Now available worldwide, Appway designed its newest solution, Regulatory Reviews for Wealth, to comply with evolving regulations while embracing innovation. Wealth managers can use this technology to orchestrate client reviews and obtain a comprehensive overview that supports compliance expertise.
Appway Onboarding for Wealth and Onboarding for Retail, both launched at the end of 2017, were the first in a wave of innovative solutions that Appway will deliver throughout this year. Due to the introduction of several new regulations all over the globe in 2018, Appway has launched Regulatory Reviews for Wealth to help financial institutions quickly and comprehensively implement regulatory changes across jurisdictions and leverage the potential of innovations created in response to new regulations.
As stated by a senior executive from a Hong Kong-based private bank, "Our biggest pain point is the growing number of outstanding, lengthy client reviews. Automating the review process by setting up standardized rules for certain groups of clients is very useful. However, for clients with more complex cases, we want a system that also empowers our compliance experts to adapt and apply changes to the review process."
Appway Regulatory Reviews for Wealth ensures banks have an efficient way to access the right subset of data. With this data, banks can better understand client context and relationships and connect the right information at the right time so that compliance can model the review process, from prioritization to task distribution and monitoring.
Discussing Appway's latest release, Chiara Gelmini, Business Practice Manager at Appway, said, "Our new Regulatory Reviews for Wealth solution allows the compliance department to automate typical workflows and guide their co-workers in all relevant activities. This way, compliance becomes an integral part of the organizational culture; the bank is compliant 'by design' and does not have to make a huge effort each time there is a change in the regulatory landscape."
Find more information about Appway Regulatory Reviews for Wealth at www.appway.com/RegulatoryReviews.