ACA enhances regulatory tech platform
ACA Group has added new features to its regulatory technology platform ComplianceAlpha.
The upgrades have been driven by the evolving risk from Covid-19, as well as the continually developing regulatory environment.
Figures from a recent report by Greenwich Associates showed 58% of firms invested in third-party surveillance technology in 2020, almost double the efforts seen in 2019. At the same time, a Thomson Reuters’ survey echoed this point; of the 400 compliance and risk practitioners surveyed, 70% said the pandemic increased their reliance on technology.
Against this backdrop ComplianceAlpha 2021 Q2 has introduced the following suite of new features and enhancements:
- Automated functionality, which leverages natural language processing (NLP) for managing compliance activities for legal documents, including side letters and NDAs, as well as reviews of marketing materials and financial promotions.
- Enhancements to the platform’s marketing review capabilities to help firms automate and manage the end-to-end review and approval workflow for marketing materials and financial promotions.
- New eLearning solution to centralise employee training requirements.
The upgrades are designed to help firms build more comprehensive and scalable GRC programmes in line with expectations of regulators, boards, management, clients and investors.
“ComplianceAlpha helps firms bring together their compliance data, activities, and reporting in one scalable, flexible platform that provides harmonisation, transparency, and standardisation while reducing costs across the firm,“ said Raj Bakhru, chief innovation officer at ACA Group. “With these new features and more coming throughout the year, we continue to evolve the platform to help our clients meet their most pressing business needs.”