RegTech: Managing employee compliance

When it comes to managing employee compliance, firms are increasingly turning to technology. And post Covid-19, the FCA has made it clear it expects oversight that is not compromised by home working. Making do with filing emails and paper trails is no longer viable.

RegTech is now well established to reduce costs and streamline processes. Clear, tech-enabled processes also demonstrate credibility to investors as well as the regulators themselves. But so often the best technology seems financially and operationally out of reach for smaller and mid-sized firms.

Bovill Newgate has partnered with global compliance platform provider StarCompliance to offer clients a cost effective and powerful combination of tried-and-tested technology, managed and implemented by our regulatory experts.

StarCompliance’s web-based employee conflicts of interest platform focuses on four key areas:

  • Personal trading
  • Gifts and entertainment
  • Outside business interests
  • Employee certifications and attestations, including SMCR workflow management

StarCompliance helps to streamline operations and provides compliance managers with a holistic overview of employee risk. The platform has the following capabilities:

Pre-clearance – employees quickly and easily fill out request forms and receive automated approval or denial decisions

Surveillance – survey employee records automatically – quickly surfacing transaction anomalies or patterns of behaviour that may require further investigation.

Certifications and attestations – collating employee data at regular intervals for end user review while pushing policies and regulations so employees can confirm they’ve read and understood them. SMCR workflow management enables firms to:

  • Set up and maintain Statement of Responsibilities
  • Assign Senior Management Functions
  • Manage Conduct Fitness and Propriety Assessments
  • Workflow of assignments and approvals
  • Streamline the annual renewal certification process
  • Access a full audit trail

Insider list management – record, add, and remove employees from lists based on project involvement, and reduce the chances of insider abuse.

Access to RegTech that’s right for your business

Our joint offering with StarCompliance means that Bovill Newgate clients are able to reduce employee risk and manage employee conflicts of interest efficiently and in the most compliant manner possible.

When it comes to configuration and implementation, we do all of the heavy-lifting – taking the pressure off the Compliance team. And with our understanding of your business, we can configure and manage the platform so that it’s straightforward to use and meets industry best practice. We’ll also help you make the best use of the monitoring tools and reporting functionality.

Get started

Find out more about our work with StarCompliance and arrange a demo