Corlytics: A Risk Based Approach to Regulatory Compliance

John Byrne


“Corlytics treats regulation as a risk and, through years of experience and insights, helps organizations take a data-driven method to regulatory resource allocation”

The modern world relies on technology for almost everything. And without doubt, these technologies are making our lives a lot easier day by day. The apps that deliver food to the doorstep via drones and technologies to predict human actions beforehand have all silently become a part of our everyday lives. This was when Corlytics developed a solution to manage regulatory processes within the financial industry through advanced technology. Corlytics helps compliance, risk, legal, and audit teams across the globe and continuously monitor, assess, map, and line up regulatory changes to alert pertinent areas of businesses. Corlytics enhances the information with regulatory risk intelligence and analytics, enabling companies to plan and prioritize compliance and monitoring activities and identify exposure to regulatory risk. The complex regulatory information is visualized within intuitive, powerful interactive dashboards.

The Corlytics team monitor, assess, map and align regulatory changes in order to alert relevant areas of the business. The company has crafted its solution to enrich the information with regulatory risk intelligence and analytics enabling firms to plan and prioritie compliance and monitoring activities and determine exposure to regulatory risk. The complex regulatory information is visualized within practical, powerful interactive dashboards.

Set up in 2013, the efficient Corlytics team has understood and worked for from the beginning to restore trust and build transparency in the global financial system. Global intelligence needs to be categorized, risk assessed and presented in a standardized manner across all three lines of defense. Corlytics treats regulation as a risk and, through years of experience and insights, helps organizations take a data-driven method to regulatory resource allocation. Corlytics automatically collates, categorizes, interrogates, and analyses regulatory notices from regulators around the world. Using an amalgam of crystallized regulatory losses, regulatory change mandates, and regulatory intent indicators that are provided, Corlytics can risk rate the regulatory landscape using the regulatory risk models. Corlytics puts audit, risk, and compliance leaders back in control of how best to plan and invest their resource allocations by risk rating regulations, jurisdictions, regulatory topics, business lines, products, and management. Data-driven decisions lead to better regulatory outcomes for regulated firms, regulators, and eventually for consumers.

ESG is now a secular trend and firms are seeking to improve and increase their ability to make decisions in line with these three topics. The Corlytics ESG regulatory monitoring streamlines these taunting tasks for businesses. The solution not only reduce risks but also increase stability and enables better decision making.

Corlytics have helped many leading organizations. One of their clients was a leading provider of reinsurance and insurance in the wholesale and retail markets and was established over 150 years ago and headquartered in Europe. They have a broad geographic footprint across Europe, APAC, and LatAm. To expand its capabilities to support great automation and collaboration, their client wanted a single platform capable of elevating its operations in line with its strategy. This single platform needed to have the regulatory notification and analysis coverage required by the business, plus the knowledge that a new range would be added. The simplicity of workflow and the ability to integrate into their systems and align the new workflow tool alongside the current process, rather than having to re-work their processes, were factors that inspired them to choose Corlytics.

Many RegTech providers use the agility and explore how advanced analytics and assessment techniques can start to ‘learn’ and support accelerating the assessment of new and emerging regulation based on what has been seen previously and how that has been interpreted. In the short term, RegTech will help firms automate the more mundane compliance tasks and reduce operational risks associated with meeting compliance and reporting obligations.

The Corlytics team is a unique amalgamation of legal and regulatory experts, proven securities and risk practitioners, leading data scientists, and seasoned technologists. Corlytics operates as a trusted, strategic partner to regulated firms and regulators word wide. They are at the very fore of the regulatory risk intelligence revolution and are continuing to explore more advanced and easy solutions to help our customers. The forensic analysis of regulatory data is provided by a world-class team of legal and regulatory analysts, data scientists, risk practitioners, and seasoned technologists to meet today’s requirement to track regulatory texts and tomorrow’s requirement to treat regulation as a risk.

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