Encompass: Disrupting Regulatory Technology Big Time

Wayne Johnson


“We are driven by the belief that the best decisions are made when people understand the full picture.”

Regulatory technology is the use of technology to achieve regulatory objectives better. It can support the enhanced targeting of regulation and reduce administration and compliance costs if used well. While regTech can ameliorate regulatory outputs and reduce costs, it is not a substitute for regulatory reform. Encompass was founded in 2011, setting out on a mission to help firms comprehensively detect and prevent financial crime and reduce regulatory risk. Based in Australia, Encompass has offices in London, Glasgow, Belgrade, Stockholm, Singapore, and Sydney. The Encompass platform significantly reduces the cost of KYC and improves time to revenue by providing KYC due diligence on demand, powered by intelligent process automation. Powered by intelligent process automation, Encompass offers smart retrieval and integration of data and documents for anti-money laundering (AML) and know your customer (KYC) requirements.

The Encompass’ award-winning KYC automation platform provides unrivalled access to trusted global data sources. This way businesses can transform AML compliance and customer onboarding, respond to regulatory change and demonstrate ongoing compliance with automated corporate KYC due diligence. The solution also enables on demand data gathering and digital KYC profiles from Encompass offering the best foundation for customer lifecycle management and perpetual KYC. Furthermore, the team’s strategic partnerships allow customers to benefit from automation without the need for changes to technology or processes. The solution’s advanced automation capability streamlines time-consuming and error-prone manual KYC due diligence processes. This way the solution ensures AML and KYC transformative impact for organizations and KYC teams.

“We are driven by the belief that the best decisions are made when people understand the full picture,” says Wayne Johnson, CEO, and Co-founder of Encompass. Their customers include regulated organizations across the globe, including Wolfsberg Group members, Magic Circle law firms, and FTSE 100 corporations. They hold strategic alliances with a range of trusted data, technology, and service providers. By automating the manual due diligence process, Encompass offers time and cost savings for organizations and reduces regulatory and reputational risks.

According to Encompass, data management initiatives in the finance sector, such as data collection, integration, and automation, are being constrained by a severe lack of digital skills and maturity. “An effective data strategy is key to reforming operations, streamlining workplace efficiency, and improving costs. Unfortunately, financial institutions are operating in a complex, data-hungry environment and have fallen behind when it comes to automation and data integration practices, despite industry-wide recognition of the merits associated with an effective data strategy,” says Wayne Johnson, the CEO. “As organizations look to integrate even more external data sources into decision-making processes and manage an increasingly disparate workforce of employees based in different locations or even countries, efficient data management, enabled by cutting edge technology will no longer be just a recommendation, but an absolute necessity,” he adds.

Recently, Encompass has been shortlisted in the RegTech Insight Awards for the second year in a row. The awards, brought by A-Team, celebrate providers of leading RegTech solutions, services, and consultancy. They recognize both established organizations and innovative newcomers seeking to herald and highlight RegTech solutions that throughout the year have successfully improved firms’ ability to respond to the evolving effectively and ever more complex regulatory requirements across the global financial services industry.

Encompass believes that it is vital to support and encourage female talent, both within the firm and the industry. They have joined WeAre TechNetworks, a networking forum driving representation and collaboration between women in technology to take their commitment further forward.

Encompass’s most notable awards recognition includes being highly commended in the ‘Best Solution’ category for Customer Onboarding at the Regulation Asia Awards for Excellence 2020, shortlisted in the British Bank Awards in 2020 and 2021, and winning Red Herring’s Top 100 Europe Award in 2019.

The solution is based on leading-edge regtech that involves using data for predictive analytics and real-time monitoring, enabling better regulatory outcomes and potentially fewer compliance burdens for businesses. But advanced regtech requires specialized resources and long development times. Even in low-tech applications, widespread implementation of regtech can take some years. Encompass makes the integration of regtech into businesses simpler through intelligent automation and the continuous evolution of technologies makes the process even simpler.With further advancements, Encompass believes it can offer massive contributions to the regulatory sector.

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