Software helps financial services firms meet Central Bank rules

A new software tool to enable Irish financial services firms to meet Central Bank compliance rules has been developed by professional services firm PwC and software firm ViClarity.

The new compliance risk management software has been developed with a particular focus on the Central Bank’s recently enacted client assets regulations. According to PwC, it highlights, at a glance and in real-time, where compliance is falling down, showing which Central Bank rules are not complied with.

Ken Owens of PwC said: “The tool, which can be specifically tailored to each organisation’s operational requirements, can be used by operations, compliance and the risk function to monitor compliance with regulations.

“The easy-to-use integrated dashboard provides the board of the organisation with up-to-date information on how the organisation is maintaining compliance with its obligations.”

A second version of the tool to comply with the Central Bank’s investor money regulations is also being developed.