How Star Is Riding The Wave of Compliance Vendor Consolidation
What’s new to the STAR Platform? Read how our recent acquisitions addressing political contributions compliance, individual accountability regimes, and training and competency requirements can help you streamline firm operations
The regulatory landscape changes quickly in financial services, and each new regulation brings new compliance tools to the market. Dozens upon dozens of third-party vendors for banks and other financial institutions offer up products with promises to keep your firm compliant. Choice is good, but you can quickly find yourself juggling more vendors than you can handle. Many financial institutions are beginning to realize that a single compliance platform with broader capabilities is a more effective investment than a tall tech-stack of point solutions.
For one thing, a single compliance software solution can make it easier for employees to complete compliance-related tasks. Instead of logging into different systems to check off various to-dos, employees can turn to one tool for everything—from personal trading pre-clearance, to gifts and entertainment declarations, to training and education requirements. When employees get compliance tasks done efficiently, firms see greater compliance software adoption overall, which means firm risk is reduced. And when employees complete all their compliance tasks in one place, compliance officers enjoy more efficient data management; with just a few clicks, compliance teams can pull together numerous reports and compliance audit trails from a central data source.
THE EVOLUTION OF THE STAR PLATFORM
At Star, we recognize the value we bring to financial services clients by expanding the capabilities of our software. Here’s what you can expect in the coming months from a few key additions to the STAR Platform:
1. POLITICAL CONTRIBUTIONS MONITORING
In 2021, Star acquired Six Lambda: a compliance-process automation platform that monitors and verifies employee political contributions across the federal, state, and municipal levels. Star will be blending the enhanced capabilities Six Lambda brings into its current Political Contributions product, which will give Star clients a more comprehensive dataset to pull from as well as a more timely one: allowing for speedier remediations. The Six Lambda search platform will continue to be offered as a standalone product by Star for the foreseeable future and has the capability to automatically search for nicknames. It also keeps a record of every search made and is an easy way to help evidence regulatory compliance. However you look at it, this acquisition enhances the total capabilities available to Star clients as they strive for compliance in the increasingly important sphere of political contributions—all available from a single, centralized platform.
2. INDIVIDUAL ACCOUNTABILITY REGIMES
We’ve also recently acquired a software solution that addresses individual accountability regimes, of which there are more and more of worldwide. Individual Accountability Regime, or IAR, offers Star clients complete traceability and confidence in this burgeoning area of regulatory compliance. It allows firms to strengthen their individual accountability programs, and effectively demonstrate compliance to the Financial Conduct Authority and the Monetary Authority by meeting requirements set forth by the UK’s SMCR and Singapore’s IAC guidelines. No matter the regime, the STAR Platform will house all individual accountability compliance information in one location and provide a clear accountability trail for both internal and external purposes.
3. TRAINING AND COMPETENCY REQUIREMENTS
Finally, Star also recently acquired a software solution that addresses training and competency requirements: another burgeoning area of regulatory compliance worldwide. Training & Competency, or T&C, will help firms align training and competency efforts with a program for cultural improvement. Significantly, the software provides the specific training information firm employees need to meet their current regulatory obligations. With T&C, compliance teams can ensure all employees fully understand firm training and competency requirements, abide by best practice standards, and can carry out all investment activity competently.
At Star, our goal is to make compliance simple and easy for employees, compliance, and financial institutions. With these additions to the STAR Platform, firms can meet their regulatory obligations with confidence, manage data more efficiently, and create excellent employee experiences—all from a single, centralized location.
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