Category: Press

Press Release - BEIS Apr 2020

Waymark Tech Secures Phase 2 Grant From SBRI and GovTech Catalyst

Working in collaboration with the Better Regulation Executive and funded by the GovTech Catalyst, Waymark Tech is developing an innovative technological solution to promote understanding of existing regulation and to provide insightful analysis that would inform, as well as improve, the way in which new regulations are introduced in the future.

Founded in 2016, Waymark Tech offers AI-as-a-Service enabling any organisation to reveal hidden patterns and connections within vast, dynamic and unstructured text datasets. Building on Waymark’s proven AI technical capability, the project will develop state of the art natural language processing (NLP) technology that will systematically extract information from thousands of pages of UK legislation and then model the burden it applies on businesses, as well as tagging the content for ease of access.

These are just some of the questions that Waymark’s new solution intends to solve:

  • How can we analyse the stock of existing regulations to identify which requirements apply to different businesses and sectors?
  • How can we assess the level of difficulty for different businesses and sectors will have in complying with the individual regulatory requirements?
  • How can we evaluate how challenging the cumulative stock of regulation is for different businesses and sectors to comply with?
  • How can potential conflicts and overlaps within the regulations be intelligently handled?
  • How can the entire body of regulations be quantified for affected businesses and sectors?

The solution will automate large parts of information analysis currently conducted manually by policy writers, as well as providing entirely new knowledge, currently too complex or opaque for humans to uncover without technological assistance. A solution that will provide policy writers with valuable insight, enabling them to ensure regulation is smarter and better targeted.

Mark Holmes, CEO of Waymark Tech, commented:

“Waymark Tech is thrilled to be given this opportunity to work on such an important Government initiative. This project demonstrates the UK Government’s leading position in encouraging innovation and the adoption of new technology. The results of this development will greatly improve the process of policy writing, better targeting reform and lead to an improved outcome for all sectors of business.”

Mark Holmes, CEO – waymark tech
Press Release - Governor Software Waymark Tech

Press Release

Governor Software and Waymark Tech Announce Global Financial Regulatory Content Agreement. 

  • Governor Software’s regulatory compliance solution Governor Reg to utilise Waymark Tech Global Regulatory Content, enabling it to support Financial Institutions to meet Regulatory Compliance demands globally.

LONDON, February 11, 2020

Governor Software Ltd, an innovative governance and oversight solution provider, today announced it has become a global reseller of Waymark Tech’s, global financial regulatory content, including current regulations, regulatory news and regulatory change. This agreement launches Governor Software’s Governor Reg, regulatory compliance solution onto the world stage, as Governor Reg can now support compliance teams across all financial regulations worldwide.

Richard Pike, CEO and Founder of Governor Software stated: “This global agreement with Waymark Tech is a big step forward for Governor Software and Governor Reg.  Since April 2019, Governor Reg: FCA, a live version of the FCA Handbook, has been available to support UK compliance teams map, track and report regulatory compliance.  This agreement with Waymark Tech provides the regulatory content required to allow regulated financial institutions from all over the world map, track and report regulatory compliance as well as receive Regulatory Change updates and Regulator News on the day they take place. Governor Reg was initially developed in conjunction with the Financial Conduct Authority (FCA) in the UK, utilising Governor Software’s unique visualisation technology to provide FCA-authorised firms with a unique version of the FCA Handbook, allowing them benefits from improved search functions, increased visualisation of regulations and the ability to download specific modules, to being able to view changes by date using the history feature.”. 

Richard Pike further stated, “The decision to work with Waymark Tech follows a full review of a number Regulatory Content providers.  The technology that Waymark Tech, winner of Best NLP Regtech Firm 2019 in Wealth & Finance International’s 2019 Artificial Intelligence Awards and a RegTech 100 firm uses, is by far the best fit for Governor Software. Waymark Tech’s use of artificial intelligence to automate the extraction of regulatory requirements integrated seamlessly with Governor Reg and passed Governor Software technology stress tests.

Mark Holmes, CEO, Waymark Tech, said, “We are very pleased that Governor Software has selected Waymark Tech to provide the Global Regulatory Content for Governor Reg, as it is extended to the global market.  There is a great deal of synergy in the pairing of our technology and a lot of power in what we can jointly offer regulated financial firms worldwide to enable them to take full control of their compliance.”

About Governor Software

With offices in Dublin, London and New York, Governor Software Ltd supports senior risk and compliance executives at financial institutions maintain governance and oversight through clear visualisation of their regulatory obligations and risk appetite.

Founded in 2015 by CEO Richard Pike, the Governor Software team have first-hand experience of the production and oversight of governance information within financial institutions. Empowered with this unique knowledge, Governor Software have taken a fresh approach to addressing these challenges; using visualisation technology to efficiently tackle the issues associated with governance and oversight in their entirety.

