SINGAPORE, May 19, 2021/PTI-AsiaNet/ --
| Quant LegalTech announced the release of a free cloud-based version of 4 of Compliance Toolkits issued by Monetary Authority of Singapore ("MAS"). The Toolkits selected for digitization were issued for Licensed and Registered Fund Managers, Venture Capital Fund Managers and Licensed Trust Companies. The Toolkits can be found at https://quantlegaltech.com/sg The Toolkit is available on the company's cloud-based Complius(TM) platform and provides a DIY on-boarding capability where users can distribute, execute and track compliance activities throughout their organizations. John Matheson, Quant LegalTech's Co-Founder explained the initiative. "We noticed that institutions were aware of the Toolkits but had difficulty implementing them. Their main challenge was that a majority of the activities were "event-based", meaning that nothing had to be done unless a particular event triggered an obligation to report to MAS. To simplify this, we associated events into common attributes and built a reminder system so that compliance owners would learn to identify the events that trigger notifications". The Digitized Toolkits are aimed at small offices who typically don't have a full-time compliance officer and are looking for automation tools to stay on top of their obligations. Although the Toolkits are free for the first 12 months. One of the main advantages of using compliance automation is that compliance practices are habit forming and once they become engrained, institutions become stronger. Matheson added that his company was attracted by challenge in digitizing the Compliance Toolkits. "Singapore FI's have hundreds of compliance obligations to meet and yet MAS has zeroed in on a small fraction of that data-set and then were careful to point out that their list is not exhaustive. This suggested to us that the solution had to be comprehensive while taking a minimal amount of time to deploy". About Us Quant LegalTech is a legal-technology company with a singular vision to build innovative, user-friendly legal-tech solutions for corporate governance, risk and compliance. Complius(TM) has been engineered in-house with easy-to-use interfaces, customizable dashboards, and cloud-based solutions which have coalesced to enable the next generation of legal services. http://mrem.bernama.com/viewsm.php?idm=40067 |
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