FinregE Digital, Machine Readable Regulation Libraries
Machine readable regulation has the potential to bring huge efficiencies in managing regulatory compliance.
Digital machine readable regulation libraries are an innovative solution for managing governance, risk and compliance with regulations and laws. These libraries provide a centralized, easily accessible location for all regulations and laws that apply to an institution, which can be searched, analyzed, and understood by governance, risk and compliance users within the institution.
Why use FinregE?
FinregE delivers digital, machine-readable regulation libraries via its Global Library solution module. Our Global Library provides a single place for an organization to view all its laws and regulations with the following features:
- Customised rules and regulation library based on your institutional regulatory footprint: FinregE will work with your organization to gather the laws and regulation that apply and build a standardized and bespoke rules and regulation library based on your institutional regulatory footprint.
- User-friendly interface: FinregE’s Global Library is presented in an easy to use, user-friendly interface that allows legal and compliance users to easily search, browse, and access the regulations and laws based on their role and the institutions regulatory footprint.
- Advanced search capabilities: Our Global Library provides advanced search capabilities, such as keyword search and filtering options, to help users quickly find the information they need.
- Standardised, structured rules across global laws and regulations: FinregE provides the regulations and laws in a structured, machine-readable format, which allows for easier understanding processing across different laws across countries and domains. FinregE regulation libraries can be organized by regulatory themes (e.g. data protection, financial crime), by country or firm specific governance and compliance factors such as risks and processes.
- Linked data : FinregE makes every effort to link regulations and laws to other relevant regulations, laws, and external resources, such as case law, using hyperlinks or unique identifiers, such that all information making it easier to understand the context and relation of laws as you are reading them, and bringing all citations in a single place.
- Version control and history: FinregE horizon scans and tracks all regulation in its Global Library to include version control and history tracking features, allowing users to view previous versions of the regulations and laws, track changes over time, and work through them via our compliance change and assessment workflows.
- Notifications and alerts: FinregE’s Global library comes configured with notifications and alerts to users when new regulations and laws are added or existing regulations and laws are updated, to help users stay informed.
- Interactive features: The Global Library module comes equipped with interactive features such as applicability, actions, read and commented features, to help users understand and comply with the regulations, as well as add their your commentaries against rule interpretations and compliance.
- Compliance management: FinregE Global Library include features for compliance management, such as identifying and tracking regulatory obligations, automating compliance checks, and generating compliance reports.
- API and Integration with other systems : FinregE’s global library comes with APIs to allow for easy access and integration with other institutional governance, operations and compliance systems, as well as to connect to vendor solutions.
- Collaboration tools: FinregE’s Global Library provides inbuilt workflows for collaboration and sharing of information among different stakeholders and across teams and businesses units.
- Integration with other systems: The software would be integrated with other systems, such as case management systems, and can be made available through a public API, which allows for easy access and integration with other systems.
- Artificial Intelligence and Natural Language Processing: Our Global Library is connected to FinregE’s AI and NLP capabilities to extract important information from the regulation, such as regulatory obligations, to help classify them, to generate summaries of regulatory requirements or summaries of the regulatory obligations under the rules.
- Multi-language support: Our Global Library supports multiple languages, to allow the users to access the regulations in their preferred language.
What are digital, machine-readable regulation libraries?
Digital machine-readable regulations and laws typically have the following features:
- Structured data format: The regulations and laws are stored in a structured format, which makes it easy for users, to read and understand the information.
- Consistent terminology and classification: The regulations and laws use consistent terminology and classification, for example, Title, Rule ID, Rule Description, which allows for more accurate and consistent interpretation between different laws and regulations.
- Machine-readable metadata: The regulations and laws include important machine-readable metadata, such as dates of effect and amendment history, which allows for automated tracking of changes and updates.
- Machine-readable metadata: The regulations and laws include important machine-readable metadata, such as dates of effect and amendment history, which allows for automated tracking of changes and updates.
- Interactive features: The regulations and laws can be tagged to interactive elements such as regulatory reporting requirements, “must” versus “should” regulatory requirements, time periodic requirements, which can help users understand and comply with the regulations.
- Search capabilities: Having a structured library of regulations in a single place can enhance search capabilities, such as keyword search, and filtering options, to help users quickly find the information they need.
Benefits of having a machine readable rule libraries?
The benefits of digital machine-readable regulation libraries include:
Improved access and transparency
Having a digital regulation libraries of a firm’s applicable regulations and laws allow for easy access and searchability of regulations and laws in a single place, thereby saving time in looking for rules scattered over multiple web sources.
Enhanced efficiency and accuracy
Digital regulation libraries can be processed and analyzed more quickly and accurately by users, driving speed in certain tasks, such as legal interpretation and compliance checks.
Better collaboration and communication
Digital regulation libraries can be shared and discussed more easily among different stakeholderswithin an organization, facilitating more effective communication and collaboration in the implementation, understanding and compliance with the regulatory requirements.
Better preservation and archiving
Digital regulation libraries can be stored and preserved more easily than paper-based versions, providing a maintainable audit trail regulations and regulatory footprint.
Better tracking of changes and updates
Digital regulation libraries can include metadata, such as dates of effect and amendment history, which allows for automated tracking of changes and updates.
Better integration with other systems
Digital regulation libraries can be integrated with other systems, such as governance risk and compliance systems and other regulatory reporting and compliance system, which allows for easy access and integration with other systems.
Improved compliance
By providing a clear and accurate picture of regulatory obligations, digital regulation libraries can help organizations ensure compliance with all applicable laws and regulations, by maintaining a compliant environment against a legal and regulation footprint.
Better decision making
By providing accurate and up-to-date information, digital regulation libraries can help organizations make better-informed decisions, whether it be in the context of business operations or public policy.
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