Governor Software believe the opportunity for compliance and risk professionals to make governance and oversight a more robust and effective process is significant.
For more information visit: www.governorsoftware.com

About Waymark Tech

Founded in 2016, Waymark Tech is a UK based regtech and suptech firm that

believes in empowering their public and private sector subscribers to discover and synthesise the regulatory information that matters through the combination of passionate experts and innovative technology. For more information visit: www.waymark.tech  

Best NLP Regtech Firm 2019

Best NLP Regtech Firm 2019

The team at Waymark Tech are delighted to have been named Best NLP Regtech Firm 2019 in Wealth & Finance International’s 2019 Artificial Intelligence Awards!

To read more about the awards, see their press release here: https://lnkd.in/epXeiXA.

To see our award, it’s here: https://lnkd.in/edmbjsH.

Wealth & Finance International is dedicated to providing fund managers and institutional private investors around the world with the latest industry news across both traditional and alternative investment sectors.

FCA Plans to Share More Data - Waymark Tech Blog

FCA Plans to Share More Data

The FCA has admitted it could share more of its information to help the financial sector understand what bad conduct looks like.

Debbie Gupta, director of Life Insurance and Financial Advice at the FCA told the personal finance Society’s annual conference that the FCA sat in a unique position of being able to see, first hand, what bad conduct looked like.

“From our point of view, yes we are doing lots of work on rooting out bad practice, but I also think one of the things the regulator is privileged to see, in a slightly roundabout way, is what bad practice looks like.”

The FCA has chosen to take action on an advice market which it says is, too often, letting customers down. The area concerning the regulator most is defined benefits.

According to a survey from the regulator, advice in this sector is all too often ‘still not of an acceptable standard.’

The regulatory started out by asking advice firms with defined benefit transfer permissions to return data about their activities before following up with site visits. It quickly raised concerns when it found that 60% of firms providing transfer advice have recommended 75% or more of its clients to transfer.

It recently sent out letters to 1,600 companies about their advice surrounding transfers, more than half of the 2,500 advice firms working in the sector. The companies contacted have been given two months to make changes and get their houses in order.

Gupta says the regulator is seeing evidence every day where firms are failing to provide significant advice to clients. This data, can prove useful in creating a picture of what bad culture looks like.

The move feeds into their ongoing aim to reduce non compliance by improving general culture. As we’ve covered in the past it is already focusing on a company’s conduct as an indicator of potential non-compliance and it now appears to believe that this data can offer learnings to the wider sector about what bad culture looks like and how it can be avoided.

It’s a similar principle to the Enforcd Regulatory Database. By compiling details of enforcement actions taken across the financial sector it is possible to build a picture of where companies are going wrong and what they could have done to avoid problems in the first place. (If you would like more information on access to the Enforcd Regulatory Database please get in touch here.)

A look at the cases on the database shows common problems cropping up in terms of incentives, data management and governance. The FCA does indeed have a privileged position which can help to shine a light on the key warning signs of non-compliance.

However, it can also share details of good culture, giving firms a positive template on which to work. By doing so, it can give firms a guide including plenty of DOs, as well as the DON’Ts.

Waymark Tech Named on the Prominent RegTech100 List for the Third Year Running

Waymark Tech, a UK based RegTech and SupTech firm that provides global regulatory insight and analytics to both the private and public sectors, has once again been named in the RegTech100 for 2020. This is RegTech100’s third annual top 100 list in which a panel of analysts and industry experts vote to identify the world’s most innovative regulatory technology companies. Only 21 companies have been named on the list in all three years and Waymark Tech is proud to be one of them. “More than 1,000 companies were identified from within the sector by RegTech Analyst this year, so with more competition than ever, to be named in the top 100 again is excellent and a huge honour,” said Mark Holmes, Founder and CEO of Waymark Tech.

The list identifies the world’s most innovative providers of solutions that address challenges and regulatory issues facing businesses within the financial services sector. Finalists are recognised for their innovative use of technology to solve a significant industry problem, or to generate cost savings, or efficiency improvements across the compliance function. “As a team we have worked meticulously to ensure our offering meets the ever-growing needs of our clients and to make the list for the third year running is testament to the team’s dedication and the success of our technology,” said Mark.

“Even though 51% of RegTech100 companies are based within the UK or US, the spread of RegTech innovation has seen companies from another 23 countries make the list,” said Mariyan Dimitrov, head of research at RegTech Analyst. “Employing RegTech solutions to modernise the compliance function is now mission-critical for financial institutions globally.” Furthermore, the list aims to assist senior management and compliance staff to assess the solutions that have the highest market potential to succeed, those that have a considerable impact on the regulatory technology industry, and those that are providing the most pioneering solutions.

A technology company at heart, Waymark utilises Artificial Intelligence (AI), specifically Natural Language Processing (NLP), to automatically deliver tailored and actionable regulatory content to its end users. This benefits the end user, typically compliance departments, professional service firms and government agencies, in three key ways:

  • Effort to conduct manual monitoring of data sources is reduced from man days to man hours
  • Reassurance that nothing gets missed and work is prioritised and tracked to completion
  • Provides Audit Trail to discharge obligation of NED or senior manager.

