Compliapps Use Cases

Operational Risk Management Software

The Financial Conduct Authority (FCA) requires that firms take reasonable steps to put in place and maintain appropriate internal controls. These controls will vary from one firm to another, but they must be in place to help the firm comply with its regulatory requirements.

Regulated entities need to think about the risks that may prevent them from achieving their objectives and the extent to which controls are necessary to reduce those risks.
Compliapps Operational Risk Management software helps regulated firms map rules, risks, and controls to processes in order to improve risk management.

Solution Overview

With dashboard and reporting, all users can see the status of any tasks at any time. A red green amber status allows you to see at a glance all issues that have a high risk associated with them. Other features include:

  • Risk matrix with associated controls and evidence of actions.
    Mapping risks and controls to relevant regulations, policies and procedures to make gap analysis and compliance easier.
  • Schedule, and execute detailed control monitoring by involving control and process owners in order to validate the effectiveness of controls.
  • Document & report on control failures & deficiencies, report on breaches and follow up with remediation tasks.
  • Assign accountability & business ownership of controls.
  • Read only and selective access to auditors & regulator

Client Assurance & Onboarding Software

3rd Party relationships

A smooth relationship between you, your outsourcing providers and client onboarding  for effective oversight.

Regulators around the world have focused on outsourcing and third party arrangements over the years. The current efforts to build a stronger financial services sector in the UK and around the world continue this theme.

Firms must remain accountable for all regulatory requirements, even where outsourcing arrangements are in place. firms can record, understand and measure various elements of their relationships with ease and transparency.

Client onboarding

Our client fund application and onboarding tool gives your fund management companies a white labelled website for their own clients investment applications. Each application can be tailored and bespoke per fund. Completed applications can be digitally or hand signed then automatically submitted to KYC checking tool of your choice.

Solution Overview

With Compliapps, firms can easily and transparently share, understand and track various aspects of their relationships.

Key features include:

  • Share all relevant information stored within the system. This includes control and process documentation, as well as all relevant mapping links with rules. Limit access and duration.
  • Map received information into your database. Risk monitoring with “trip wire” questions to provide alerts to high priority answers from 3rd parties.
  • Automatically launch DD and suitability questionnaires.
  • Stronger 3rd party oversight capabilities, provide best practices throughout the firm.
  • Provide customised white labelled websites for client applications.
  • Digitally capture applicant’s details. Sign digitally or by hand.
  • API integration for KYC onboarding checks
  • Monitor all your client fund application progress, KYC checks and completeness

ICARA Calculation & Modelling Software

ICARA is required documentation available, on demand, to the regulator that describes a firm’s capital, liquidity and risk assessment process.

It is in place to demonstrate to the regulator, that the firm has sufficient capital and liquidity of capital to both meet its current demands and also to meet any foreseeable future demands.

The processes described within the document need to include detailed risk assessment results consistent with the firm’s financial projections, stress testing, recovery plans, wind-down scenarios and historical audited financials.

It is a complex document which the FCA can demand at short notice. It needs to agree with the annual MIF007 return submission. This raises a serious requirement for auditable consistency across reporting periods and across the firm’s workflows and policies.

Compliapps has engaged with experienced compliance consultants to put in place intuitive tools to render many of the required exercises in the production of this document repeatable and flexible, reducing workflow overheads in reaction to changing circumstance or regulatory demands.

Solution Overview

  • Time series creation
  • P&L forecasting
  • Stress testing across multiple scenarios
  • Risk and reporting output
  • Auditable and repeatable documentation across a firm or group

AIFMD Reporting Software

Reporting under AIFMD can be onerous and, for firms marketing investment funds into Europe post-Brexit, this overhead has only increased.

Differing submission methodologies, changing validation rules, increasing oversight, the time constraints and deadlines imposed can place smaller firms under considerable workflow pressure and, potentially, high outsourcing costs.

Compliapps experience indicates that most firms will employ Excel or other worksheet solutions for this task, with the unfortunate consequence that each reporting cycle may effectively be a start from scratch.

The ability to access reporting information and be able to sense-check new reports by simple comparison to legacy data, all from a centralised source, would undoubtedly boost a firm’s ability to satisfy its obligations in this regard.

Compliapps has the tools to give firms the ability to access previous work, automate checks and balances, and submit necessary data with minimum repeated effort.