Suade is a ReTech company founded in 2014. The services offered by the company aim to automate regulatory data requirements for financial institutions. As these requirements change regularly, the automation reduces costs that are associated with the change. The company uses modern technology to offer its customers a platform that “allows financial institutions to process large volumes of granular data and output the required regulatory data, calculations, risks and reports with the necessary controls and governance.” The company markets its products as the technology that will help prevent the next financial crisis. Thus, its services are beneficial both for the company, which saves funds on costs associated with regulatory compliance and also for the society, which benefits from the reduced systemic risks as the regulators receive necessary information on the companies in a more organized and efficient manner.
Financial Regulatory Data specifications set a uniform standard for regulatory submissions
Suade uses the Financial Regulatory Data (FIRE) specifications in order to define its clients’ data. “The Financial Regulatory data format defines a common specification for granular regulatory data. Regulatory data refers to the data that underlies regulatory submissions and is used for policy, monitoring and supervision purposes,” – the company explains. This means that the data that is used by each company in order to compile their regulatory submissions, will be formatted in a similar manner. The main reason why Suade sees it important to format data in such a way is that having different formats and definitions make it difficult for firms to communicate with the regulators, thus creating confusion and increasing the risks.
The platform offered by Suade can be used on any infrastructure. It includes all the necessary tools companies might find the need of in order to comply with their corresponding regulatory demands. Furthermore, this platform is customizable and scalable so it can fit different business needs and can be useful for various types of companies. “Designed to empower the regulatory user and transform the organisation, the objective of the Suade Platform is to deliver the implementation of regulation as a software service. In this way, Regulation-as-a-Service allows firms to focus less on what they need to do for regulation and start employing tools to think about what regulation can do for them,” – states the company.