Compliance.ai announces strategic integration to modernize how financial services companies address compliance risk
Blueprint partners with Compliance.ai to provide its banking and financial services customers with real-time regulatory change content and to modernize how financial institutions address compliance risk
New functionality from Compliance.ai enables enterprise-scale financial organizations to proactively manage the growing volume and velocity of regulatory changes using a single platform.
TORONTO – February 26, 2019 – Blueprint Software, a leading provider of agile planning and regulatory change management solutions, today announced its strategic partnership with Compliance.ai, a RegTech pioneer whose financial regulatory change management platform delivers relevant content with personalized insights, obligation analysis, and risk assessment. Under terms of the agreement, Blueprint has integrated Compliance.ai’s Search API to provide Blueprint customers with comprehensive, customized, and classified financial -focused regulatory content.
The number of global regulations has increased by nearly 500% since 2008, and banks and other financial institutions have spent nearly $321 billion on compliance enforcement actions during the same period of time. As regulatory compliance becomes increasingly burdensome and costly to manage, given the growing scope and volume of regulatory change, every financial organization is feeling immense pressure to modernize manual-based compliance programs and leverage a more sophisticated and dynamic data-driven model.
“As a strategic content partner, we’re providing Blueprint customers with direct access to Compliance.ai’s regulatory content, which is updated in real time and includes millions of documents from federal, state and independent agencies that are pre-normalized and pre-classified, with all the key relevant regulatory attributes already extracted,” said Kayvan Alikhani, co-founder and CEO of Compliance.ai. “This partnership extends the reach of Compliance.ai’s data and furthers our mission of transforming the way highly regulated organizations address compliance risk through actionable intelligence.”
Through the seamless integration of Compliance.ai’s regulatory content into Blueprint RCM, banks and financial services organizations now have access to a complete and current set of applicable regulations and real-time updates. Natural Language Processing (NLP) technology auto-tags and categorizes the content, making it easily accessible to those who need it and ensures nothing is missed. Automated workflow coordinates team activities to implement regulatory change across an organization and provides exhaustive mapping across policies, controls, processes, and into IT assets and agile application development.
“The cost and risk associated with global regulatory compliance is growing at a phenomenal pace, and threatening business viability,” says Tony Higgins, Chief Technology Officer at Blueprint. “The combination of Blueprint and Compliance.ai provides an unrivaled RegTech answer to materially address this challenge.”
This partnership is forecasted to have a transformative impact for Blueprint’s financial customers and the broader RegTech market in general. Being able to access a comprehensive collection of financial services-focused regulatory content through Blueprint’s RCM will not only empower compliance teams to proactively manage the growing volume and velocity of regulatory changes, as they occur, but will also help to accelerate application development initiatives and facilitate enterprise transformations that deliver superior value to their organization without compromising on compliance.
Compliance.ai is transforming the way highly regulated organizations address compliance risk. Its financial regulatory change management solutions empower Chief Compliance Officers to proactively manage the growing volume and velocity of regulatory changes as they occur, and make it simple to implement the correct steps to remain in compliance. Through its Expert-in-the-Loop methodology, Compliance.ai delivers relevant content with personalized insights, obligation analysis, and risk assessment. With Compliance.ai, organizations can intelligently assess and mitigate their compliance risk, avoid regulatory sanctions and safeguard their corporate reputations–without increasing headcount.
Founded in 2004, Blueprint has been dedicated to supporting and empowering the world’s largest enterprises to drive innovation and business value at the intersection of IT and compliance. Today, Blueprint’s RCM is the world’s only solution that allows enterprise organizations to transition to agile or scale their agile practice, while still supporting all of their needs for audit, compliance, and regulatory controls.
Both of Blueprint’s comprehensive and powerful solutions, Blueprint Storyteller and Blueprint RCM, have been purpose-built to accelerate and de-risk the digital transformations of enterprise organizations. As Blueprint strives to connect with and understanding the unique and complex challenges within our customers’ industries and organizations, we’ve developed solutions that resolve the time-consuming, costly, and error-prone functions that challenge many of the world’s largest IT organizations, as well as evolve their existing technology investments for future success.