Regulatory requirements are an integral part of any regulated business undertaking. They may not be the core that drives the bottom line, but they still call for diligent attention. The current environment continues to become more complex and with it comes the necessity for a more specialised outlook on all the relevant aspects.
Martin Borg took on the role of Chief Executive Officer at Compliance 360 over three years ago, expanding the company's scope from its initial focus on anti-money laundering to offering a broader range of compliance services. Prior to this, he built extensive experience at two local banks, starting in retail banking and then transitioning to compliance and AML.
Compliance 360 is a subsidiary of Embark (Malta) Limited, a firm specialising in accounting business and financial advisory services. Compliance 360 revolves its services around three main elements: anti-money laundering, regulatory compliance and risk management. Through Compliance 360’s strategic partnership with eBOS, a leading regtech and fintech group from Cyprus, the WiseBOS Suite offers clients an additional solution for automating internal processes and effectively navigating the complex and demanding regulatory environment.
Martin Borg explained that the WiseBOS Suite is a comprehensive, customisable software solution designed to streamline various business processes. It includes multiple modules covering various areas such as AML, Governance, Risk, Compliance and others. Enhanced by machine learning, WiseBOS Suite enables companies to make informed decisions efficiently and adapt to complex regulatory requirements.
Just to get a glimpse, WiseBOS Suite offers several AML-related modules. The WiseBOS RiSC module integrates KYC capabilities, customer risk assessment, and document management; while the WiseBOS eCV Module provides a fast and secure pathway to digital transformation through electronic identification and eKYC. Additionally, the WiseBOS Screening module grants access to a comprehensive database of global sanctions, watchlists, PEPs, and adverse media.
The WiseBOS Suite also offers a variety of modules for Governance, Risk, and Compliance (GRC) management, including the ERM module for comprehensive enterprise risk management and Internal Audit Management to streamline auditing processes. It also features a 3rd Party Vendor Risk Management module to assess and monitor vendor risks, as well as Compliance Risk Management to ensure regulatory adherence and mitigate compliance-related risks.
Compliance 360 first identified WiseBOS as a software suite of choice. The CEO notes that the system was initially implemented for Embark’s operations. However, after successfully using it to meet practical, day-to-day demands and testing its effectiveness, a closer relationship with eBOS was inked, taking its application up a few notches.
The exclusive partnership has translated into Compliance 360’s introduction of WiseBOS Suite to the local market and serving as its representative in Malta. Martin Borg also reveals that a number of companies have already purchased the platform for their own use and consider that its capabilities provide substantial advantages to its users not least due to its flexibility in adapting to an ever-evolving regulatory environment.
Martin Borg notes that client profiles for such a platform are often those regulated by the Maltese regulators. He lists a broad selection of clients such as credit and financial institutions, gaming companies and company service providers.
The WiseBOS platform is just one of the several levels of support made available by Compliance 360. Martin Borg highlights the fact that the firm boasts of a pool of in-house expertise that covers the three main sectors in which it operates. By way of example, he notes that besides several services related to anti-money laundering, Compliance 360 also assists with financial crime audits and AML gap analysis.
In terms of regulatory compliance, the CEO highlights that the firm can assume the role of a compliance officer, perform gap analyses, and actively monitor compliance plans. Additionally, within the area of risk management, Compliance 360 can either serve as or support the company’s risk manager, provide risk gap analysis and conduct independent enterprise-wide risk assessments.
Martin Borg encourages companies to remain up to date with the applicable regulatory regimes, follow up on new legislation and be technologically savvy. Compliance 360 ensures that its clients remain at the top of their game. Besides being owned by Embark (Malta) Ltd, with all the resources that this implies, Martin Borg points out that Compliance 360 also has access to external experts who can address a wider variety of requirements.
As Martin Borg continues to pave the way ahead for Compliance 360, he highlights his priorities on a three-pronged strategy for the company: continued growth to increase its capacity to address the requirements of an ever-increasing client base; further enhancement of its personnel while gaining more in-house knowledge in its areas of specialisation, and further integrating technology allowing for more efficient, intelligent, and rapid services.
Business success is about being proactive, not reacting when it's too late. Thus, adequate preparation along with the right tools are essential to cover all necessary aspects. Compliance 360 provides comprehensive regulatory support, allowing regulated entities to concentrate on their core business operations with peace of mind.
