JTC, the FTSE 250 financial services group, has partnered with Jersey-based technology provider, XRM, to implement their Regulatory Compliance Manager solution.
Regulatory Compliance Manager (RCM) provides an advanced and centralised software solution to manage the sharing of electronic data with the Registry of the Jersey Financial Services Commission (JFSC), Jersey’s regulator.
The solution interacts with JTC’s core administration systems, with all the built-in rules and logic to ensure data submissions to the Registry are completed correctly. This provides commercial benefits to JTC by increasing efficiency, supporting full regulatory compliance and improving the speed of service for its clients.
The JFSC has committed to a digital transformation programme that will support the long-term success of Jersey’s world-class finance industry. As part of this, the Registry arm of the Commission, which holds and updates nine registers, including Jersey companies, has upgraded its processes and introduced a new ‘myRegistry’ digital system to automate the way that they are able to interact with financial services businesses.
The upgrade to myRegistry took place in February and as a result, the JFSC extended the deadline for submission of annual confirmation statements to 30 June. Thereafter, Jersey registered companies will continue to be required to submit annual confirmation statements as well as notifying the JFSC, within 21 days, of any changes to significant persons.
Adam Jeffries (see main picture) from JTC Group said: “At JTC, we are committed to utilising technology to enhance our services and enable us to respond to new developments in the sector. We saw the JFSC’s plans to go digital as an opportunity to implement a solution that would provide efficiencies and allow us to redefine our workflows and centralise a critical part of our administrative responsibilities. RCM from XRM is an innovative, integrated and practical solution that allows us to meet our regulatory reporting requirements while at the same time helping our people to work accurately and efficiently.”
Simon Jackson from XRM added: “We have been working with the JFSC’s API’s since 2017, so we were in a great position to adapt RCM when the myRegistry changes were announced. Our software integrates quickly and simply with business systems and allows users to automatically manage and file updates and compare their data with that held by the JFSC.
“Ultimately, we provide a solution that is future-proof and allows businesses to file their submissions accurately and on time. 30 June is quickly approaching, but it is not too late for us to help other companies more efficiently integrate their data with the JFSC’s new digital Registry.”
Adam Jeffries from JTC Group concluded: “The team at XRM have been excellent and the solution they have provided will ensure that we have a centralised tool to manage the whole submission process so we are ahead of the game in terms of being ready to meet our regulatory commitments.”