New alliance delivers holistic solution for financial services compliance
Johannesburg-based software solutions provider Bateleur Software has joined forces with LRC Advisory (LRCA), a niche legal, risk and compliance consultancy, to help financial services organisations across Africa navigate the complex and rapidly-changing regulatory landscape.
“Compliance has never been more fraught with regulators constantly introducing new governance requirements to address issues ranging from cyber crime and money-laundering to consumer rights. Non-compliance can result not only in financial losses and penalties but can also negatively affect an organisation’s reputation and undermine its clients’ trust,” said Lizette Sander, product manager at Bateleur Software.
According to Sander, Bateleur’s experience in providing software solutions revealed its clients often needed advice and support that went beyond the software company’s ability to provide the technical solutions that enable organisations to meet their compliance and regulatory obligations.
“Effectively, they often require assistance with unpacking the regulatory obligations that drive their requirement for a technical solution in the first place – the type of legal and regulatory compliance advice that LRC Advisory provides,” she added.
LRCA, a Johannesburg-based legal, risk and compliance consultancy, has extensive experience working with financial services organisations across Africa.
LRCA director and legal advisor Candice Glossoti said the regulatory environment was changing so rapidly that although most financial service providers had employees with expertise in one or two areas of compliance, they were hard-pressed to keep up with the legislated changes as well as the increasing sophistication of financial crime.
“With the advent of digitisation and artificial intelligence solutions that are available out there, people really do have to be experts in everything that they do, but they just don’t have the resources to remain abreast of everything. That is what LRCA focuses on,” she explained.
Glossoti maintained that because of the complexities, the only way to actually manage regulatory requirements was through technology-based software solutions such as those provided by Bateleur.
”Having worked with Bateleur on three major anti-money-laundering projects in Africa, with Bateleur providing the technical expertise to support our practical risk-based compliance methodologies and frameworks, the synergy between our two organisations was clear.
“We have therefore formed an alliance that enables us to jointly offer clients a holistic solution to their compliance needs,” Glossoti concluded.