PRODUCTS & SERVICES

Corlytics is the world leader in determining of regulatory risk impact. Corlytics works in partnership with banks, regulators and eminent financial institutions globally. Enabling a more transparent and stable financial system through greater regulatory planning. By delivering world class regulatory risk data and analytics, it empowers its partners to make transformational, informed, positive choices. It uses a combination of artificial and human intelligence to categorise and organise regulatory notices and when required, internal firm data, into highly structured relevant information. Allowing regulated firms to protect themselves from unexpected exposures and fines. Corlytics enables high performance in the financial services market. It is at the very forefront of the regulatory intelligence revolution, delivering 360-degree intelligence through its four different professions – leading data scientists, seasoned technologists, proven banking risk practitioners and expert lawyers. Corlytics measures, predicts and calculates regulatory outcomes and impact. Providing evidence in real time. It enables partners to optimise investment in compliance and risk management using a risk based prioritised approach.

REVENUE MODEL

It sells intelligence and risk analytics for an annual feed on a reccuring revenue basis, as a cloud based offering.

TOP PROBLEM SOLVED

Corlytics has developed a global taxonomy that structures all regulatory notices enabling you to look across jurisdictions for common trends and patterns. This global intelligence means we can pick out emerging trends that are otherwise invisible. In 2017, Corlytics helped develop the world’s first intelligent regulatory handbook for the UK’s Financial Conduct Authority (FCA). The FCA handbook is used by thousands of regulated financial institutions and their advisers daily. It contains binding regulatory obligations and guidance for firms on handbook editorial. Corlytics has worked with the team at the FCA to apply a central, common taxonomy to all regulations. Having put this in place, the existing material in the handbook can be tagged and machine read. This allows for a much more user friendly search and navigation experience.

PRODUCT DEVELOPMENT STAGE

COMMERCIAL LAUNCH

PRODUCT DEVELOPMENT COMMENT

Corlytics has developed a solution that normalises all regulations and regulatory notices into a common format, so that global organisations can have a single view and can plan and manage all aspects of their regulatory interactions. Extracting risk intelligence directly from all regulatory notices and enforcement actions, it is then categorised for global comparison to make the data relevant to any financial institution This follows the successful taxonomy management programme Corlytics has undertaken for several financial organisations, including the Financial Conduct Authority (FCA). Corlytics worked with the regulator to develop the world’s first intelligent handbook using its Regulatory Taxonomy Management Solution. Helping to transform the FCA handbook from a legal document into a fully searchable database with over 3,000 metadata tags. This same technology is now accessible to all financial institutions so that they can organise all regulatory information and data right through the organisation into a single set of normalised taxonomies. This single ‘golden’ source taxonomy is useful across the firm for the collection and aggregation of regulatory data. Enabling it to be connected to firm data including policies, standards procedures and controls. Corlytics Regulatory Taxonomy Management Solution uses a combination of artificial and human intelligence to categorise and organise regulatory notices and when required, internal firm data, into highly structured relevant information. Taking unstructured data and converting into uniform data for risk analysis. The Taxonomy Management Solution also makes it possible for enterprise systems that need regulatory information, such as risk systems, to derive intelligence from this ‘single format’. Thus, eliminating the duplication of effort and diverging taxonomies within an organisation, which can be one root cause of regulatory failure within firms and is of itself a risk factor. MAPPING TAXONOMIES AND KNITTING THEM TOGETHER ACROSS THE ENTIRE FIRM Managing regulatory paperwork is a never-ending task. As regulations change, firms are expected to be aware of each revised obligation, perform an impact assessment and implement change. This process is lengthy and labour-intensive. Corlytics Regulatory Taxonomy Management Solution enables firms to streamline their response to regulatory change through an automated approach. Translating regulatory change directly into business impact. REGULATORY CHANGE AND RISK IMPACT Identifying regulatory change alone is not sufficient. Senior management needs to understand where the possible regulatory pitfalls lie. Corlytics enables risk impact assessments through real-time analysis of regulatory actions happening across the industry that are also connected via a normalised taxomony. Kevin O’Leary, VP of product management at Corlytics explains, “The solution to all regulatory change and impact assessment issues are a connected or normalised taxonomy. Corlytics’ credentials creating regulators taxonomies globally and across regulators are unparalleled. Our capabilities combine powerful legal expertise with technology to measure, predict and calculate regulatory outcomes and impact. Aligning internal, often proprietary systems, with our Taxonomy Management Solution provides firms with evidence in real time. It enables our partners to optimise investment in compliance and risk management using a risk based prioritised approach.” John Byrne, CEO of Corlytics explains the depth of intelligence already held by the company, “Every time a regulator communicates to the market or publishes a document, we break that information down. Classifying it’s industry impact and adding it to our intelligence. Speeches, industry guidance, thematic reviews and business plans all yield insight into regulatory intent. Combined with our global enforcements analysis, we can offer a single end-to-end source of regulatory assessment risk of regulatory change information.”

KEY DIFFERENTIATORS

Key Benefits Find conduct and risk framework faults in a very targeted way Construct evidence-based regulatory and conduct compliance frameworks, using a risk approach Provide analytical risk quantification. Instead of soft estimates we provide hard facts Identify infringement trends Benchmark risk framework methodology focusing on the precise areas of regulatory interest Actions plans to strengthen or remediate are thus highly focused, cost effective and relevant RiskFusion® GLOBAL ENFORCEMENT DATABASE At the heart of the Corlytics solution is a dataset that aggregates and standardises regulatory enforcement. We capture over 100 data-points. Each case is reviewed by specialist lawyers who annotate the case providing metadata and insight. Our risk intelligence covers individuals as well as firms. We track enforcement trends where regulators take action against employees resulting in prison sentences, bans or other consequence. This intelligence covers multiple jurisdictions including the FCA Senior Manager and Certification regime in the UK. GLOBAL REGULATORY METADATA STRUCTURE Regulators apply different enforcements models and processes. Corlytics has developed a taxonomy that structures enforcement notices enabling you to look across jurisdictions for common trends and patterns. This global intelligence means we can pick out emerging trends that are otherwise invisible. MEASURING REGULATORY RISKS Corlytics enables you to measure regulatory risks. All enforcement notices are broken down into a comprehensive range of regulatory categories. Corlytics provides fine-grained intelligence enabling you to conduct comparative risk analysis amongst your service lines, markets and peers. SCENARIO PLANNING With Corlytics, you can model possible scenarios such as entry into a new jurisdiction to understand a future risk profile. RISK MITIGATION Corlytics analyses the enforcement outcomes of each regulator and regulatory categories, optimising control improvements and remediation actions that are best in class.

PRIMARY CUSTOMER TYPE

Enterprise - Banks or Financial Institutions

PRODUCT ATTRIBUTES

SaaS

STRATEGIC CLIENTS AND PARTNERSHIP

Scotia Bank : Determining regulatory risk imact

Financial Conduct Authority : Corlytics works with regulators such as the FCA. The FCA and Corlytics partnered to create the digital FCA Handbook in 2017.

Allen & Overy : FUSE programme