This week has been an exciting one at OXIAL, as we launched our innovative new continuous compliance service for algorithm risk management, in collaboration with our partner, financial markets specialist GreySpark.
Anyone that works in this sector will be more than aware of the challenges that come with meeting compliance and regulatory targets. They are growing and changing on a regular basis, and we felt that traditional approaches to compliance were not as effective as they could and should be. You would be surprised (or perhaps not) how many firms still rely on Excel to navigate their way through complex and changing compliance requirements.
A new model for global capital markets compliance
Project-based compliance projects are simply outdated and not suited to the demands of modern business, especially in the finance sector. Our collaboration with GreySpark means that Buyside and Sellside institutions can stay on top of global regulation and compliance, safe in the knowledge nothing will slip through the net and leave them exposed.
The combination of OXIAL’s GRC award-winning platform with the expertise, market knowledge and knowhow of GreySpark is a powerful proposition and one that attracted plenty of press attention when we launched this week. The launch press release can be seen here, while a number of key press covered the new service, including Hedge Week, FTSE Global Markets and FX-MM to name just a few.
Major trials already underway
There is already a major US bank trialling our new supervised compliance service, and there are others that have opened discussions about doing likewise. Compliance is a global issue and with GreySpark and OXIAL’s joint-global footprint we have a global solution that can benefit firms all over the world.
Compliance requirements do not end just because a compliance project has come to an end. Compliance is an on-going and continuous process, and the only way to make that work is make compliance fully digitised. That is the present and future for GRC and we are delighted to be blazing a trail with GreySpark.
