Regulatory Rule Mapping
Pioneering Compliance Management Via Regulatory Rule Mappings
FinregE proudly introduces its revolutionary regulatory rule mapping functionality, a cornerstone feature of our compliance technology suite that seamlessly integrates with our robust regulatory horizon scanning and digital rulebooks. This state-of-the-art system is expertly designed to bridge your institution's internal policies, procedures, controls and governance frameworks with the ever-evolving landscape of regulatory requirements.
Regulatory Solutions
FinregE Regulatory Rule Mapping
- Connections of local jurisdiction regulatory developments to global standards and requirements
- Connections on the evolution of a regulatory publication through its cycle of development
- Connections of regulatory developments to an organisations internal business policies and controls
The key power of FinregE’s regulatory rule mapping is the connections of regulatory rules to an organisations internal compliance standards.
FinregE converts written business standards such as internal policies, procedures, risks and controls into machine readable metadata that can be mapped to regulatory rules content in real-time. Contact us today to receive a demo on how FinregE turn the management of your policy changes into a data led approach.
Achieving Regulatory Rule Mapping with FinregE’s AI RIG
At the heart of our offering is the Regulatory Insights Generator (RIG), which is equipped with cutting-edge Artificial Intelligence capable of automatically aligning your institution’s policies and control frameworks with regulations and their requirements. This is achieved at both the initial horizon scanning phase and at the detailed rules level, ensuring comprehensive compliance from the outset.
- Obligation Extraction: FinregE’s RIG uses NLP and ML to extract action items from regulatory texts, aiding policy application.
- Regulatory Provision Alignment: It categorizes and aligns regulatory provisions with internal policy frameworks, acting like an automated compliance analyst.
- Regulatory Interpretation: The platform interprets regulatory language, providing insights into regulatory intent for policy reflection.
- Trend Analysis: RIG identifies themes across jurisdictions, linking similar requirements to relevant mandates and controls.
- Compliance Gap Detection: It identifies discrepancies between controls and obligations, aiding remediation.
- Regulatory Summarization: AI is used to condense complex regulatory narratives into summaries for compliance documentation.
- Regulatory Cohesion: Machine learning clustering aggregates similar regulatory directives, simplifying policy integration.
- Regulatory Change Impact Evaluation: Connected to global horizon scanning, it analyzes regulatory changes for governance adjustment.
- Compliance Assurance and Monitoring: The tool integrates with compliance monitoring workflows to actively monitor and manage compliance, keeping it up to date with both internal and external changes.
FinregE RIG Rule Mapping: Transforming Compliance with Cost-Efficiency and Enhanced Risk Management
Cost and Efficiency Gains
- Streamlined Policy Alignment: RIG automates the alignment of policies with regulations, eliminating the labor-intensive manual matching process.
- Rapid Obligation Extraction: NLP and ML expedite the extraction of obligations from regulatory texts, reducing the time needed for policy application.
- Accelerated Regulatory Integration: Automatic categorization of regulatory provisions speeds up the process of integrating new rules with internal frameworks.
- Efficient Regulatory Interpretation: RIG’s nuanced understanding of regulatory language minimizes the need for extensive legal interpretation, saving time and legal costs.
- Automated Summarization: AI-generated summaries reduce the workload for compliance teams by providing clear and concise regulatory information.
- Integrated Compliance Monitoring: RIG’s integration with compliance workflows streamlines the monitoring process, leading to a more efficient compliance operation.
Risk Reduction and Enhanced Compliance
- Comprehensive Trend Analysis: By identifying cross-jurisdictional regulatory themes, RIG ensures that all relevant controls are in place, reducing the risk of non-compliance.
- Proactive Compliance Gap Detection: Early identification of gaps between existing controls and new regulatory requirements facilitates prompt remediation, mitigating the risk of non-compliance.
- Informed Regulatory Change Impact Evaluation: RIG’s analysis of changing regulations allows for strategic adjustments to governance mechanisms, reducing the risk of regulatory breaches.
- Continuous Compliance Assurance: Ongoing monitoring of compliance status against the latest requirements ensures that the organization stays ahead of regulatory changes.
- Decision Support for Governance Adjustments: By providing actionable insights, RIG supports decision-making processes for better compliance and governance strategies.
Frequently Asked Questions
Why is it important to map regulatory requirements to policies and controls?
Mapping regulatory policies and obligations help financial institutions maintain an inventory of rules, which, in turn, creates a source of data against which their operations can be evaluated. Mapping these requirements allow compliance teams to draw connections between internal business processes and rule changes, ensuring they remain compliant.
In doing so, financial institutions can also draw connections between rulings issued by local bodies versus those by global regulatory bodies to ensure consistency when implementing rule changes.
What are the benefits of leveraging automation for regulatory mapping processes?
Regulatory mapping can be a complicated process that leads to plenty of errors, overlaps, and inefficiencies if not executed precisely. When backed by automated technology, however, regulatory teams find it easier to draw connections they may have missed. They can also execute this process faster and at a lower cost compared to manual, time-consuming efforts.
How can you establish a strong internal control environment using regulatory mapping?
Regulatory mapping provides useful data on the state of internal business operations and their connection to external industry regulations. This data can then be used to inform the regulations, policies, and procedures that make up an institution’s internal control environment.
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