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"Ensuring the ongoing security of sensitive documents, communications and data"

In a few days, Teri Marlène Prince, founder of RegTech solution Terida, will share her expertise during the first edition of the RegTech Summit, which will take place next October 12th at Novotel, Luxembourg-Kirchberg. Infinance met with the IT expert to talk about how technology changed the finance sector and the next trends to keep an eye on.

How did you come up with the idea/concept of Terida?

Having been in IT since the early days of technology, I decided very soon after completing a number of incredibly tedious projects dealing with Y2K issues, that I would no longer work on legacy systems nor consult on computerization of processes that made no sense.  Instead, I would start a new company based on a new IT business philosophy.  This new company, which we named Terida, would be a solutions organization. We would design software to solve a problem; we would not develop software and then go looking for an application of the software.  And everything we designed would be web-based, efficient and effective.

I’m not sure that in 2001, I really understood what web-based really meant.  But we were going to develop solutions, deployed via the internet from our own colocation facility rather than doing desktop or client server work. And we were very fortunate to be approached, almost immediately, to design, deploy and host, the first web-based claim system in Canada following the Walkerton disaster in which the municipal water supply became contaminated with a highly dangerous strain of E.coli bacteria. Terida was engaged, to support the Ontario court appointed Administrator with a new type of secure registration, claims and oversight process for a settlement, in Walkerton, that had no upper limit on damages.

Terida succeeded in that assignment by developing the first iteration of its award winning CLASsoft Technology Framework™ (“CLASsoft”). During the life cycle of this first install, CLASsoft™, deployed from our Toronto colocation facility, was used for the receipt and evaluation of more than 17,000 applications for compensation resulting in a payout of more than 73 million dollars.

When Terida delivered a statewide Emergency Management Information and Referral System for the State of Arizona, it was the first US registration system “of its kind to effectively link information about local emergencies with online health and human services,” and was awarded the 2006 NASCIO Digital Government Award in the category of government-to-citizen software for its return on investment to the State.

With each version of CLASsoft™ and each new registration engagement, Terida continued to evolve its RegTech solutions and deliver ever-improving value to its clients.


To which finance and banking challenges does your solution answer?

Terida specializes in secure eRegistry RegTech business process automation cloud solutions delivered by the Terida CLASsoft™ Technology Framework (CLASsoft™).  Our solutions implement:

· complex Distribution Protocols in Canadian and multi-jurisdictional securities class actions

· opt-in processes, per US tax requirements for secure e-distribution of tax documents

· incident registries, claims, damages, settlements, and deferred prosecution agreements

· Party – Counterparty risk management, compliance, credentialing, attestation, management and training, and

· integrated processes for encrypted submission and storage of information, supporting documents and communications.


Our innovation is the complete transformation of business processes with comprehensive security and permission hierarchies, role-based authorization, authentication and audit, process specific built-in workflow and 24/7 access to authorized users. Our systems have multi-factor authentication, robust secure internal communication and document management modules out of the box. When a user has unread secure internal communication(s), external email reminders are generated to remind the user to login to the system to check their messages. This ensures the ongoing security of the sensitive documents, communications and data stored in the system, and ensures that email is never used for the distribution and receipt of documents and communications relating to sensitive or personally identifiable information.


Can you tell us more about your solution and its advantages?

Terida eRegistry RegTech solutions go beyond basic business functionality to provide intuitive interfaces and tools that greatly reduce the burden of managing the complete suite of registration and regulatory processes.

These solutions reduce the overhead associated with paper-based systems, automate repetitive and/or time-consuming functions, reduce risk, and enable secure system-based communications.  They also deliver a variety of reports and alerts that give reviewers and management teams the tools they need for their administrative role.

And most importantly, these systems support the very highest level of security while keeping audit trails and system logs that provide immutable evidence of “who”, did “what”, “when”, and “where” they did it.  This is the Terida advantage.

Terida leverages the Terida CLASsoft™ Technology Framework to deliver cloud solutions to any standard browser without limit to the number of registrations, documents, administrative workflow and reporting, and location and language of the users.  It is secure, configurable, and flexible, and adapted to each client’s unique needs using our project management method, the Terida Process™.


These solutions:

· Leverage Terida’s unique technologies and experience,

· Integrate complex business, technical and regulatory requirements with institutional and rules and environments,

· Contain important features such as comprehensive security and permission hierarchies, role-based authorization and authentication, audit, and built-in communications and reminders, and administrative notes,

· Provide authorized users 24/7 access.


How has technology changed the finance sector over the last years?

Technology has changed the finance sector in that almost no-one goes into a bank and lines up to wait for a teller to process their financial transactions in person. Generally, almost everything can be done online, via a credit card or debit card, or mobile ap.    This means less brand loyalty and increased risk.

How can a financial institution “know their customer” and protect the data to which they have been entrusted; from the number and scope of recent data breaches, we know that this is a very difficult task.

With more players in the finance sector than ever before, new digital methods of transmitting funds and information, legacy systems, financial apps that open up new access routes, increased regulatory requirements and reporting, things will get worse before they get better.  


What are the next big trends to keep an eye on when it comes to RegTech?

With the increase in the number of data breaches, less acceptance of apologies for poor processes and bad corporate behaviour, and increased regulatory and cybersecurity requirements, the next big trend will be secure cloud solutions replacing legacy solutions that are just too costly, and fraught with risk, to maintain.

And we can expect a retreat from tech apps from start-ups, and transactions using the internet-of-things, that are not well tested and secure, with some push back in terms of the movement to blockchain solutions until there is sufficient trust between the participating parties that blockchain transactions are truly immutable.

Secure cloud applications that carve out particular sectors of the financial industry could be very dangerous for large institutions with legacy solutions and an IT staff without agile development experience.  We should expect greater restrictions in terms of the use of applications developed in, or shared with, particular jurisdictions, and increased concerns about privacy and data integrity.