The platform automatically parses regulations to figure out their relevancy to a firm.
RegTech provider Compliance.ai has launched a new workflow solution that takes advantage of artificial intelligence for regulatory compliance. The new solution, part of its Team Edition financial regulatory change-management platform, uses machine learning to automatically determine which changes in rules impact specific companies.
Here are some of the key takeaways:
- “Workflow Automation filters topic-specific regulatory changes, something the algorithm learns by figuring out who the specific user is and which agencies and documents they normally read, as well as automatically assigning tasks to users to review or analyze changes.”
- Compliance.ai’s Default Filters allows the user to customize the platform by the operational topics, jurisdictions, regulatory sources, and mainstream news sources that are associated with their business, thus eliminating the noise and chatter that they are bombarded with every day. With Automated Workflow available to Team Edition subscribers, Compliance.ai’s platform will now notify a user in real-time when there is a document/change that they need to review or analyze, giving Compliance Managers a simple way to keep track of the progress their teams have made.
- “It also provides a clearer calendar of when regulatory changes are implemented or when regulatory requirements start implementation. The solution integrates with risk assessment tools to determine risk probabilities of certain rules.”
- Compliance.ai’s Timeline prioritizes regulatory changes by their publication or upcoming key dates, providing users an organized view of their must-read regulatory documents. On the matter of risk assessment, Compliance.ai allows users to integrate its solution to any existing GRC platform through the Compliance.ai API and Developer Edition.
- “The platform covers multiple asset classes and jurisdictions. Alikhani says the company began covering regulatory agencies in the United States before expanding to Europe, and then Canada.”
- As of today, Compliance.ai has complete United States coverage from both the Federal and State level, and has recently expanded its coverage to include content from the United Kingdom. By the end of 2018, Compliance.ai plans to expand its coverage to include content from Canada, with plans to further expand its coverage in 2019. Subscribe to our Monthly Newsletter to stay informed on our content coverage.
Read the full article at WatersTechnology.
Thank you, Emilia David and Waters Technology for the featured article