New regulations, increasing sophistication of regulatory requirements, continual development of implementation measures, revision of legal texts post-evaluation and supervisors who are increasingly demanding vis-à-vis companies and their internal compliance departments, all keep compliance teams busy. Compliance risk assessments require more and more resources, and yet the job market is tight, making it harder than ever to manage risk effectively.

Compliance risk management is a complex task, and compliance professionals need all the help they can get to stay on top of their Compliance Monitoring Plan.

This is where the CAROL software tool steps into the spotlight to help firms manage compliance risk effectively. With an excellent 10-year track record and a steadily growing client base, CAROL is a compliance monitoring tool designed to help regulated clients. The tool has been particularly successful in supporting IFMs. However, it has now expanded its offering to fund depositaries, banks, investment firms and, more recently, PFS and UCI administrators, where it leverages the CSSF’s latest circular 22/811 for those acting as UCI administrators. CAROL’s PFS module now aligns perfectly with the profiles of transfer agents, fund administrators and other types of PFS, such as domiciliation agents.

CAROL features (1) the latest relevant regulatory publications, filtered by the client’s regulated status and (2) pre-set and customisable compliance requirements inventories that facilitate the organisation, planning and documentation of periodic compliance checks. It provides clear ongoing compliance risk assessment and scoring. CAROL’s regulatory content is supported and designed by a team of highly skilled professionals within the regulatory and consulting branch of Arendt, who are committed to ensuring that the collection of applicable regulations and compliance requirements is continuously updated and accessible on the tool.

Designed specifically for compliance functions, CAROL has a user-friendly interface which is frequently updated to meet the changing needs and expectations of its users. With robust IT outsourcing relying on cloud computing, which provides clients with secure and scalable services, it is the ultimate solution to help firms succeed in the complex and ever-changing world of regulatory compliance.

Authors and contacts:

, Partner Regulatory & Compliance at Arendt

, Senior Manager Regulatory & Compliance at Arendt