Meet Our CEO
Sunil is a Chartered Engineer and has previously held senior posts at leading RegTech firms NICE Actimize and Star Compliance, playing an instrumental role in their growth and development. He has also worked out of both New York and London.
Q: Tell me a little bit about your RegTech experience?
A: I’ve been very fortunate to have worked across several segments within RegTech. Initially, helping Searchspace/Fortent to build a market leading AML & KYC solution deployed at the world’s largest banks and later managing its integration into the NICE Actimize AML/Case Manager suite of products. More recently I held an executive position with StarCompliance from the early stage of its evolution through to helping grow it into one of the market leading Employee Compliance solutions
Q: Where do you see the RegTech market going?
A: The increasing intrusiveness of the regulator and complexity of regulation, in particular for those with complex FCA permissions or international operations, has led to most firms engaging more compliance staff to solve their increasingly complex compliance challenges. This complexity is driving the adoption of compliance management systems.
By way of comparison, if we look at the adoption of RegTech we can compare it to the early days of CRM systems like Salesforce, where organisations still managed their sales processes painstakingly through excel spreadsheets. Today, when running a sales team, deciding whether to adopt a sales management system isn’t a consideration, it’s a given. This is where RegTech and compliance management specifically is headed, and I expect most compliance teams will increasingly use automated technology solutions.
Several market reports predict the RegTech market to grow from circa £7bn Billion in 2021 to >$20bn in 2026. Compliance Management software growth and adoption will mirror this trajectory. Further emphasising this growth is the increase in funds raised by RegTech companies from $7.8bn in 2020 to $18.9bn in 2021.
We’re still in the early stages of technology adoption and its integral use within the core compliance management activities for many firms. Regulated firms will continue adopting technology solutions to solve their complex compliance needs.
Q: Why did you join My Compliance Centre?
A: Having first-hand experience of several Employee Compliance solutions, I always felt the market needed a solution whose focus was around the compliance department and their wider responsibilities, not just employees. Compliance monitoring, SMCR, Regulatory Change and other core compliance activities all need to be managed from within the same integrated system as employee compliance. Having met Ben, the founder of My Compliance Centre, and listening to his views resonate with my observations you could say it was a meeting of minds. My Compliance Centre is heavily differentiated in that is has clearly been built by compliance professionals for compliance professionals, so My Compliance Centre is uniquely placed to understand the challenges facing compliance teams and deliver an integrated solution to address them.
I initially visited the My Compliance Centre team for a general discussion at their offices only to find the conversations naturally flowed into working sessions suggesting we were all clearly aligned and a natural fit to work together. It’s been all systems go from day one and I’ve not looked back.
Q: What’s the next innovation for Compliance Management Software and My Compliance Centre?
A: The market needs a configurable and adaptable compliance management solution to fully automate the entire compliance management process. There are many point solutions, but nobody is bringing it together and allowing ad hoc processes to be built and managed centrally. My Compliance Centre is already a market leader with a number of compliance processes integrated into our solution. Our 2023 roadmap sees us building on this and meeting the needs of the market and continuing the trend of being market innovators and disruptors in the compliance management software space.
Q: Is there anything else you’d like to share with our community?
A: Quality customer service is key principle of mine. As we grow and welcome more clients into our community, I want to ensure every client continues to have access to the same great level of service and expertise. I’m also very much looking forward to meeting our client base.
As we build out our roadmap, I also want to ensure we continue releasing quality products designed to automate, simplify, and manage the needs of a compliance department. Automate, Simplify and Manage – words you will often hear me repeat!