Evidology launches new compliance solution to address challenges of principles-based regulations
Regulatory technology company, Evidology Systems, is launching a new service which combines real-time specialist legal opinion with principles-based regulations compliance software.
QED (Quality and Evidence Driven), which Evidology describes as a second-generation solution, aims to simplify and optimise the process of demonstrating compliance to a regulation or conformance to a standard. This visual system utilises current legal opinion to allow organisations of any size to demonstrate compliance at all times with increasingly-complex regulations, including GDPR, FRTB, SMCR, ISO 27001 and PSD2.
Rupert Brown, CTO of Evidology Systems, says: “Principles-based regulations are a guessing game for many financial institutions, because they are deliberately formulated by regulators to not have set parameters. We have developed a unique solution which addresses the legal requirements of compliance, with both the regulator and the companies in mind. QED can be used to standardise these regulations by both sides.”
Based on an argumentation analysis engine, QED’s main aim is to equip organisations with the necessary supporting evidence, enabling firms to be able to prove compliance when challenged, and to trace corporate and individual actions and responsibilities.
Brown adds: “Every other solution on the market repurposes existing capabilities to try and fix compliance from the bottom up, for example using big data from email and comms surveillance to address conduct risk, along with ‘transformation’ and a replacement of existing workflow platforms with a slightly different version. The reason QED is a second-generation solution is that we’re not using these second-hand ideas like workflow and data mining which are merely small pieces of evidence in the compliance jigsaw. We’re offering an entirely fresh approach.”
Bob Ford, Senior Subject Matter Expert, Payments, says: “Evidology provides the critical traceability and coverage assessment that is vital to ensuring compliance in the complex minefield of payments regulations.”
QED is a powerful system which can be implemented in just days, and without affecting the underlying systems. Making use of an industry standard visualisation tool and intranet services, users can create visual representations of their regulatory efforts and view these from any browser (desktop or mobile), anywhere in the world. The Evidology platform enables a wide range of data analysis tools, allowing for the already-collected and standardised data to be used in other business operations.
"At 3 Lines of Defence Consulting Ltd we focus on Cyber, Information Security and GDPR compliance and we feel that Evidology provides a bespoke tooling that allows you to visualise where your lines of defence are constructed and the industry standard methodologies which support them,” says Nick Murphy, Director (Associate), at 3 Lines of Defence Consulting Ltd.
QED’s key features include:
• Tracking evolving regulatory drafts and case law
• Sustaining proof of compliance
• Focusing attention on known unknowns
• Reducing the cost of producing a defence through standardisation
• Applicable to both regulated companies and regulators
Evidology’s QED can identify both individual and corporate risks and provide users with solutions on how these can be managed. This, alongside with the legal argument provided by the product, is aimed at giving companies complete confidence in their compliance position.