As the financial services industry braces for at least seven new mandatory reporting regimes coming into effect by October, a law firm has launched a regtech platform to improve regulatory reporting.
The Gadens Breach Manager aimed to streamline information collation, assess, and report the process of potential regulatory issues to an online platform. This would allow financial services firms to comply with new regimes such as Banking Executive Accountability Regime/Financial Accountability Regime, authorised deposit-taking institutions, Australian Financial Services Licence and Australian Credit Licence obligations, Anti-Money Laundering/Counter Terrorism Financing, privacy and Design and Distribution.
Gadens chair, Paul Spiro, said: “While there was a myriad of developments to come out of the Hayne Royal Commission, new oversight regimes and more stringent regulatory breach reporting are some of the key areas affecting the financial services sector, exposing institutions and their senior executives personally to the prospect of liability for non-adherence.
“As a banking and finance driven firm, we identified the serious need for financial institutions to evaluate their reporting preparedness and risk position with the 2021 regulation changes. We have been very committed to finding a way to meaningfully help our clients meet this challenge. Our solution is the Gadens Breach Manager, and it is gratifying to see the up-take by clients already and how they are modifying the platform to extract even more value for themselves.”
Gadens director, Liam Hennessy, said the mandatory reporting of potential regulatory issues had become a key concern for financial services organisations which were already struggling to manage the volume of information, time, and resourcing pressure, and legal complexities.
“We are solving an efficiency, regulatory risk and cost problem for our clients who are using the platform, leveraging our firm's deep financial services capability,” he said.
The firm said there would be zero legal costs to Gadens’ clients for inhouse user flow, and a low-cost fixed fee option for external support and advice form Gadens’ legal professionals.