Waymark has been snapped up by an AI compliance specialist headquartered in the United States.

London-based Waymark  develops and supplies regulatory intelligence solutions for organisations operating in highly regulated industries. 

The platform is a natural language processing solution that helps compliance teams drastically reduce their current manual processes, improve oversight and provide transparency.

Ascent Technologies, based in Chicago, serves financial services companies and was recently acquired by Edgewater Equity Partners. 

The combined company now offers full regulatory coverage of the US, the EU and UK.

“Ascent’s technology quickly and efficiently identifies relevant regulatory obligations, a critical task for navigating the intricate, ever-changing regulatory landscape,” said Chris Junker, Ascent CEO. 

“With the addition of Waymark’s technology, particularly its horizon scanning functions, Ascent now serves up insights into where regulations may be headed as well as a precise, timely and actionable picture of current regulatory demands.”

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Ascent now automates two critical and resource-intensive components of regulatory compliance for financial services firms – horizon scanning and the identification of regulatory obligations tailored to each firm’s business.

Compliance organisations traditionally have reviewed an endless deluge of regulatory documents to identify and analyse applicable rule changes. The Ascent platform replaces these slow, costly, manual processes with patented AI that monitors the financial services regulatory landscape in real time, identifies rule changes and obligations that apply to a company, and notifies stakeholders of applicable rule changes and obligations.

Mark Holmes, founder and CEO of Waymark, added: “This partnership is a game-changer for the industry. Our combined strengths deliver an advanced compliance automation solution for our customers who now have access to the best US and Canadian regulatory content, while Ascent significantly expands its coverage in the UK and EU.”

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