eProseedRTC will co-organize the first edition of the RegTech Summit to be held in Luxembourg on October 12, 2017. The summit will explore this developing area that is already having a tangible impact on regulatory compliance. All the evidence suggests that RegTech will disrupt the regulatory landscape by providing technologically advanced solutions to the ever-increasing demands for compliance with regulatory obligations and industry standards.
During the summit, Geoffroy de Lamalle, founder of eProseedRTC, will introduce the GDPR Compliance Support Tool, produced for the Commission Nationale pour la Protection des Données (CNPD) by eProseedRTC. This project comes within the scope of an ongoing collaborative innovation program between CNPD, Digital Luxembourg and the Luxembourg Institute of Science and Technology (LIST).
Enabling organizations to self-assess their level of compliance with the GDPR
The new European Data Protection Scheme, GDPR, which comes into force on 25 May 2018, requires all stakeholders to achieve compliance as rapidly as possible. To support organizations in their task of incorporating the provisions of the general rules on data protection into their in-house policies, the CNPD decided to work with eProseedRTC and LIST, with additional support from Digital Luxembourg, the government initiative that supports public and private actions in the digital area, to provide all stakeholders concerned with a self-assessment software tool intended to facilitate the best appropriation of GDPR in Luxembourg.
A comprehensive database of 350 regulatory requirements
The aim of the GDPR Compliance Support Tool is to provide an innovative, intuitive solution enabling users to assess the compliance of their organizations with the GDPR requirements. The tool utilizes a detailed and comprehensive database of more than 350 regulatory requirements and related guidance, developed by the CNPD. The GDPR Compliance Support Tool allows users not only to produce a record of all processing activities, together with all supporting documentation necessary for demonstrating compliance with the regulations, but also to monitor the evolution of the level of coverage of their organizations and to produce dynamic and actionable reporting.
“Monitoring and management of compliance, and of the risks associated with non-compliance, are increasingly important challenges being faced by many industries”, explains Geoffroy de Lamalle. “The implications of non-compliance are steadily increasing in tandem with the expanding breadth and complexity of regulation. It is self-evident that technology has a large part to play in monitoring and assuring compliance in this fast-evolving environment. eProseedRTC has developed a suite of innovative solutions that meets those needs and provides real-time control”.
FSIP, simplifying complexity
The GDPR Compliance Support Tool is now part of FSIP, a comprehensive suite of regulatory compliance tools, providing transparency by enabling real time oversight of even the most complex activities. The FSIP platform offers state of the art connectivity and security in an elegant, user configurable system. FSIP enables efficient data collection, cleansing, processing, archiving and dissemination. Smart algorithms make sense of vast, complex data sets and highlight key issues. FSIP automates the entire compliance management process, significantly improving speed whilst reducing error and cost, and freeing up scarce expert staff to focus on real value-added roles.
“We are deeply conscious of the fact that technology enablement of regulatory activities is a non-trivial undertaking”, says Lloyd Wilkins, CEO of eProseedRTC. “By simplifying complexity, we mean getting to what matters, accurately, quickly and efficiently. This is why we have created FSIP, a comprehensive and highly customizable compliance management platform. FSIP is a real-time solution, for both regulated organizations and supervisory authorities, that simplifies and expedites the monitoring of regulatory matters, resulting in better compliance and reduced cost”.
Envisioned and established in the wake of the global financial crisis in recognition of growing regulatory complexity, eProseedRTC–s flagship software, FSIP, has been developed over the past 4 years to provide innovative simplicity whilst retaining or improving control. Originally intended for financial regulators and central banks, FSIP now addresses a wider range of vertical industries (financial, insurance, investment funds) and horizontal needs (GDPR) through dedicated modules.
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