RegTech: Automating regulatory change

A new regulatory change is published every 10 minutes across global financial services regulators. That’s more than 4,000 new regulatory developments per month. Manually capturing, reading and interpreting every regulatory change, is time consuming, costly and prone to error.

For those businesses operating across multiple jurisdictions, relying on the plethora of RSS and email data feeds of day-to-day regulatory changes, exposes them to limited coverage, a focus on current rather than upcoming regulation, and data dumps often with no context or potential relevance.

Compliance teams are under intense pressure to avoid regulatory breaches and to cut costs. They must therefore continually be on top of regulatory updates and upcoming regulation. And this means starting with a complete and accurate set of content so that any ensuing analysis is built on a sound foundation.

Firms are looking for easy-to-use automated solutions that remove many of these manual processes and allow regulatory expertise to be focused on work that delivers greater value.

AI-driven regulatory compliance and change management

The Finreg-E platform is a web-based solution that harnesses the latest in technology to deliver automation of regulatory change management. The platform is customisable, scalable, fully auditable and highly secure.

Key platform functions:

Realtime regulatory change viewer

Get a 24/7 real time alert on regulatory developments across global regulatory agencies. Fast radar scanning of new, relevant and upcoming regulation, without the requirement for manual intervention.

Digital rulebooks

The platform provides digital regulatory rulebook libraries for major rulesets and topics across global jurisdictions. These include data privacy, AML, credit risk, information security and cyber, outsourcing and capital requirements and much more.

Regulatory obligations, actions and mapping

Regulatory actions are extracted from rules to produce compliance procedures, policies and standards required under a regulatory rules text. Regulatory obligations mapping can be used to highlight gaps in existing policies and standards.

Rule mapping

Finreg-E connects regulatory rules to your organisation’s internal compliance standards. Conversion of written business standards such as internal policies, procedures, risks and controls, into platform readable format that can be mapped to the regulatory rules content in real time.

Compliance workflows

Prioritise insight with intuitive, best practice and fully auditable compliance workflows on regulatory content and direct it to the relevant responsible business owners.

Management dashboards

Fully customisable management dashboards provide views of the overall state and volume of regulatory compliance requirements. Highlights immediate areas of focus and criticality, and connections to relevant tasks and individuals.

To find out more about our work with Finreg-e and other work we’re doing in RegTech, please get in touch.