RCMS

RCMS (Regulatory Compliance Management System) by iSPIRAL is a software solution designed to automate client onboarding and monitoring processes, with a specific focus on ensuring compliance with regulatory requirements in the financial services industry. According to the vendor, RCMS is suitable for organizations of all sizes within the banking sector and other financial services. It is utilized by professionals such as Compliance Officers, Risk Managers, Legal Professionals, and Audit Managers in various industries including banking, investment banks, payments, forex & brokers, and gaming & gambling.

Key Features

According to the vendor, RCMS offers the following features:

Automating Client Onboarding and Monitoring: RCMS enables ongoing screening of clients against recent data, establishes AML standards based on global best practices, and continuously screens clients against the most recent global data sources. It also provides instant notifications of risk rating changes and aims to eliminate the need for manual reporting.

Perform Real-Time and Post Transaction Monitoring: The vendor states that RCMS minimizes false positives by tuning rules and customer segmentation, detects suspicious transactions in real-time, and allows for full analysis of triggered alerts. Machine-learning models are used to analyze transactions and assign dynamic risk scores.

Increase Accuracy & Minimize Time: According to the vendor, RCMS aims to upgrade compliance and AML operations with automation, provide a smooth onboarding experience for clients, and enhance risk and compliance management in the face of global financial crises. It offers solutions for onboarding, AML, KYC, risk assessment, transaction monitoring, and digital identity verification.

Enterprise Governance, Risk & Compliance: RCMS aims to enable risk registry and assessment, streamline internal audit management, ensure compliance management, handle incident and loss management, and facilitate regulatory reporting.