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How regtech companies help financial services sector control COVID-19 risks

Irish regtech Corlytics has released a new solution to help financial institutions navigate the Covid-19 pandemic emergency.
Financial institutions can play an important role in maintaining stability and security in the current crisis around the world. But at the same time, they have to respond to their own operational challenges in a rapidly changing environment.

Corlytics’s Covid-19 regulatory tracking system provides market participants with a convenient dashboard that allows you to quickly and accurately track changes in regulatory and risk areas associated with a pandemic.



Like all Corlytics software, the solution analyzes the flow of information from regulators, government agencies, and other sources and uses advanced analytics to identify topics and trends as they arise.

Analytics is available to clients in various sections - by jurisdiction, source and topic, and its comprehensive functionality helps to keep abreast of important information regarding compliance, audit and risk management, as well as legal issues.

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Corlytics, a Regtech company, was founded in 2013, recognized by regulators, financial institutions and consultants around the world, and has become one of the world leaders in regulatory risk analysis.

The company's products provide users with valuable information on the extent, scope and main causes of regulatory risks. Identification and “weighting of risks” of various regulatory aspects allows improving the results of regulation for both parties - both regulatory bodies and their wards.

Corlytics solutions — as a single centralized source for regulatory notifications — provide a comprehensive overview of international regulatory responses to Covid-19 threats. The company’s response was operational, the platform was deployed in one week, said Mike O'Keeffe, Corlytics’s Sales Manager for EMEA.

“We saw a flow of information from regulators around the world, from China, Singapore and Hong Kong to the European Central Bank, European Banking, FCA and BaFIN, and now from US regulators. We give our customers an understanding of what is happening.

Many regulatory programs are now actually paused because companies around the world are trying to deal with this emergency. Our role is to help businesses understand what regulators are doing.

A convenient toolbar of the tracking system allows companies to find analytics designed for specific services, such as lawyers, compliance, audit and risk. “The powerful visualization tools we use allow us to present data in various sections, users can quickly get the information they need and improve it in their companies,” says Mike O'Keeffe.

Currently, among the hot topics of regulation are capital requirements, business continuity planning, and recommendations regarding remote work. Topics such as base rates, currency exchange, and quantitative easing are also undergoing rapid development. The system addresses insurance and reinsurance issues, as well as concerns about the possible increase in fraud cases.

“Since we can provide an individual service, depending on customer requests, at the very beginning of the crisis, some of them asked us to monitor the situation with Covid-19. We performed some additional development, reconfiguration of our data and analytics and proposed a new solution to existing customers.

The reaction followed immediately. Within a few days, we saw a significant surge in users. Now that many bank employees work from home, our cloud solution allows everyone to work with the same information from anywhere. ” Corlytics has made this solution available to companies that are not customers, but believe that the Covid-19 tracker can benefit their business in this emergency.

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