News
Skematic Launches Workflow Management Solution for Regulated Industries
New Solution Redefines Collaboration for Compliance Departments
NEW YORK, NY – September 8, 2022 – Skematic today announced the public launch of its first platform, the first of its kind collaboration platform designed specifically for compliance, risk, and legal teams.
Skematic will elevate a firm’s compliance footprint by automating processes and removing the frustration that exists in manual and analog functions. The platform provides a centralized framework that empowers teams to meet the demands of regulatory expectations. With an emphasis on user experience, Skematic provides an end-to-end architecture specific to the dynamic needs of compliance and legal teams.
The global regtech market is poised to reach $22.2 billion by 2027, up from $6.2 billion spent in 2020. And while existing solutions are helping firms with monitoring and reporting, none provide an overall compliance framework. Skematic’s ability to take in data from all other systems is unprecedented and will enable compliance officers to get a complete picture, including the progress and achievements made in their compliance efforts. The stakes are high: firms were issued $345 billion in fines over the past decade. Skematic enables firms of all sizes to operate at the elevated level that was historically reserved only for firms with tier 1 resources.
A Solution Designed Specifically for Compliance
”We’re providing the first workflow management solution designed specifically for compliance teams,” said Skematic’s CEO and Co-founder Charles Steerman. “We're a tool for firm-wide collaboration across the compliance department. Now, compliance professionals can operate in a purpose-built environment to administer controls, include relevant stakeholders, and conduct remediation across the full breadth of a firm's program." The end result is an environment that lets compliance shine.
Despite the existence of technology that solves very specific compliance issues, teams remained handicapped by a lack of a cohesive framework. Legacy systems are designed to address narrow problems such as personal trading, AML or email surveillance. What they cannot do is provide a full view into the state of compliance in an organization, nor can they enable compliance departments to quickly and effortlessly provide reports that speak to stakeholders.
"Skematic has succeeded in creating a tool to help compliance teams scale faster, said Ashley Rodabaugh, who has worked in compliance for the past decade at Nationwide Financial, and as Chief Compliance Officer at M1 Finance. “The tool provides clean and easy organizational tools and necessary escalation flows. I would highly recommend this tool for any compliance team looking to improve their processes and looking for better ways to analyze data for their reporting needs."
“We’ve been listening to compliance teams across the space for a very long time and we are excited to deliver technology that meets teams where they are,“ said Brian Kesselman, Chief Operating Officer and Co-founder of Skematic. “We understand that the right market fit is a system that enhances, rather than redirects, the existing decisions firms have made around people, process, and technology. In lieu of wrestling a generic workflow or task management platform to the ground, we’re offering an ‘in-industry’ option that was made in their image. Unlike other vendors, we will always remain agnostic to the other systems you are using and enhance their effectiveness.”
Solutions Delivered by a Team With More Than Three Decades of Experience in Regulatory Technology and Compliance
Skematic and its platform are backed by 35 years of experience in the intersection of regulatory technology and compliance.
Charles Steerman, the company’s CEO, spent the past 15 years developing and supporting prominent regulatory technology at ComplySci, where he was the firm’s longest tenured employee. Mr. Steerman has spent his career building and scaling compliance technology and has overseen strategy, product, customer success, and implementation teams. He received a JD/MBA from St. John’s University and graduated from George Washington University.
Brian Kesselman, COO, has more than a decade of legal, compliance, and reg-tech experience. Most recently, he served as Vice President of Sales at ComplySci, where he oversaw the generation of millions in ARR, including the company’s record-breaking year in 2021. Prior to ComplySci, he worked at Smarsh, a platform for digital communications compliance. He began his career in legal and compliance at JP Morgan and Forester Capital. Brian received a JD from St. John’s University School of Law and graduated from Indiana University.
Kesselman commented, “What we’ve built is a by-product of listening to clients for a combined three decades. We heeded the call. We’re taking teams from reactive to proactive, and reducing, if not eliminating the dependence of compliance on spreadsheets. Using our system guard-rails compliance programs, which has benefits including: diminished risk, time savings, transparency, and easing change management. The cost savings Skematic unlocks for firms will more than pay for the technology.”
About Skematic
Skematic, a collaboration tool for compliance departments, was founded with the belief that compliance teams deserve better. Backed by more than three decades of regulatory technology experience, our mission is to provide the first workflow management solution designed specifically for regulated industries as viewed through the eyes of compliance professionals. We deliver tools that integrate the people, processes, and systems that make up a firm's global compliance framework.
Learn more about Skematic Solutions at www.skematic.com and on LinkedIn.
Media contact for Skematic:
Daniel Delson
Daniel@magnitude-growth.com