Corlytics, a specialist in calculating and analysing regulation as a risk, has added a new free Regulatory Event Data (RED) app, which filters global, real-time, regulatory data to its RiskFusion software offering.
Corlytics says this is the first-time global regulatory updates and notices have been centrally collated via an app and made available for free, offering one of the most disruptive changes to the regulatory industry.
This regulatory data is otherwise paid for via a subscription service, or by accessing a regulator’s website directly and manually searching for enforcement activity or policy changes. By giving compliance officers and financial institutions open access to the data, they can better plan their compliance programmes and save valuable time.
Corlytics’ RED app scans regulators in near real-time for all types of regulatory developments. These include regulatory notices, speeches, press releases, consultations, enforcements and penalties. Users can choose five global regulators to appear in their feed and receive push notifications or RED alerts on content related to those regulators.
Corlytics, founded in 2013, provides relevant insight into the size, scope and root causes of regulatory risk. Using its regulatory taxonomy and advanced analytics, it extracts relevant intelligence to rate the risk of regulatory concerns. Corlytics works in partnership with banks, regulators and eminent financial institutions globally with an aim to restore trust and build transparency in the global finance system.
John Byrne (pictured), CEO at Corlytics, says: “Corlytics sees the value in risk weighting the information by making it relevant and actionable. With the regulatory intelligence market said to be worth USD10 billion, now seemed the perfect opportunity for Corlytics to offer open access of our data. Our RED app allows users to draw in the data that is relevant to them.”
“There is so much regulatory information out there that requires constant managing. Cryptocurrencies and disruptive developments mean that new regulation is always needed. This level of near real-time regulatory intelligence will be a hugely valuable tool for legal, risk and compliance officers who work within financial institutions or law firms.”
Eileen Flaherty, managing director at The Global Capital Group, and former CFTC Director of the Division of Swap Dealer and Intermediary Oversight in North America, says: “I like the app very much. As it pulls from multiple regulators, it gives me quick and accurate updates all in one place. It is exactly what I want to know daily.”
Peter Oakes who is director of FinTech Ireland as well as the ex-chief risk officer at Bank of America Merchant Services (licensing & establishment of business in EU) and formerly director (enforcement & anti-money laundering) at the Central Bank of Ireland has also tested the app. He says: “I was very impressed with Corlytics Red. I especially like the fact that I could download the regulatory source document quickly and easily, save it to my phone and share the file with colleagues without the need to be at my office computer. To have searched for this material by logging onto each regulator’s website and then having to navigate each site for the relevant material would have taken hours, instead of a matter of minutes on Corlytics RED. Corlytics RED has won a place in my top five regulatory bookmarks!”
The app is free to download and is available on the App Store, with an Android addition. There is also a desktop version enabling a more in-depth view to become an integral part of a compliance officer’s day. Sharing the data via email is enabled to alert other team members.