SAN FRANCISCO and BOSTON – April 8, 2019– Compliance.ai, a modern regulatory change management platform for financial services companies, has developed a strategic partnership with LogicManager, the leading enterprise risk management (ERM) software provider. With this partnership, LogicManager adds Compliance.ai’s comprehensive, customized and financially-focused regulatory content to its integrations library within their platform. This partnership will empower compliance teams to proactively manage regulatory changes.
The number of individual regulatory changes banks must track on a global scale has more than tripled since 2011, while banks and other financial institutions have spent nearly $321 billion on compliance enforcement actions (from 2007 until 2016). As regulatory compliance becomes increasingly burdensome and costly to manage, every financial organization is feeling immense pressure to update resource-intensive manual compliance programs. Organizations need technology-driven solutions that leverage automation and can be easily integrated into existing processes and software.
“We’re excited to provide LogicManager customers direct access to Compliance.ai’s curated regulatory content–including millions of rules, proposed rules, and enforcement actions–all across multiple jurisdictions with the key document attributes already extracted, so users can automatically map changes to internal policies and workflows,” said Kayvan Alikhani, co-founder and CEO of Compliance.ai.
“Customers, investors, and employees place a lot of trust in financial institutions. In the See-Through Economy, keeping up with regulatory changes and proactively managing risk is paramount for financial institutions to protect their stakeholders, and in turn, protect their reputation.” said Steven Minsky, CEO of LogicManager. “At LogicManager, we’re building an ecosystem of valuable integrations for our customers, and are proud to combine Compliance.ai’s content and real-time updates with the actionable insights our platform provides.”
Through the integration of Compliance.ai’s regulatory content into LogicManager’s ERM software, banks and credit unions now have access to a complete and current set of applicable regulations and real-time updates on relevant changes. Natural Language Processing (NLP) technology auto-tags and categorizes regulatory content–ensuring nothing is missed–and then makes the right content easily accessible to those who need it.
LogicManager empowers organizations to take the appropriate action on this content. The platform’s automated workflows coordinate activities to respond to regulatory change throughout an organization. Business intelligence reporting enables organizations to track key activities across pre-built, customizable reports that are invaluable to examiners and the board.
“Native integration between LogicManager and Compliance.ai is a giant step in helping the financial industry to keep up with and act upon constant changes in the regulatory landscape, while dramatically increasing efficiency across organizations,” said Bill Baumer, Principal, proERM.