Platform tech transcends limits of siloed and serial processes
By Frank Cummings, CEO of AML Partners
A WSJ headline late last week trumpeted that “Wells Fargo breaks down internal audit silos to fend off scandals.” At its core, that headline—and presumably the anti-scandal actions by Wells Fargo—emphasizes the extraordinary importance of horizontal governance by enterprises across sectors.
Horizontal governance in this context describes a business environment that seamlessly and purposefully shares data, analysis, insight, oversight, and accountability horizontally across the enterprise. Horizontal governance in concept and operation is the antithesis of siloed divisions, siloed governance risk and compliance efforts, siloed data, siloed processes, and siloed executives and board members.
For enterprises seeking peak performance in concert with peak Compliance and Risk management, horizontal governance provides an extraordinary opportunity to minimize Risk while maximizing revenue—across the entire enterprise.
The concept of true horizontal governance has enticed high-performing businesses for years, but the logistics have been too unwieldy, especially as enterprises grew in size, product offerings, service areas, and divisions. And that is to say nothing of the exponential growth in regulations governing Governance, Risk and Compliance (GRC). And while software, networks, and digital data have provided tremendous software tools for enterprise customers, these tools have often reinforced the siloed realities and mentalities of business enterprises.
AML Partners’ RegTech OneTMplatform, however, turns that silo-centric paradigm on its head and provides for enterprises an opportunity to embrace horizontal governance and its potential to boost both revenue and peak management of Risk and Compliance.
RegTech One provides for users a tech platform on which to stage and interconnect their existing systems. And because it’s a platform built specifically to facilitate Governance, Risk, and Compliance across an enterprise, it’s a platform loaded with Risk-revelant tools, oversight, analysis, and reporting features.
With RegTech One, users create from their existing software tools a Network of Applications, and from this network there emerges an Ecosystem of Data—from across the enterprise and facilitated by RegTech One.
With RegTech One facilitating this Network of Applications and Ecosystem of Data, users then leverage platform features like the Action and Event Libraries, the automated email notification systems triggered by the Action Library, the Dynamic Risk Engine, and the Holistic Screening and Matching Engine, to name just a few Risk-relevant features.
And because the RegTech One platform platform is API-based, users choose their apps, their configurations, their notifications, their data sharing and management, and so much more in ways that precisely support their own specific needs for horizontal governance.
RegTech One, in its capacity to facilitate horizontal GRC unique to each user, offers an extraordinary shift in how enterprise users can maximize revenue while also minimizing Risk and achieving Compliance.
For firms that want to avoid regulatory or consumer nightmares, a silo-busting horizontal-governance powerhouse like RegTech One is a lifeline. But RegTech is also a gamechanger for businesses already committed to the concept of horizontal governance but stymied by the logistical realities.
With RegTech One, the dynamism of ‘plug-and-play’ platform technology here. Now. Ready to create your Network of Applications. Your Ecosystem of Data. Your true horizontal governance across the enterprise.