Your intelligent compliance assistant
We believe for regulatory risk to be managed well, regulations should be easy to work with. Unfortunately, that is not the case today because:
Enter MICA. As your digital compliance assistant, MICA makes it easier to get regulations right. Here are 3 of the most important questions we solve for compliance teams in banking and financial services:
Most compliance teams experience challenges in building and maintaining a register of key laws and regulations that apply to their business. Which is concerning especially if every compliance program begins and ends with how well regulatory obligations are being met. In addition, keeping track of regulatory changes is also another major challenge, especially if it involves tracking developments from different sources and countries proactively and in an organized manner.
With MICA, we are solving this problem once and for all. Compliance teams get to receive automatic daily updates from any of our wide and expanding coverage of legal and regulatory sources from across Asia-Pacific, the Middle-east and Europe. In addition, they get to build their compliance registers of key laws and regulations in minutes and use automations to keep these updated on an ongoing basis. The result? Compliance teams save time and effort, and in some cases thousands of dollars, previously spent tracking and compiling developments.
As experts, compliance professionals are responsible for analysing and assessing regulations to identify the impact it may have on the business. This is an important process that requires deliberate care and attention. However, with limited time and resources and in the face of increasing regulatory change, this is hard to do well consistently.This results in shallow and inadequate analyses and impact assessments that are poorly documented. This is concerning for Heads of Compliance because it is impossible to manage risks that have not been adequately identified which creates exposure for the business; and the longer the situation persists, the worse things get.
With MICA, compliance teams get to collaborate more effectively on their regulatory reviews with tools that allow them to annotate regulatory documents with their analyses, to share and to discuss these with one another. Not only does this improve documentation for record-keeping purposes, but we also provide an activity log for key actions related to this process. In addition, we have also integrated artificial intelligence in a meaningful way to help compliance professionals quickly identify which of their internal policies and processes are potentially impacted by regulatory changes and to then compare these to automatically identify potential gaps. Now, regulatory reviews and impact assessments can be performed faster, more efficiently and be better documented.
As the second line of defense, compliance teams work with colleagues from the first line in different teams, functions and locations to ensure regulatory obligations are being properly implemented and then complied with. However, in the absence of suitable workflow solutions, they are resigned to extracting obligations from documents and assigning these to others via excel spreadsheets and emails to manage this process. Since this process is currently so tedious and painstaking, there are only so compliance assessments and reporting initiatives that can be performed with limited resources, which directly impacts how much risk oversight a compliance team has.
With MICA, compliance teams get access to our powerful smart-spreadsheets feature which functions both as a powerful workflow solution and a collaborative database that includes automations, advanced permissioning, activity logs, integrated chat, templates and more. All this means, it is much easier to extract obligations and assign these for implementation, and to then monitor and launch reporting initiatives no matter where your team is based. Since multiple processes are now easier to perform and compliance teams get more done, overall risk oversight improves as well. Win-win!
We take data protection seriously. Our services are hosted on Virtual Private Clouds with protocols to ensure security in the cloud. We work with Amazon Web Services (AWS), which maintains multiple certifications for its data centres, including ISO 27001.
With MICA, you solve multiple use cases with 1 solution, which means the returns on your investment only increase over time.
We partner with compliance experts and consultants. Get in touch if you would like to explore working with us!
Check out our resources to get started with MICA