bankingciooutlook

Ascent's AI-Driven Platform Supports Financial Regulators Worldwide

Banking CIO Outlook | Wednesday, April 07, 2021

Now with the capability to support global regulators at the product level, Ascent helps financial institutions reduce their regulatory and reputational risks while lowering their overall cost to comply.

FREMONT, CA: Ascent announced that its AI-driven platform is now capable of supporting financial regulators worldwide, providing a clear path for businesses trying to make sense of complex regulation.

Ascent generates a complete set of obligations targeted to each customer, which automatically stays up-to-date with changing regulations. Ascent’s obligations are targeted to the customer and granular, i.e., the individual requirements imposed on the firm, not an entire rule or large block of text that must be further analyzed by compliance personnel. Ascent’s offering of targeted regulatory knowledge is unique in the market and is a groundbreaking new way for firms to keep up with regulation without increasing costs.

“Ascent is a technology company that has productized regulatory knowledge,” said Brian Clark, President, and Founder. “That means that customers don’t have to keep paying more for service engagements because ultimately Ascent delivers regulatory knowledge as a product. Once a regulator is in our system, obligations can be accurately mapped to any customer within minutes.”

Ascent has no implementation fees, no hidden API or user fees, and no service costs. Unlike legacy compliance system implementations or more traditional service engagements, customers can get up and running on the Ascent platform within days. Customers can access their obligations directly on Ascent’s cloud-based platform or connect it to downstream workflows or internal documentation in a GRC or other compliance management system via API.

“Business leaders have realized that compliance is a necessary cost to lowering their risk,” said CEO Jon Leitner. “But if approached properly with the right technology, they now are beginning to understand that they can lower their cost and risk at the same time, which is a significant competitive advantage.”

Ascent’s targeted regulatory knowledge is flexible and can be leveraged by customers in several ways, including creating and maintaining an always-current obligations register or rule inventory, automating regulatory change management, evidencing compliance to the Board or regulators, remediation, and more.

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