Research that was recently commissioned by both Lawcadia and Gadens showed that legal, risk and compliance teams have been struggling with the ambiguity and complexity of the different regulatory requirements.

It was noted in that research that managing potential breach issues associated with misleading and deceptive conduct was prevalent and that identifying applicable exemptions and significance tests was frustrating and time-consuming.

Gadens partner Liam Hennessy said that the industry was maturing in its experience and understanding of the financial services breach reporting regime and that, along with insights from the recent research study, has been a key driver for delivering a step-change in the regtech tool.

The upgraded Gadens Breach Manager is now even more robust and visually signposted to help legal, risk and compliance teams easily navigate expanded core obligations, exemptions and significance tests, the company and firm said in a statement.

“It also clearly incorporates the four arms of significance: material loss and damages, misleading and deceptive conduct, civil and criminal penalties, and otherwise significance tests,” they noted.

“The Gadens Breach Manager tool includes all the legislation and instruments that a user may need — everything is built-in,” said Mr Hennessy.

“The internal team at Gadens, and our clients, are looking forward to using this because they won’t have to switch between different pieces of legislation or separately look up significance tests. This will reduce the complexity and time required to investigate and report potential breaches.”

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Lawcadia co-founder Sacha Kirk added: “We are excited to work with Gadens on the significant revamp of the Gadens Breach Manager as we are passionate about developing solutions that are founded in industry research, experience and client insights.”