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AutoRek listed in RegTech100 List

Scottish RegTech company, AutoRek, just announced it has been selected as one of the world’s most innovative RegTech companies as part of the annual RegTech100 list.

Autorek was selected amongst a long list of nearly 1,200 companies produced by RegTech Analyst, a specialist research firm, for its innovative use of technology to solve a significant industry problem and generating efficiency improvements across the compliance function.

The Scottish company is a financial controls, regulatory reporting and data management platform which provides complete and seamless control of data. Despite the pandemic.

Kemal Sangrar, Head of Product, AutoRek, said

“We are delighted to be listed in the RegTech100 for the fourth consecutive year. This award is recognition of our commitment in delivering regulatory reporting solutions to the financial services industry and testimony to innovative strategy underpinning our product. We have had a great year with the launch of AutoRek 6, with many clients looking to upgrade in the coming months.”

Mariyan Dimitrov, Director of Research, RegTech Analyst, added,

“Banks and other financial institutions are investing heavily into AI capabilities to automate highly manual regulatory tasks, support digital onboarding processes and monitor for fraudulent activity. The RegTech100 list helps them filter through all the vendors in the market by highlighting the leading companies in sectors such as identity verification, risk management, communications monitoring, information security and financial crime prevention.”

 

A full list of the RegTech 100 is available at www.RegTech100.com.

AutoRek wins contract for IFRS 17 Reconciliations

Scottish fintech AutoRek has announced that they have been chosen as the preferred reconciliation tool for a major international underwriter. The Glasgow based fintech firm will help its new client to comply with IFRS 17 standards.

IFRS 17 is very complex and one the biggest, if not the biggest, changes to financial accounting in insurance since Solvency II. AutoRek had helped many of its customers with Solvency II and is now working with them on IFRS 17 infrastructure.

By performing all reconciliations, Autorek will ensure that data quality and completeness are following the highest standards as defined in the IFRS 17.

One of the key reasons AutoRek was selected was the flexibility the solution offers in relation to the ever-changing future requirements.

Autorek will enable its new client to achieve:

  1. Efficiency ”“ Significant time saving due to the reduction of manual processes.
  2. Transparency ”“ Clearly defined process and controls framework which maintains the integrity of reconciliations.
  3. Data Quality Assurance ”“ Each time data is loaded it is validated for its accuracy and completeness to ensure integrity.
  4. Audibility ”“ The system maintains a full audit trail at a transactional level ensuring accountability.

“This represents a significant win for AutoRek and we are looking forward to continuing to develop our IFRS 17 offering as we work towards the go live date in January 2023”.

Piers Williams, Head of Insurance at AutoRek

AutoRek and Glasgow Chamber of Commerce come together for free International Business Development working lunch

AutoRek, a global financial controls, regulatory reporting and data management platform, have announced that they’ll be hosting an International Business Development working lunch in collaboration with Glasgow Chamber of Commerce next month.

The aim of the event is to bring together a number of business leaders from Glasgow’s SME community to discuss the International Business challenges they face and will provide them with an opportunity to work together to overcome such challenges. As a business with roots in Glasgow, AutoRek is keen to offer advice to these businesses, as well as give them the chance to collaborate with like-minded professionals and tackle issues head-on.

Headquartered in Glasgow, with offices in London, Edinburgh and New York, AutoRek’s solutions are deployed globally. They deliver a range of financial, operational and regulatory reporting control solutions. They have supported implementations in many leading organisations with projects including high volume data migrations, elimination of spreadsheets and manual processing, regulatory reporting, mitigation of operational and regulatory risk, and reduction in fast close processes. This makes AutoRek well placed in their collaboration with Glasgow Chamber of Commerce to assist these businesses in combating the challenges they face, Lyn Canavan (Head of Marketing) said:

“We have teamed up Glasgow Chamber of Commerce to host our first in a series of International Business Development working lunches. We believe that it presents a great opportunity for local business leaders to collaborate together sharing ideas and common challenges. We already have a good relationship with Glasgow Chamber of Commerce and we are looking to build upon this partnership and expand globally.”

 

The event will be held between 11:30 and 14:00 on the 5th of March in AutoRek’s offices at the Garment Factory on Montrose Street. A huge plus for these businesses is that the event will be totally free to attend, offering an excellent opportunity to network with other Glasgow-based business professionals and SMEs looking to work on these common issues and expand internationally. With Brexit on the horizon, the impact of it on SMEs has been and is a growing concern. Recently, Barclays has announced that it will be hosting Brexit clinics’ in Scotland from March to support SMEs through Brexit, and, last week, Scotland’s finance secretary Derek Mackay told MSPs that the Scottish economy faces being pushed into a recession “worse than the 2008 financial crash” under a no-deal Brexit. With the loss of multi-million pounds worth of global trade contracts in such an event, it’s no surprise that Scottish SMEs are keen to prepare ahead of it.

 

AutoRek’s offices are located in the heart of Glasgow’s City Centre, just off of George Square and will be easily accessible for all attendees; just a 10-minute walk from Glasgow Central Station.

 

Are you interested in attending the International Business Development working lunch? You can sign up for the event on AutoRek’s website:

https://www.autorek.com/events/international-business-development-working-lunch/