Hailing its new IT product as a new way to manage a firm's global compliance burden, Cordium, the compliance consultancy, is aiming for an order book of major banks.

The globally active firm is only the latest to climb onto the 'cloud' bandwaggon with this workflow management IT product that it has designed to manage complex compliance and operational tasks from start to finish. 'Pilot,' as it is called, is centred around an interactive compliance calendar that has a built-in audit trail.

It is also filled with a task library of continuously updated regulatory rules and guidance data that allows the user to peer into the rulebooks of the SEC, the FCA, the CFTC, FINRA, Hong Kong's SFC, the Maltese FSA and others. It allows the compliance officer to create many calendars that track and separate tasks all over regulatory jurisdictions, business lines or individual users simultaneously. It also allows the user to automate tasks, build risk matrices, upload documents and take advantage of its global search capabilities.

The firm is also claiming that the product is not only 'revolutionary' but also 'intuitive', i.e. easy to grasp. Additionally, it says that it is a further development of a product called ComplianceTrak, which suggests that it is not as innovative as might first be thought.

ComplianceTrak, according to the firm's propaganda, has the following, rather basic, features:

• detailed information about watchlist matches with a 'confidence score' to help determine whether the match should be investigated further;
• automatic nightly scanning which continuously runs the bank's database of names against the watchlists - this is becoming quite common now;
• email alerts will that go out when new matches occur;
• a 'safe list' to which names can be added once cleared;
• a search facility for what Cordium calls 'individual names for KYC purposes';
• an AML report that can be generated to document the compliance officer's searches and results; and
• "FATF country matching," whatever that is.