Our realtime testing and monitoring platform

Without good tools, it becomes unscalable to stay compliant. And when growth needs and compliance rules conflict, no one can win. Without the ability to scale your digital products (or fintech sponsorships), there’s no real economics.

We’re building ComplyCo to address foundational compliance by bringing software-style observability, modern testing and monitoring and real-time reporting capabilities to regulatory compliance. We suffered from the lack of these tools firsthand, and we’re developing what we wish we had.

What we’ve also seen throughout our previous experiences at institutions both large and small is that there’s often a significant disconnect between product / engineering and compliance teams. Both ultimately care about the consumer but approach it from the reduction of friction versus by the book experience. We believe the right software tools that could act as a bridge between the two environments - digital channels and regulatory compliance - by providing teams with a true and consistent visibility into what is happening with the product at all times.

Banks have good policies, but those policies are actually operationalized with a stitched-together patchwork of many services and tools. This is not news to anyone who’s familiar with the space, but inertia is sometimes the most acute form of paralysis. And too often we find ourselves with this same diagnosis when it comes to introducing new technology to address these issues.

The industry has never given compliance teams full and ongoing visibility into what customers are actually experiencing. And there are no open standards to guide implementers and vendors. That’s hard on compliance teams and bad for the industry. The best policy is only as good as your ability to monitor its results.

So, how ComplyCo actually makes your life easier

Software development has benefited tremendously from a mindset we want to bring to compliance: observability, which besides serving as a bridge between product and compliance, will also help us address foundational compliance frameworks.

• Documentation and notice administration: Any document the legal or compliance team creates for the end-user, they can manage. You know the version of every notice, agreement, and disclosure an end-user is exposed to. You’ve got a clean, simple record to show any given end-user was shown everything policy requires.

• Change management: The best process will still encounter errors and unintended updates. Your tools should monitor and log any deviation, and inform you proactively.

• Comprehensive monitoring: Overall, ALL events are piped into and stored within a model that understands compliance, processes them correctly, and gives you the insights and warnings you want. Compliance teams can observe every interaction and measure it against their own compliance framework to determine if there’s been a deviation. Deviations trigger automatic red flags – so problems are immediately identifiable and remediable. You’ll know the precise affected population: who should be contacted, and why. Ultimately you can cohort your customer base by a specific event that happened anywhere in their lifecycle with your institution.

We call all this approach foundational compliance. We use this terminology on purpose as we want to recognize that this is not the end-all and be-all of compliance management systems but it’s a critical footing that grounds the rest of your controls. Compliance is complex and realistically can't be addressed by a single tool, which is why there are so many players in the space focusing on areas like KYC, BSA / AML, FCRA, SCRA, and now foundational compliance with a suite of observability tools from ComplyCo.

We can solve two problems for you right now

1. Making sure every customer is shown the right disclosures with our RegDoc Widget
2. Knowing what every end-user did on your digital banking experience with our Testing and Monitoring Suite

Our RegDoc Widget

• Embeds into any system to show users the disclosure
• You can see what version every user saw and when
• Prove they were shown the appropriate disclosure with a super duper audit reporting

Our Testing and Monitoring Suite

• Traces all end-user behavior and stores event data to use as compliance
• No more manual sampling – see the entire user population on a single dashboard
• Set up specific alerts and reports and get notified if exceptions are made

While our early scope is narrow, our ambitions are expansive as we believe the level regulatory scrutiny present in financial services is going to spring up in other industries as well. Insert your soup du jour of consumer products and services facing new inquiry on what seems like a daily basis and it’s inevitable that it will be tamed by additional mandatory rules. While that might sound regressive or overly restraining, we believe that it’s much more sustainable and counterintuitively good for long term innovation. We just need the right tools and more open frameworks that make following complex rules simple. That’s where ComplyCo shines.