Client Case Studies
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.
FinregE had to solve the challenge of introducing an easy to use, more automated and consistent system for compliance teams across different business lines to manage regulatory changes, coupled with a regulatory change impact assessment workflow to record firm important changes and the actions being taken against them.
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.
FinregE implemented a comprehensive regulatory change and impact assessment workflow, which provides the client the coverage of regulatory changes across all the regulatory sources of interest to the different 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.
FinregE had to solve the challenge of introducing a centralised regulatory horizon scanning system which provided full coverage of regulatory publications across the diverse range of users and countries.
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.
The client wanted full regulatory traceability by linking their internal compliance policies, procedures, and materials to the applicable rules in the inventory.
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.
