OTTAWA – March 13, 2018 – VigilantCS, a FinTech Global RegTech 100 company, is pleased to announce that they have been awarded a Cybersecurity Fintech Innovation Pilot Program (CFIP) grant by the Ontario Centres of Excellence in recognition of the significant potential of their regtech solution to help the industry understand & manage staff compliance risk.
The grant will enable VigilantCS to accelerate the development of VCSPro, a platform that applies Ai and machine learning to conduct risk analytics. By gathering staff regulatory and IT security information, VCSPro enables firms to focus preventive action on high risk areas. “We are thrilled to be part of the CFIP program” says VigilantCS founder & CEO Rob Kirwin. “The CFIP program, plus the engagement of our financial services industry partners, will allow us to expedite building a leading edge regtech solution to support Canadian and International financial services firms and their regulators in managing compliance costs and in better understanding compliance cultures”.
Over 60% of cybersecurity and regulatory compliance incidents can be traced to staff-level actions. Understanding individual staff behaviour facilitates a culture of compliance by targeting mitigation strategies to improve the propensity to comply.
VCSPro complements the existing VCSOpen solution, a digitized platform for the management of staff compliance obligations, currently in use by financial service distributors. VCSOpen offers the dual benefit of enhanced compliance efficiency and cost containment.
Ontario Centres of Excellence
The Cybersecurity Fintech Innovation Pilot Program is funded by the Ontario Ministry of Research, Innovation and Science and delivered by the Ontario Centres of Excellence in collaboration with the Toronto Financial Services Alliance.
VigilantCS, a FinTech Global RegTech 100 company, is the developer of intelligent, cloud-based staff conduct risk platforms. We leverage machine learning to formulate cognitive insights into the propensity of an organization’s staff to comply with regulations, cybersecurity and other corporate oversight programs.