As industry regulations continue to evolve, wealth managers and banks increasingly rely on tech solutions to not only meet their compliance needs, but also to relieve the regulatory burden.
In response to these challenges, global software company Appway developed Regulatory Reviews for Wealth, software that helps wealth managers and private banks improve their compliance for existing customers. “Appway’s goal is to support wealth managers in transforming challenges into opportunities—especially in the compliance arena,” says Purti Mehra, the company’s marketing manager for North America.
Regulatory Reviews for Wealth aims to replace the traditional approach to compliance where each individual piece of the regulatory process is dealt with separately. Instead of this siloed approach, says Mehra, Appway’s software takes a more holistic approach, allowing compliance issues to be solved from the very start of a process.
The software allows for easy access to data. It sets up and monitors compliance reviews. And it also provides partnerships with third-party experts such as Worldcheck and Accuity to help perform background, Know Your Client and anti-money laundering checks effectively. Client data is aggregated to provide one consistent view of their information, which helps avoid duplicated sets of data and the need to run compliance checks on different systems.
The software also provides real-time collaboration tools. For instance, workers can delegate and track tasks during compliance reviews, while compliance experts can model the review process and assign priorities to ensure a smooth workflow.
The creators of Regulatory Reviews for Wealth wanted to create software that is agile enough to meet a variety of clients’ needs. They designed the software to be a modular set of prepackaged building blocks that can be assembled and scaled based on a business’ specific requirements.
“We want to provide tools that empower workers with both step-by-step guidance as well as with the flexibility that allows experts to decide how they want to tackle their own tasks,” says Mehra.
In essence, Regulatory Reviews for Wealth is a software solution that enables wealth managers to comply with evolving regulations while embracing innovation. This is not only beneficial to wealth managers but also benefits their clients and the bank as well.
