Case Study 1
Regulatory Change and Impact Assessment Workflow for Banking Institutions
For this client, FinregE provides a regulatory change and impact assessment workflow across their enterprise across 350+ different global regulatory sources across multiple business lines and users.
This project aimed to increase operational efficiency, ensure full coverage of regulatory publications without any gaps and provide an firm-wide view of regulatory change landscape with actions being taken against them across the business.
Key to delivery of an automated regulatory change system was to provide clear visibility via management information and reporting of regulatory changes impacting the various business lines.
Within the regulatory publications feed, FinregE provides the users the ability to filter and customise the regulatory changes based on regulatory sources, types of publications, topics and themes of interest to individual users.
FinregE customised its regulatory change impact assessment workflow to meet the client’s requirements on action planning, assigning tasks and task tracking across regulatory changes. FinregE also developed reporting and analytics dashboards and frameworks that provided real-time visibility into the regulatory change status of various business lines.
The implementation of the regulatory change and impact assessment workflow resulted in several benefits including increased operational efficiency, providing a systematic approach to managing regulatory changes, reducing the time and effort required across the regulatory change process lifecycle. The workflow has enhanced collaboration across various business lines, enabling better information sharing and visibility of how different business lines are tackling regulatory changes. The reporting and analytics framework has provided with real-time visibility into the regulatory change status and actions across various business lines.
Case Study 2
Regulatory Horizon Scanning Services for Insurance Institution
Across two insurance institutional clients, FinregE implemented regulatory horizon scanning services to provide a centralised system and location of regulatory publications across multiple users and team for over 35 different countries.
The project aimed to increase operational efficiency, ensure full coverage of regulatory publications, and provide a centralized location for regulatory horizon scanning across various countries across United States, (state and federal), EMEA, APAC and South America.
Specifically, FinregE had to be capable reduce the noise of unwanted publications, providing focussed business applicable publications to clients’ business lines, services and requirements. Key to delivery of horizon scanning services was to provide centralised capture and reporting via dashboards, management information and reporting of regulatory changes impacting the various jurisdictions, business lines and teams. FinregE also had to deliver customised regulatory change impact assessment workflows which allowed users to add user specific actions and impact commentaries against regulatory changing impacting the business. Sometimes, these impact assessments required different types of impact actions and commentaries to be added across different business lines.
FinregE developed and implemented a comprehensive regulatory horizon scanning service, which included the following:
Regulatory Intelligence: FinregE provided coverage of regulatory changes across all the regulatory sources of interest to the different countries. The regulatory publications feed included translations in various languages, ensuring that the clients could cover all regulatory changes across different countries.
Customizable Notifications: FinregE provided customisation functionality to the users, allowing them to receive relevant regulatory changes based on products, themes, publication types and relevant regulatory sources.
Regulatory Change Impact Assessment Workflow: Across both clients, FinregE implemented a customised regulatory change impact assessment workflow that allowed for recording consistent assessment details of change impacts, while providing team specific data inputs to cater for varying processing in regulatory changes across teams.
Dashboards and reporting: FinregE provided dashboards and reporting based on customised team and business unit requirements, while providing the capabilities to present a group wide view of regulatory horizon scanning and change landscape
Case Study 3
Digital Regulation and Rule Mappings for Asset and Wealth Manager
FinregE was approached by a global fund management company that needed a solution that could provide an automated, web-based regulatory rules inventory that would identify the specific regulations applicable to their business lines.
They also needed a platform that could automatically identify any modifications that were needed in their compliance materials whenever a rule change arose.
Furthermore, the client wanted to have clear views of the regulatory rules and compliance data, including heatmaps that showed where the regulatory burden was highest across rules and workflows. This would assist them in the analysis and management of the regulatory changes that affected the rules inventory and associated compliance data.
FinregE’s challenge was to develop a solution that met all of these requirements while also being easy to use and scalable. The company had to leverage its expertise in regulatory knowledge and cutting-edge technology to build a platform that could streamline the client’s compliance management process and provide them with the necessary insights to effectively manage regulatory changes.
