We call them regulatory storms. They hide in the shape of -apparently harmless- acronyms, like Covid-19, GDPR, Brexit, IFRS-16, MiFID2.
They mean massive regulatory production and amendments and an increased compliance risk for your organisation. A regulatory storm usually means trouble and additional work for compliance officers.
Can artificial intelligence come to the rescue by accelerating regulatory review and reducing compliance risk?
Enter the RegBox: regulatory compliance made easy.
What do regulatory storms look like?
As a compliance officer, there are a number of issues you have to face when regulatory storms hit. In our experience, these are the most common:
New laws are enacted and need to be implemented ‒ sometimes at very short notice: you need to be able to read and understand them quickly.
New laws amend previous laws, and it’s difficult to keep track of the regulatory changes.
The good old habit of cross-referencing laws is still very much alive ‒ it’s difficult to map and understand the network of references and visualise it at a glance.
It’s time-consuming to translate new regulatory requirements into policies for the company and update existing policies.
How can artificial intelligence help compliance officers?
The RegBox is a machine-learning powered technology, designed to accelerate regulatory compliance. We built it with real-life issues in mind that compliance officers face every day.
I need to go through a multitude of provisions ‒ which ones are relevant for my company?
We designed the RegBox to facilitate the assessment of current and emerging regulations.
Our machine-learning technology can review documents, turn them into a machine-readable format and identify the provisions that matter for your company, sector or audience. The relevant provisions will then be extracted into a Word document, Excel file or they will flow into your GRC system.
How do I understand what I need to do?
The RegBox is the only machine-learning document review system that is able to identify and extract your obligations from any regulatory text. Our technology will rank the relevant obligations and assign a colour based on their severity: high, medium or low. Think of it as a traffic light system for deliverables!
How do I keep track of regulatory amendments?
Through our regulatory comparison technology, RegBox is able to compare and highlight regulatory amendments. The RegBox can automatically highlight regulatory changes, pinpointing any changes and anomalies and summarising them in a redlined document.
A law refers to a clause in another law, which refers to a clause in another law…
Cross-references make regulatory analysis time-consuming. This means endless clicks and having to keep several tabs open in order to get ‘the big picture’, with the added risk of getting lost in the web of citations. We designed the RegBox to make cross-referencing easy to map and follow with an intuitive visualisation system.
How do I easily update company policies?
We understand that your job as a compliance officer involves translating regulatory requirements into company policies. It’s your job to help all of the people in your company to understand the difference between ‘right’ and ‘wrong’. However, drafting policies is time-consuming and it’s not uncommon to draft new policies that are similar to previous ones, failing to accurately represent new risks and requirements.
With the RegBox, it is easy to evaluate the impact of new regulatory requirements on your existing policies. Our groundbreaking tool can understand, extract and cluster risks, compare those with your existing policies and make it easy to update them.
Our offer to Global RegTech Summit participants
Whether you are facing new regulatory storms or simply making sense of the new regulations that come up regularly in your industry, we would like to help.
We are providing a number of demos to selected participants in the Global RegTech Summit. If you would like to know more about the RegBox, get in touch with us and mention ‘Global RegTech Summit’ in the message field.