Assurance: Implementing a Smart & Flexible RegTech Solution

AXI is an award-winning global online broker, offering trading platforms for share CFDs, forex, crypto, gold and more.

In looking for a RegTech solution, our primary purpose was to centralise our global compliance and risk records onto a single platform. While Excel has many benefits it is arguably not a useful tool for maintaining registers. It lacks the controls, workflows and embedded audit trails necessary for maintaining proper records. Assurance takes the flexibility of Excel but brings with it all the necessary tools and features to ensure record keeping practices are robust.

Unlike many GRC systems, which have out of the box modules which are configured to meet a specific purpose, Assurance provides flexibility on what problems it can solve and the business soon found non-GRC uses for Assurance, and we have been able to open up the system to meet those needs.

Simple and fast deployment

Assurance, being a SaaS based system, is quick and simple to deploy. There are no dependencies on internal backend resources (people or tech) to operationalise the application; other than minor backend configuration where SSO integration is required. In addition, the Assurance forms and registers do not require specialist coding skills. Our experience has been, with basic training, users can be up and running setting up forms and registers. Having the sandbox environment attached to the production environment has also proven useful, particularly with training staff on administration tasks.

Seamless design delivering enhanced oversight and greater efficiency

One of the best features of Assurance is that there is a seamless relationship between forms and the registers. A user can submit a form through an online form using a prescribed link, and this record automatically feeds to the linked register. This avoids the task of rekeying data submitted on a manual form into a register.

Assurance tailored notification capabilities do the heavy lifting to remind responsible persons of a task or checklist that requires their attention. Admin can specify the frequency of notifications to ensure we can reach the right level of notifications and oversight.

Powerful reporting and Integrations

Assurance has delivered many benefits to AXI including centralising compliance records, ensuring we have an automated way to verify key obligations via tasks are being met, automating workflows for handling forms, providing a platform to grow with the needs of the business. With a single dashboard, stakeholders can see the state of play tasks, registers and checklists.

The dashboards quickly highlight key trends or actions required so appropriate responses can be made in a timely manner. One of the key beneficial outcomes on Assurance over the last year is having the ability to integrate our registers with PowerBI and improving the speed of the transfer of information to key stakeholders.

Greg Chard

Head of Compliance, Legal & Risk Change, Axi

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