How Can Compliance.ai Help?
Compliance.ai has a suite of products specifically designed to help financial institutions address the primary compliance challenges described above.
“Some of the toughest operational challenges facing regulators—resource constraints, backlogs, massive volumes of public comments—also offer some of the biggest opportunities for new technologies and techniques.”
– Deloitte, Center for Government Insight Analysis (2018)
1) Regulatory Change Cost Calculator – This interactive tool assists the compliance department in estimating its regulatory change cost based on jurisdiction, agencies, and the average hours spent reviewing regulatory documents. The calculator produces an estimated monthly cost based on the complexity of the regulatory environment combined with the average hourly rate of staff and the number of compliance staff on the regulatory change management team.
2) Topic Explorer – Compliance.ai applies its proprietary Expert-in-the-Loop machine-learning methodology to automatically classify regulatory documents into business and operational topic areas. Topic classification allows compliance professionals to analyze incoming regulatory content from a business and operational lens, to more quickly determine whether it applies to their organization, which group should be responsible for analyzing and assessing the risk associated with the change, while also ensuring that relevant content published by other sources are not overlooked.
3) Pro Edition – Allows compliance professionals to Search, Monitor, Access, Research and Track comprehensive financial regulatory content, industry insights, and regulatory updates across various jurisdictions. Users can set personalized notifications and alerts to track and monitor regulatory changes automatically. Compliance.ai monitors and updates you in real time when new content is published about a specific regulation, agency, concept and/or topic area. This automation saves both time and money, providing you with a focused view of what’s relevant to you, and reduces the number of resources wasted on the daily process of tracking regulatory changes manually.
4) Team Edition – provides a simple, centralized way for financial compliance teams to collaborate on tasks, actions, and prioritization of deadlines, with dependencies across business departments. Workflow Automation improves collaboration across stakeholders by creating automatic to-do lists that guide team members through the change management process based on regulatory changes relevant to them, across various jurisdictions, while also intelligently assessing risks.