of human hours and reduces them to instantaneous, AI-led outcomes. This means that compliance teams will spend less time on labour-intensive administrative tasks and can instead focus their resources on meeting and managing compliance goals and outcomes.
3. Tailored solutions to mitigate increased risks
The new environment created has opened the floor to cybercriminals, who look to take advantage of increased uncertainty and vulnerability. Early on in the pandemic, reports showed that cybercrime was on the rise – a trend that has continued even as the landscape settles.
Similarly, FIs have been concerned by an increase in illicit insider activity – such as financial crime and anti-money laundering (AML) failings. The new Covid-19 environment presents a wealth of new risks – even new remote technologies present challenges. The pandemic has also revealed weaknesses in processes and systems, which businesses are now looking to repair by taking stock of their tools and reviewing business continuity plans.
CUBE’s DRP offers tailored solutions for risks, both new and old. From AML to cyber security – technology risk to records and privacy. CUBE establishes these risks and, using regulatory intelligence, builds an ontological model to support an FIs regulatory obligations around them; ensuring watertight compliance in a newly vulnerable world.
4. Embracing change to support customers
For many businesses and FIs, enforced working from home initially caused widespread disruption. CUBE is a company founded on predicting, embracing and managing regulatory change – it’s in our DNA. With that in mind, CUBE has continued with business as usual in the ‘new normal’, because we’ve always supported agile, remote working. While other companies may have rushed to reconfigure their systems and business support during the lockdown, CUBE had that support in place. In the event of a second-wave scenario, CUBE will be able to continue as usual in supporting our global customers.
At CUBE, we strive to serve and support our customers, no matter the time, jurisdiction or circumstance. We offer follow-the-sun customer service, meaning we’re on hand for our customers any time of the day or night, wherever you are in the world. Covid-19 hasn’t stopped us, and it won’t change the tailored service our customers receive.