Tag: Press Release

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

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.

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