The constrictions of compliance
The need for both internal and external compliance protocols that observe legislative requirements has never been greater, or more challenging and costly.
While the world is emerging from the clutches of the COVID-19 pandemic, many businesses and organisations are discovering their operations have forever changed.
This is in no small way due to a higher number of staff working from home and the challenges that presents.
Traditional compliance protocols have their limitations and consequences when they fail.
The benefits are numerous and include:
- Financial burden of compliance systems
- Vulnerability to cyber attacks
- Hefty fines or penalties for irregularities
- Potential damage to brand
- Duplication of effort
- Time inefficiencies
The smartest solution for compliance
Blockchain technology is built for the high-security needs of compliance and financial record keeping, through the use of smart contracts.
Smart contracts are an automated set of directions which are executed when certain conditions are met and verified.
They act as a font of trust between all parties and could be enabled to exchange funds, record quality control checks, send notifications or authenticate users.
When a transaction is verified and completed, the blockchain is updated and all parties with access can see the indisputable audit trail.
The risk and penalties for non-compliance can be significant.
The benefits are numerous and include:
- Creating a transparent, immutable log that can be used for system and organisation controls (SOC) reporting
- Improving compliance
- Reducing risk mitigation requirements
- Resilience to cyber theft and fraud
- Simplification of processes
- Elimination of human error
- Continuous monitoring 24/7
- Cost effectiveness
- Reduction of transaction settlement time
Financial Institutions are the perfect example of an industry that stands to benefit from the adoption of automated compliance systems.
Never has it been more important to Know Your Customer (KYC) and provide Customer Due Diligence (CDD).
The risk and penalties for non-compliance can be significant.
In 2021, the UK’s Financial Conduct Authority issued £568 million worth of fines.
The biggest was a £264 million fine to NatWest for three offences relating to failing to comply with the Money Laundering Regulations Act 2007.
Financial irregularities cannot be made or concealed with blockchain.
Its open and transparent nature demands compliance and restores trust and faith in stakeholders and customers.
Partner with rewired.one
to harness the power of Automated Compliance.
Rewire your enterprise for blockchain and take compliance to the next level.
In heavily regulated industries, organisations have a heavy internal cost burden to meet ongoing regulatory compliance and worse still, the external regulatory costs and risk of fines.
Blockchain creates a trusted, verifiable, secure and transparent transaction record made accessible to both industry and regulators.
Unique source of truth
Create an environment where compliance data can be directly accessed and audited by regulators.
Automated regulations
Audit rules and monitoring requirements can be implemented by smart contracts, with real-time reporting to regulators.
Reducing the burden
With ever-increasing regulatory complexity and heightened levels of supervision, blockchain offers efficiency and significant cost reductions that other systems can’t offer.
How to develop and launch Rewired Compliance on blockchain:
- Book a free consultation with us to identify your compliance needs.
- We clarify and confirm your requirements.
- We provide a proposal that integrates Rewired Compliance with any of your existing systems.
- Our team provides support for your business case development for funding.
- We deploy Rewired Compliance alongside your existing systems.
- We integrate compliance and audit data onto your enterprise blockchain.
- Next, we provide a self-service portal with your regulator for reporting.
- We help you to innovate and continue to find vulnerabilities.
What our clients say about us
For more than a year we have partnered with Rewired.one. They have consistently delivered great people that have given us great outcomes. We highly recommend them to augment your engineers and provide sound project management.
I’m grateful that we get to partner with Rewired.one early. It saved us from a lot of what could have been disaster by just following the flow. They provided foresight to not just do what’s trending now, but to see the implications of a decision. They answered the question, what’s the implications of this plan? And, what’s it going to mean five years down the road? Companies that work with rewired.one, will be set up, not just for short-term success, but to be sustainable and protected in the future.
Rewired.one helped us to retain knowledge internally with our engineering teams and get stakeholders buy-in for enterprise blockchain solutions by providing expert blockchain engineers and consultants to train us. Rewired.one really understand the benefits of blockchain in the enterprise and successfully delivered our proof of concept.