Rhisco Solutions: Simplifying Regulatory Transformation and Compliance for the LATAM Market

Oftentimes, growth appears to be a gradual process for a long time, and then it takes off suddenly, all at once. Such is the case with Latin America (LATAM), which is no stranger to the booming Fintech phenomenon rapidly impacting the region. As with other countries, LATAM must face new regulatory challenges that technology and innovation bring about in the financial arena. Moreover, as global financial institutions are swiftly defining markets, businesses, client segments, and products into the ‘core’ and ‘non-core’ categories, the LATAM market faces its own set of challenges in adopting digital financial services. In the LATAM region, financial services has always had low adoption rates, with the majority of the consumers still being underbanked or unbanked altogether. It is also ridden with multiple regional challenges, including negative Gross Domestic Product (GDP) growth, which has only heightened the complexity of financial operations in the region. As a result, there is a growing need in the LATAM market for digitizing their financial processes while catering to existing end-consumers and drawing more potential consumers within the formal financial system.

In response, Rhisco Solutions, a niche risk and regulatory technology solutions and services provider, is leading the way for financial institutions to adopt digital transformation initiatives with its TEGRA® and Allgood.ai® platforms. The British-Mexican company witnessed the lack of digitized workflows resulting in increased inefficiency among businesses. The company offers robust and ambidextrous solutions and services to help clients deal with the increased regulatory strain and supervision while balancing innovation with legacy technology. “As we have heritage and a strong presence in LATAM, we are better equipped to understand how the market evolves and address its needs effectively,” states Marta Margol, the Head of Product at Rhisco Solutions.

Rhisco started its journey by offering consulting services to banks and insurance companies but soon realized a growing need for technology and technical solutions to help clients speed up their innovation. The company also witnessed that traditional financial institutions were overwhelmed with old processes and new regulations, making their operations very slow and expensive and that many technology startups in the financial sector are facing several challenges around regulatory compliance in their journey to acquire licenses and establish competitive businesses. It was also one of the pioneers in introducing a new standard to use AI in regulatory technology for Spanish-based regulations.

Rhisco’s award-winning solution TEGRA® platform, the leading-edge analytics and data management platform, is designed to address clients’ risk and capital needs, including regulatory reporting for key markets in the LATAM region. This platform helps businesses adhere to compliance requirements, reducing costs and delivering business benefits, such as having the right information on time for decision making. It empowers clients to have complete control over their data.