WAYMARK TECH SECURES FURTHER SBRI FUNDING

London, UK – 6th June 2019: Waymark Tech has successfully secured further grant funding from the Small Business Research Initiative (SBRI, part of Innovate UK).

Working in collaboration with the Better Regulation Executive and funded by the GovTech Catalyst, Waymark Tech is developing an innovative technological solution to promote understanding of existing regulation and to provide insightful analysis that will inform and improve the way in which new regulations are introduced in the future.  Building on Waymark’s proven AI technical capability, the project will develop state of the art Natural Language Processing (NLP) technology which will systematically ingest information from thousands of pages of regulation and produce enhanced analytics on the content.

Individual regulations will be analysed to provide meaningful insight on the impact to business, enabling the introduction of smarter regulation in the future and providing policy writers with a valuable tool to assist them with the process of introducing new or updated regulation.  Downstream impacts will be streamlined, easing the compliance burden on businesses.

The solution will automate large parts of information analysis currently conducted manually by policy writers as well as providing entirely new insight currently too complex for policy writes to uncover without technological assistance.

About Waymark Tech

Waymark Tech is a London based Reg-Tech and Sup-Tech firm. We develop and provide software services using advance AI and NLP for companies in highly regulated industries and advisory firms with clients facing complex regulatory demands, as well as public sector organisations involved in defining and monitoring regulations. For more information visit: https://waymark.tech

Waymark Tech has also secured SBRI grant funding in April 2019 working with Citizens Advice Scotland

Waymark Tech is awarded SBRI Funding

Waymark Tech has successfully secured grant funding from the Small Business Research Initiative (SBRI, part of Innovate UK).

Working in collaboration with Citizens Advice Scotland (CAS), Waymark Tech is developing an innovative technological solution to address the growing burden of keeping abreast of the vast amount of new and changed information that forms the basis of advice given by CAS Advisers. Building on Waymark’s proven AI technical capability, the project will develop state of the art horizon scanning functionality which will systematically ingest information from thousands of pages of source information in their entirety, then utilise unique Natural Language Processing (NLP) technology, specifically multi-document text summarisation, to create first drafts for the content writers to then review before publishing.

The solution will automate large parts of information analysis currently conducted manually, freeing up man power at CAS to focus on the value-add tasks of delivering faster, more accurate and up to date advice and enabling a wider and deeper reach to the service. Once developed and proven, the new solution has the potential to revolutionise and dramatically scale-up the offering of advice globally, in an efficient and cost-effective way.

 

About Waymark Tech

 

Waymark Tech is a London based Reg-Tech and Sup-Tech firm. We develop and provide software services using advance AI and NLP for companies in highly regulated industries and advisory firms with clients facing complex regulatory demands, as well as public sector organisations involved in defining and monitoring regulations. For more information visit: https://waymark.tech

 

Contact Details

Waymark Tech
Mark Holmes
CEO
+44(0)07980225817
support@waymark.tech

Waymark Tech named in list of “Most Influential Fintechs 2019”

Waymark Tech named as one of the “Most Influential Fintechs  2019”

London, UK – 6th February 2019: Waymark Tech has been named as one of the “Most Influential FinTechs 2019” by a judging panel of experts from the financial community, published in the Financial Technologist Magazine by Harrington Starr. This year the panel has included influential thought leaders from a range of diverse backgrounds in finance and technology, including representatives from EY, Baringa, Lloyds Banking Group, Barclays, RBC, Credit Agricole, TD Securities, Simmons & Simmons, Man Group and Cruxy & Co. Brought together with the aim of identifying how technology can tackle problems faced by the financial industry, the FinTech influencers list celebrates those companies which provide industry solutions that matter and the ones to watch.

Waymark Tech is thrilled to have been given this distinction. During the past year the team at Waymark have been working hard in collaboration with their clients and partners on the regulatory challenges that are facing capital markets. The RegTech has been working with a variety of buy-side and sell-side firms as well as Professional Service Firms and Government Departments to provide award winning Regulatory Intelligence / Horizon Scanning solutions drastically speeding up review times and improving accuracy with their advanced Natural Language Processing capabilities.

Mark Holmes, CEO of Waymark Tech, comments:

“We are honoured to be recognised as a FinTech influencer for 2019 highlighting the real need in the market for Regulatory Technology and the dedication of our team in collaboration with our clients and partners to deliver something that is addressing real use cases in the industry.”

About Waymark Tech

Waymark Tech is a London based Reg-Tech firm that develops and supplies software services for companies in highly regulated industries and Professional Services firms with clients facing increasingly complex regulatory demands.Waymark’s award-winning service utilises Artificial Intelligence (AI) technology to continually monitor and analyse regulatory changes, alerting firms to new regulations, or changes to regulations, and making recommendations to ensure compliance. For more information visit: https://waymark.tech 

Contacts

Waymark Tech
Mark Holmes
CEO
+44(0)07980225817
support@waymark.tech

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