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Compliance as a service: Utilising the power of the cloud
The importance and changing nature of financial regulation requires special attention to a variety of domains: law, financial instruments and technology. Historically, technological innovation in the financial sector has developed asymmetrically by favouring outperformance and revenue generation to the detriment of ensuring regulatory obligations were complied with in a robust, demonstrable yet cost-effective way. This paper explores advancements in compliance-related technology brought on by the increased use of cloud software, data standardisation and a new application of the software as a service (SaaS) model: compliance as a service (CaaS). It includes an analysis of how utilising the network effects provided by cloud technology improves compliance outcomes. This new model of regulatory compliance lowers the risk of errors in legal interpretation, facilitates industrywide collaboration among a community of compliance professionals and brings important insights from practice to bear on often abstract legal reasoning. The unique combination of high-touch service by compliance experts and an ability to both discuss and learn from peers avoids the pitfalls of the traditional outsourcing model and naturally creates an industry standard. In this model, participants gain knowledge while reducing costs through a high level of automation and with assurance that regulatory change is integrated at speed.
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Karl Schindler is Lead Regulatory Expert at FundApps, a company that provides cloudbased regulation monitoring to investment managers. Karl has over 14 years of experience in compliance, working in both US and European buy-side compliance advisory, regulatory oversight and business analyst roles. Having lived and worked in the UK, Switzerland and the USA, Karl has experience in risk management, regulatory compliance oversight and technical consultancy for compliance monitoring software. He holds a degree in economics from the University of California, Berkeley.
Andrew Patrick White is Founder and CEO of FundApps, a company that provides cloudbased regulation monitoring to investment managers. Before FundApps, Andrew created the compliance-monitoring software MIG21 at Aquin Components GmbH. He went on to become Managing Director and Head of business development for Aquin International before exiting with a trade sale to State Street in 2008. He holds a degree in computer science, linguistics and German from Trinity College, Dublin.
CitationSchindler, Karl and White, Andrew Patrick (2019, March 1). Compliance as a service: Utilising the power of the cloud. In the Journal of Securities Operations & Custody, Volume 11, Issue 2.