pexels-photo-1323550

Five RegTech processes that should be automated today

Lance Mercereau
Lance Mercereau
3 September 2019

Technology has advanced so much in the last few years that many tasks that were labor intensive in the past are now automated.

If you are like most compliance professionals operating in highly regulated industries, you probably spend hours continuously searching for, making sense of and sharing regulatory intelligence.  A lot of your time is wasted effort where you could be doing more valuable work.

This isn’t surprising considering most large compliance organizations usually monitor more than 100 regulatory changes every day. Furthermore, this regulatory intelligence needs to be integrated in downstream compliance life cycle management processes to ensure transparency, accountability and confidence that nothing is being missed in your non-financial risk coverage.  

Here are five quick wins to reduce the time and cost of regulatory compliance. In doing so, you will develop a high performing compliance organization and capability in your company:

      1. Creating a regulatory intelligence foundation

        This is more than just horizon scanning, which is the manual process of identifying and gathering regulatory data. By taking this raw data, and applying artificial intelligence, regulatory intelligence goes further to provide greater levels of accurate insight delivered to the appropriate employees for action within minutes.

      2. Actioning your regulatory intelligence

        Once you have the regulatory intelligence, it’s important to know what actions must be taken and why.  A platform that automatically shows related content for collaborative review, allows you to merge the new information into existing documents, activities and annual review cycles. This will significantly reduce duplication, omissions and errors.

      3. Recording organizational decisions

        Every single day decisions are made across the organization based on established principles, policies and procedures. These decisions and the reasons for these decisions are rarely recorded. Changes to the documents can be automatically recorded alongside the rationale, reducing the time and cost of audits.

      4. Embedding changing regulatory intelligence

        To streamline organizations, robotic process automation and best practice templates are used to standardize the efficient updates to systems, processes and workflows throughout the compliance lifecycle. Manual tasks such as issuing reminders and tracking downstream changes are fully automated.

      5. Regulatory compliance reporting

        Always-on reporting means that any data can be used to generate insights and intelligence to direct decision-making, manage workloads and identify regulatory coverage gaps. The days of manually creating dashboards and reports are over.

It is an exciting time to be in compliance because there are so many technological developments that will change the landscape. 

If you would like to see what RequirementONE is up to, sign-up to be notified of our new launch this fall.

About RequirementONE

Our vision is to provide every compliance organization in the world with actionable and personalized regulatory intelligence – streamed to all decision-makers employees and business systems. The fully managed RequirementONE platform uniquely simplifies compliance by automating the curation and distribution of actionable regulatory intelligence throughout the compliance lifecycle, lowering the cost of compliance management by 50%. To learn more, visit www.requirementone.com