Transcendent Group subsidiary RegTech enters Lithuania
Transcendent Group, the Governance, Risk and Compliance experts, has announced that it has signed its first non-Swedish client within its subsidiary RegTech where it provides digital GRC services. The new client is a Lithuanian fintech company.
Transcendent Group in Lithuania will provide services to the customer supporting the aim to strengthen its internal control framework (internal control and risk management procedures) using the RegTech tool Regulatory Framework Application (RFA). RFA was launched during 2019 and is used in Sweden by more than 20 clients. It is a subscription service which is primarily dedicated for companies regulated by financial supervisory authorities, and that can be individualized based on specific needs of a customer.
As of 2021, approximately 120 Electronic Money Institutions and Payment Institutions in Lithuania will need to comply with updated requirements from Bank of Lithuania regarding governance arrangements and safeguarding of received funds.
“Today, most companies spend a large proportion of time within the internal regulatory framework process on developing, updating, and maintaining policies, instructions and guidelines. The RFA is a digital tool that will facilitate that work by digitalizing the administration, approval and maintenance. Hence, RFA allows you to spend more time and resources on the most important task; implementation and education”, comments Martin Malm, CEO of Transcendent Group.
“Depending on their maturity and time in the market, we see that our clients are facing different challenges in developing and maintaining their risk management frameworks. A tool which is tracking the current state of compliance and upcoming regulations, as well as enabling efficient and effective regulatory compliance would really support regulated companies, and we are happy to introduce it in Lithuania”, says Solveiga Acuvienė, CEO of Transcendent Group Baltics.
For further information, please contact:
Martin Malm, CEO Transcendent Group
Martin.Malm@transcendentgroup.com
+46 73 335 94 26
About Transcendent Group
At Transcendent Group you will meet experienced consultants in Governance, Risk and Compliance. Transcendent Group’s services provide security and opportunities for government agencies, businesses and other organizations in a variety of industries. The company was established in Stockholm in 2001 and has from the start built a differentiated offering based on a value-driven culture with experienced experts. Transcendent Group has been ranked as one of Europe’s, Sweden’s and Norway’s best workplaces in 2020 and has been a Great Place to Work since 2012. Transcendent Group has approximately 130 employees in 8 markets across Europe. Transcendent Group is listed on Nasdaq First North Premier Growth Market. The company’s Certified Adviser is Avanza Bank, +46(0)8-409 421 20, corp@avanza.se. For more information, visit www.transcendentgroup.com.