RegTech – Evidology shortlisted for National Technology Award

5 March 2020, London: Regulatory technology innovator, Evidology Systems, has been shortlisted for RegTech Project of the Year by National Technology News.
The shortlisting recognises Evidology’s new QED platform for uniquely combining real-time specialist legal opinion with principles-based regulations within advanced compliance software. Seen as a true second-generation solution, QED (Quality and Evidence Driven) is the only platform simplifying and optimising the process of demonstrating compliance to a regulation or conformance to a standard. This unique, visual system utilises current legal opinion to allow organisations of any size to demonstrate compliance at all times with complex regulations, including GDPR, FRTB, SMCR, ISO 27001 and PSD2.

The National Technology Awards, organised by National Technology News, recognise the best companies and initiatives in technology from across the UK, with 29 different categories. The judging panel is comprised of nine professionals in the IT, software and data analytics industries. 

Rupert Brown, CTO of Evidology Systems, says: “Principles-based regulations are deliberately formulated by regulators to not have fixed reporting formats or schemas and therefore cannot be adequately addressed by existing legacy technology. Our solution is unique in addressing these legally-founded compliance requirements, with both the regulator and the companies in mind. QED can be used to standardise these regulations by both sides.”

Based on an argumentation analysis engine, QED’s main aim is to equip organisations with the necessary supporting evidence, enabling firms to prove compliance when challenged, and to trace corporate and individual actions and responsibilities. 

Brown adds: “Every other RegTech solution on the market fails to provide a consistent methodology to address the challenges of principles-based regulations, because they continue to focus on existing transactional or surveillance content stores. The reason QED is a second-generation solution is that we’re not using second-hand ideas like workflow and data mining, which are merely small pieces of evidence in the compliance jigsaw. We’re offering an entirely fresh approach.”