Less risk and better compliance with iCOMPASS™

Cambridge Advisers wins at the 2023 SBR Technology Excellence Awards.

Developing a unique regulatory technology (RegTech) software that aims to reduce compliance risks, improve efficiency, promote collaboration, and increase accountability can be a daunting task as the software needs to possess the intelligence to raise governance standards and be scalable enough for fast and secured deployment. Cambridge Advisers seized this opportunity to develop iCOMPASS™, a RegTech software that aims to contribute to a more effective compliance program for clients in the financial sector.

Serving financial institutions and family offices, the Singapore-based compliance consulting firm built iCOMPASS™ to provide impactful features that can be utilised across levels. For the innovation that Cambridge Advisers produced, the company received the RegTech - Consulting Award in this year’s SBR Technology Excellence Awards.

The awards programme commends the efforts and achievements of companies in Singapore in their goal to provide the best products and services using digital capabilities, and Cambridge Advisers’ iCOMPASS™ sets them apart from their peers.

Clients can use iCOMPASS™ to automate their monitoring processes for compliance-related activities such as technology risks, business continuity risks, outsourcing risks, employee training and certifications, policy changes, and audit trails. Compliance issues can be identified in real-time and corrective action can be applied promptly, proving a valuable asset for financial institutions and other organisations.

The software also provides users with an easy-to-use dashboard that shows real-time information on regulatory compliance performance, allowing for quick identification of areas where remedial action might be required. Reports about compliance activities that can be used for regulatory reporting and internal audits are also generated by iCOMPASS™.

The risk of non-compliance due to outdated company policies is reduced thanks to compliance-related documents being continuously aligned with the updated financial regulations and collated into a centralised repository, ensuring that all users can access the most up-to-date information. iCOMPASS™ also sends automated alerts that remind users about upcoming compliance-related activities such as training, audits, and renewals, ensuring that tasks are done in a timely manner.

All these features from the iCOMPASS™ reduce the risk of non-compliance and its associated penalties and legal consequences whilst improving efficiency by 40% by automating time-consuming manual tasks such as policy updating, document management and employee training tracking.

Different departments and stakeholders can now collaborate better with the software, as it makes sure that everyone is working with the same documents and information. A clear record of compliance-related activities and audit trail for external auditors promotes accountability and ensures that all users are aware of their responsibilities.

With iCOMPASS™, institutions can see their productivity improve significantly as the highly manual traditional work can be automated by the software, bridging the gap from the dwindling supply of compliance talents that cannot keep up with the growing needs of regulated entities and family offices. iCOMPASS™ is also expected to cascade the high-level government regulations into working-level guidance.

Cambridge Advisers is looking to expand iCOMPASS™ in the future, as the software is equipped with intelligence and can be deployed as a Software-as-a-Service (SaaS). By scaling compliance expertise across the region, the software can be a strong capability addition to  Singapore’s financial compliance infrastructure that engenders first-in-class governance and business sustainability. 

The SBR Technology Excellence Awards is presented by Singapore Business Review Magazine. To view the full list of winners, click here. If you want to join the 2024 awards programme and be acclaimed for your company's outstanding contributions in pursuit of technological innovation, please contact Jane Patiag at [email protected].