FinregE’s solution involved creating a customized digital regulatory library for the client based on their specific regulatory footprint, making it easy for compliance users to access the relevant regulations and laws. Through the use of AI and NLP, FinregE identified the regulatory requirements and connected them to the client’s internal compliance policies and procedures, providing full regulatory traceability.
FinregE’s monthly tracking of changes to all regulations in the Global Library helped the client stay informed about any new regulations or updates. The version control and history tracking features also allowed users to view previous versions of the regulations and laws and track changes over time.
Additionally, FinregE provided a fully drillable dashboard that gave an overview of the client’s regulatory landscape at a global level, with the ability to drill down to individual fund management business lines and present a heatmap of the most compliance burden. By using FinregE’s solution, the client was able to achieve full regulatory traceability, identify gaps in their compliance data, and stay informed about any regulatory changes, ultimately improving their compliance program and reducing their compliance burden.
Case Study 4
Achieving Real-Time Horizon Scanning: Adoption of FinregE for Real-Time Horizon Scanning and Analysis
For this client, a large global bank operating in over 100 countries, FinregE implemented an automated solution to capture regulatory changes from more than 300 regulatory websites worldwide. Utilizing AI, FinregE enabled the bank to quickly identify and assess which publications were relevant, generate concise summaries, and disseminate this information to multiple business stakeholders for impact assessment, decision-making, and implementation. The primary challenge was the labor-intensive process of manually distilling weekly and monthly regulatory publications into executive summaries for management and business stakeholders. The project aimed to streamline this process, enhance accuracy, and significantly reduce the time required for the bank to respond to regulatory changes
The key challenge faced by the bank was the need to review approximately over 1500 regulatory publications per week, which spanned across thousands of pages, using a team of five full-time employees (FTEs). The process involved triaging these publications to determine their applicability, performing an initial summary and impact assessment for those with potential relevance, and promptly notifying the appropriate business owners with these summaries and assessments. The goal was to complete this entire process within one week, ensuring high accuracy in identifying relevant content and minimizing the risk of overlooking critical regulatory updates. Achieving this level of efficiency and precision was essential for the bank to maintain compliance and respond swiftly to regulatory changes.
FinregE delivered a centralized platform for the client to receive regulatory change publications in real-time, ensuring a daily feed of updates with zero latency. This immediate access to regulatory changes allowed the client to stay ahead in compliance management.
Additionally, FinregE’s built-in regulatory change workflows enabled the client to efficiently triage updates by categorizing them in bulk as applicable or not applicable. This centralized, auditable system not only ensured that all relevant publications were captured but also streamlined the process of organizing them into actionable categories—such as those requiring immediate action, those for informational purposes, and those deemed irrelevant.
With the power of FinregE’s AI-driven Regulatory Intelligence Gateway (RIG), the client could swiftly analyze the impact of regulatory changes on their business. What previously took a week—circulating summaries and impact assessments to relevant business units—was reduced to same-day notifications. This significant improvement allowed the client to remain at the forefront of regulatory change management, responding quickly and accurately to new developments.
The implementation of FinregE’s regulatory compliance software provided the client with several critical advantages:
Real-Time Regulatory Updates: The bank now experiences zero latency in receiving regulatory changes, with updates being delivered instantly as they occur. This has allowed the bank to stay ahead of regulatory developments without delay.
Centralized, Auditable Workflow: FinregE’s solution replaced the cumbersome manual process of tracking regulatory changes in Excel spreadsheets. The bank now benefits from a centralized, auditable platform where regulatory updates can be easily marked as relevant or irrelevant, ensuring transparency and consistency in decision-making.
Significant Time and Efficiency Gains: The bank has achieved substantial time savings by eliminating the need to rely on unstructured RSS feeds and email alerts for regulatory updates. The automated system replaces the manual task of distilling relevant information from these sources and eliminates the need to manually update spreadsheets and disseminate information via email.
Enhanced Accuracy and Risk Reduction: By leveraging AI-driven summaries and analyses, the bank has dramatically reduced the time and risk associated with summarizing and circulating regulatory publications. The business stakeholders now receive precise, unbiased, and more accurate insights, ensuring they are always informed of relevant changes and their implications.
These outcomes have not only streamlined the bank’s regulatory compliance processes but also significantly improved its operational efficiency and reduced compliance risks.
