Solvassure launches the first integrated compliance platform for GDPR and the Accountability Regime

Solvassure’s compliance technology helps organisations meet new conduct and privacy regulations by automating assurance checks from a licensed rules library and notifying responsible owners in real time.

Why should you be concerned?

If you are regulated by the FCA you must abide by the Senior Managers Regime, Certification Regime and Conduct Rules from Q4/2018.

If you handle personal data of any kind you must abide by the General Data Protection Regulations from 25th May 2018.

With significant penalties and corporate reputations at stake, your compliance systems and processes must be fit for purpose.

How can Solvassure help?

Solvassure is a cloud based and mobile enabled regulatory assurance framework that helps you protect your business.

Our unique platform enables you to operate both regulations in a single environment, saving time and money.

We are also licenced by the FCA and the PRA to use their copyright regulatory handbook material.

“Senior managers will be held individually accountable for failure to meet our requirements”

Andrew Bailey,
Chief Executive of the PRA

“We met the deadline on March 7th 2016, now the real work begins.”

Compliance Manager,
Investment Bank

“In 2014 the total amount of fines issued by the Financial Conduct Authority was almost £1.5bn”

www.fca.org.uk

“This tool is the future for banks to approach assurance in a methodical and consistent way”

Head of Regulatory Deployment,
Tier One Bank

“The Governance, Risk, and Compliance market is ready for disruption “

Forrester

“A user-friendly and intuitive product which clearly fills a significant gap in the market”

Managing Director,
Global Investment Bank

How it stacks up

Without Solvassure

  • Regulatory LibraryNone
  • Assurance checksManual
  • Process efficiencyLow
  • Compliance standardsStandalone
  • Multiple regulationsYes
  • Mobile enabledNo
  • Risk exposureHigh
  • Operational costHigh

Standard Solvassure

  • Regulatory LibraryDigital
  • Assurance checksAutomated
  • Process efficiencyHigh
  • Compliance standardsIntegrated
  • Multiple regulationsNo
  • Mobile enabledNo
  • Risk exposureLow
  • Operational costLow

Premium Solvassure

  • Regulatory LibraryDigital
  • Assurance checksAutomated
  • Process efficiencyHigh
  • Compliance standardsIntegrated
  • Multiple regulationsYes
  • Mobile enabledYes
  • Risk exposureLow
  • Operational costMedium

FAQs

What is Solvassure?

Solvassure is a British RegTech company that helps organisations comply with new accountability and privacy regulations introduced into the United Kingdom. It was founded by Clive Godwin, a programme director with over 20 years' expertise in planning, initiating and delivering transformation benefits for sponsors including Sir Richard Branson and the Barclay Brothers.

What is RegTech?

RegTech is a blend of 'regulatory technology' that was created to address regulatory challenges in the financial services sector through innovative technology. RegTech consists of a group of companies that use technology to help businesses comply with regulations efficiently and inexpensively.

Who are the UK regulators?

The Financial Conduct Authority (FCA) is a UK financial regulatory body that operates independently of the government and is financed by charging fees to around 59,000 financial services providers.

The Prudential Regulation Authority (PRA) is a UK financial regulatory body which is wholly owned by the Bank of England and is responsible for the prudential regulation and supervision of around 1,700 banks, building societies, credit unions, insurers and investment firms.

The Information Commissioner's Office (ICO) is the UK's independent body set up to uphold information rights. The Information Commissioner is responsible for ensuring companies are transparent with the public about how personal information is used and managing high-profile investigations.

Who is impacted by the Accountability Regime?

900 regulated firms adopted the rules in March 2016 with the remaining 59,000 scheduled to join towards the end of 2018. The regulations affect senior managers, certified staff and operational personnel working for building societies, credit unions and investment firms, including foreign banks with a presence in the UK and senior managers based abroad who have responsibilities in the UK.

Who is impacted by the General Data Protection Regulation?

The regulation applies to an organisation if the data controller or processor or the data subject is based in the EU. It also applies to organisations based outside the European Union if they collect or process personal data of EU residents. According to the European Commission "personal data is any information relating to an individual, whether it relates to his or her private, professional or public life".

What is the Regulators’ Code?

The Regulators' Code came into statutory effect on 6 April 2014 under the Legislative and Regulatory Reform Act 2006, replacing the Regulators' compliance code. It provides a clear, flexible and principles-based framework for how regulators should engage with those they regulate. Nearly all non-economic regulators need to have regard to it when developing standards, policies or procedures that either guide their regulatory activities with business or apply to other regulators.

Get in touch