RegTech, or regulatory technology, is a fast-growing sector that aims to help businesses comply with the ever-changing regulatory landscape and mitigate the risks of non-compliance. According to a report by Juniper Research, the global spending on RegTech is expected to reach $127 billion by2024, driven by the increasing demand for automated and digital solutions that can simplify and streamline complex compliance processes.

One of the key areas of RegTech innovation is delegation of authority and signature authority management, which refers to the process of defining, assigning, and verifying who has the authority to make decisions and sign documents on behalf of an organization. This is a crucial aspect of governance, risk, and compliance (GRC), as it ensures that the right people have the right level of authority to act in the best interest of the organization and its stakeholders, and that the organization can demonstrate its accountability and transparency to regulators, auditors, and customers.

Aptly: The Okta for Delegation of Authority and Signature Authority Management

However, many organizations still rely on manual, paper-based, and siloed methods to manage their delegation of authority and signature authority, which can lead to errors, inefficiencies, fraud, and compliance breaches. For instance, a recent survey by Thomson Reuters found that 47% of organizations have experienced a regulatory enforcement action or investigation due to a failure in their delegation of authority process, and37% have suffered financial losses due to unauthorized signatures.

That's where Aptly comes in. Aptly is a cloud-based platform that automates and digitizes the entire delegation of authority and signature authority management process, from defining and approving the authority matrix, to assigning and revoking authority roles, to verifying and validating signatures. Aptly can be thought of as the Okta for delegation of authority and signature authority management, meaning, what Okta does for identity verification, Aptly does for authority verification.

With Aptly, organizations can easily create and update their authority matrix, which is a document that specifies who can make what decisions and sign what documents under what conditions. Aptly then automatically assigns authority roles to the relevant employees based on their job titles, departments, locations, and other criteria, and notifies them of their authority levels and responsibilities. Aptly also integrates with various document management and workflow systems, such as DocuSign, Adobe Sign, and Workday, to enable seamless and secure signature verification and validation. Aptly uses advanced encryption, biometric authentication, and blockchain technology to ensure that only authorized signatories can sign documents, and that the signatures are tamper-proof and traceable.

By using Aptly, organizations can benefit from improved efficiency, accuracy, and visibility of their delegation of authority and signature authority management process, and reduce the risks of human error, fraud, and non-compliance. Aptly also provides real-time dashboards and reports that show the status and history of authority assignments and signatures, as well as alerts and notifications for any changes, exceptions, or anomalies. This way, organizations can monitor and audit their delegation of authority and signature authority performance, and demonstrate their compliance with internal and external policies and regulations.

Aptly: A RegTech Company to Watch

Aptly's innovative solution for delegation of authority and signature authority management has not gone unnoticed by the RegTech industry. Aptly was recently recognized by the Global RegTech Summit as one of the up-and-coming RegTech companies to watch in 2021. The Global RegTech Summit is an annual event that brings together the leading RegTech experts, practitioners, and influencers from around the world to showcase the latest trends, insights, and best practices in the RegTech space.

Aptly was selected as one of the RegTech companies to watch based on its unique value proposition, market potential, customer traction, and social impact. Aptly's CEO and co-founder, John Smith, said that he was honored and humbled by the recognition, and that it was a testament to the hard work and dedication of the Aptly team and the support of the Aptly customers and partners. He also said that Aptly was committed to continue delivering innovative and impactful solutions that help organizations enhance their GRC capabilities and achieve their business objectives.

If you are interested in learning more about Aptly and how it can help your organization with delegation of authority and signature authority management, you can visit our website at www.aptlydone.com, or contact us contact@aptlydone.com.