How does this work in practice?
Imagine a cockpit. RegTech enables legal & compliance to control entire chains of processes and distribute responsibilities of these accordingly through one centralised system. The organisation in turn responds as smart policies block or pass actions based on their accordance with the law. They work behind the scenes like a “compliance layer”.
The Compliance Officer’s job will never be easy, but resources can definitely facilitate many of their responsibilities. With digital rules, you suddenly have an environment that enables automated and designed processes. The knock-on effect is reduced supervisory controls. Nor do entire organisations need to undergo training.
So what about country manuals for banking services and investment instruments?
Country manuals are comprehensive learning resources, no doubt about that. It is from there we extract intelligence for our digital rules. In fact, we collaborate with many of the leading content partners to form regulatory frameworks for each jurisdiction.
“Like all paper-based legal opinions, documents can appear static and one-dimensional.”
However, when used in a learning context, manuals in their traditional form come with limitations. Like all paper-based legal opinions, documents can appear static and one-dimensional. Many are also full of jargon and terminology which can be challenging to interpret correctly across the organisation.
What do you enjoy most about your job?
I really enjoy exploring new rule sets together with our clients. As Apiax users develop their understanding of our concept, they often develop their own ideas of regulation and process digitalisation. This is very rewarding to see. The initial client purpose is almost always the starting point of something bigger.
Tell me about some of your ongoing projects.
We are working on several new rule sets. One of them is data protection rules for several use cases and industries. Alongside we enhance our compliance solutions for the financial industry, such as MiFID target market and Tax.
How does Apiax differ in its approach to compliance?
When we talk compliance, we talk about a digitalised version of the kind of compliance work that you would usually expect. We distill traditional compliance tools such as cross-border country manuals or internal policies into digital, machine readable rules that indicate what you are allowed to do or not to do in any given moment.
“Now that we have digitalised compliance knowledge, it can take on a number of different forms”
Now that we have digitalised this knowledge, it can take on a number of different forms and be used in tandem with other requirements to provide a complete and clear view of the red and green listed moves relevant to your case. In other words, Apiax allows for legal & compliance professionals to scale their expertise.
Do you have a favourite Apiax function?
Yes, the constant accuracy of digital rules. What always annoyed me during my time in risk management was outdated policies or process descriptions. These had to be squeaky clean whenever it came to an audit.
“With Apiax, I have one source of the truth”
With Apiax, I have one source of the truth. Whether updated by internal experts or external law firms, all rules are maintained in one system. These rules are directly fed into front applications or into a rule reporting with no discrepancies between policies and IT implementation.
Office chocolate is a big thing at Apiax. Do you have a favourite?
Dried fruit and nut chocolate is the best 3pm pick-me-up!
What is the easiest way to get in touch with you?
Connect with me on LinkedIn or drop me a message at hello@apiax.com.