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As the leader in global regulatory intelligence and change solutions, CUBE enables financial institutions to gain real time insights on global regulatory change, understand the impact of changes to policies and controls, remediate gaps and automate critical compliance processes to implement those changes right through to the line of business, “we take a holistic view of regulatory change dealing with every possible regulatory issue impacting a global financial institution—scale is paramount!”
With a focus on machine automation within the regulatory compliance landscape, CUBE offers an AI platform based on big data, “AI is a significant enabler of how the world of regulatory compliance can be transformed for all financial institutions. The perfect use case for AI is enabling automation in regulatory compliance given the vast amounts of data we have to learn from,” says Richmond. The platform’s machine automated approach collects regulatory data from the open web, analyzes and categorizes the data and extracts the relevant regulatory information based on how it would translate to customers, “we constantly track all global regulations and deliver real-time visibility of regulatory change, across multiple languages and jurisdictions.”
We take a holistic view of regulatory change dealing with every possible regulatory issue impacting a global financial institution—scale is paramount!
Crucially, CUBE provides an API for its customers to connect compliant controls to systems and data providing the ability for straight-through-processing of regulatory change, “think about it this way, CUBE provides a level of automation that means we can go from a change in rules on selling for example to updating a customer CRM with new controls in near real time ensuring the c u s tome r can adapt to the pace of change— this simply wouldn’t be possible based on today’s typical manual processes.” Through this robotic process automation (RPA) and leveraging its regulatory rule set, firms using CUBE receive analytics on the impact of regulatory change, and automated corrective action to implement those changes. CUBE’s process automation offers a seamless connection of the right regulatory requirements to the right policies and controls, while delivering a fully automated and auditable workflow, integrated with customers’ existing compliance processes, “catering to the needs of an extensive audience of global financial services firms including banks, insurers, asset managers and wealth managers, our SaaS-based platform is being used across 180 countries and in 60 languages,” says Richmond.
“Today, financial institutions spend about 20 percent of their operational costs on compliance and yet we see billions in fines annually, by leveraging innovative technologies like AI and big data analytics, our mission is to dramatically change these statistics and become the standard unified and open platform for all financial institutions to manage global regulatory change,” concludes Richmond.