The regulatory arm of any business has always been the underdog. The integral role it plays in the smooth running of an organization, rarely leaps out of the book. However, it has enormous potential to help businesses build a culture of compliance, recognize growth opportunities, and save time and money relating to regulatory matters.
As with most other functions, this key facet of business has also seen technological advancement. Today, Regulatory Technology (RegTech) provides advanced solutions to the ever-increasing demands of compliance within the financial industry.
When it comes to the financial aspect of business, every element added is an investment. A RegTech partner would take care of Regulatory Reporting, Risk Management, Identity Management & Control, Compliance, and Transaction Monitoring. Basically, how an organization is presented to the authorities. An aspect that can make or break a business.
When it comes to choosing a partner or service provider for this sensitive and integral a role, how does a company decide who has the key competencies? How do they evaluate differences? How can they be assured that your personnel are skilled, capable and knowledgeable enough to take on the mammoth task of safeguarding their organization’s regulatory requirements?
This is where professional certifications from established, certifying authorities comes into play. Independent certification bodies such as TÜV use standardized and transparent test procedures based on internationally stringent standards to determine whether each person or company holds the required knowledge and skill to be able to complete key tasks with accuracy and quality. If the skill can be objectively established, the certification body shall issue a final certificate.
As a RegTech company on the cusp of emerging in a tech-first economy, it is important to invest in certifications for the following reasons:
- Standardization of service and production
Apart from facilitating certification to other standards, segmented certifications help establish a uniform way of working throughout the company. This brings about harmony in the end product or result as well as in the management of quality.
- Commitment from Executives
Support of the management is of prime importance in order to convince a customer about your ability to fulfill their needs. Certification can act as the much-needed catalyst that spearheads decisions and boosts integration with business objectives and strategy.
- Strong Customer Orientation
When competitiveness leads to more robust companies, customers are more inclined to rely on those partners that have secured the seal of experience and knowledge from a reputed certifying authority. This allows for streamlining with the needs of the customer and interested parties.
- International Recognition
Certifications are recognized worldwide. This gives companies globally, a benchmark to compare and understand your capabilities as a RegTech partner. It gives you the ability to clearly state to customers that your company and employees are adequately trained in the required competency to take on their regulatory needs.
One such certification that is globally recognized as a standard for quality management systems is the ISO 9001:2008 certificate. A company that holds this certification is known to enjoy peak process performance and a strong system that identifies gaps in activities that are relevant to ensuring high quality delivery of product or service. This certification also helps define responsibilities and procedures that ensure competent task completion.
DataTracks is certified for ISO 9001:2008 for Quality by TÜV SÜD, an independent certifying authority that specializes in consulting, testing, certification and training. Striving to consistently delight customers, DataTracks provides a quality of service is achieved through innovative thinking, diligent execution and open communication with customers. A robust quality management system that identifies the key service requirements of a customer, has been established and this is routinely monitored to check if the metrics meet customer expectations.
DataTracks is also certified for information security management (ISO 27001:2005). The delivery centers of DataTracks is securely protected and monitored for intrusions.
If you are looking for a RegTech firm to partner with, you’ve come to the right place. Contact DataTracks today to find out more about how we can help you secure your regulatory compliance processes.