TCC and Recordsure win joint ‘Best RegTech Company’

What happened?

TCC and Recordsure have been named joint winners of the “Best RegTech Company” title at the 2022 FinTech Breakthrough Awards, now in their sixth year. The award recognises companies, products and technologies judged to be pushing the boundaries of the global FinTech industry.

The win marks a second consecutive year of recognition for TCC, having previously won the same award in 2021. FinTech Breakthrough Managing Director James Johnson said the two organisations “deliver on this challenge, driving innovation and delivering ‘breakthrough’ compliance solutions”.

The group’s technology portfolio referenced in the announcement includes High-Performance Assurance, a file-reviewing platform combining Recordsure AI Docs’ automation with document viewing, bookmarking and gap-flagging tools, and Recordsure AI Voice, which analyses and segments client conversations and flags cases for further review. A further tool, SMCR PRO, was announced as due to launch in 2022 to support Senior Managers and Certification Regime obligations.

Why does it matter?

The award reflects the combination of regulatory compliance expertise and technology that TCC and Recordsure position as central to their offering. For regulated firms, tools such as AI Voice and High-Performance Assurance are presented as ways of reviewing a greater proportion of client interactions and files than manual review alone would allow.

Recognition across two consecutive years suggests a degree of continuity in the approach, which may be relevant to firms assessing the durability of a compliance technology partner.

Who is affected?

The announcement is most relevant to compliance, quality assurance and file review functions at regulated firms considering how to combine automated analytics with existing review processes, and to firms preparing for Senior Managers and Certification Regime obligations.

Wider implications

The source material describes rising demand from financial services customers for more efficient, lower-cost ways of managing regulatory compliance and reducing conduct risk and remediation costs, while also expecting improved customer outcomes. Awards of this kind reflect a broader market trend of firms combining artificial intelligence, machine learning and automation with existing compliance functions rather than treating them as a replacement for expert judgement.

Recommendations

Firms reviewing their approach to file review or quality assurance may wish to consider tools that combine automated triage or flagging with expert review, and to assess how any new certification or resourcing tool will support forthcoming regulatory deadlines such as SM&CR obligations.