New and Enhanced Feature on Compliance.ai: February
March 31, 2023
In our most recent regulatory change management solution enhancements, we’ve continued to focus on increasing workflow flexibility. Our latest workflow enhancements allow you to complete full-fledged multi-task workflows not only at the document level, but also at the obligation level.
We also continued enriching our regulatory coverage, most notably introducing new concepts, and new content and regulatory updates for legislations, regulations, commerce, consumer affairs, banking, finance, healthcare, insurance, and taxation related matters across the globe including Australia, Austria, Canada, China, Colombia, Cayman Islands, Denmark, European union, Ireland, and the United States.
Increase consistency in decisions: New obligation-level workflows help you analyze regulatory changes at the right level for the task at hand
To ensure you can analyze obligations consistently and more comprehensively, we’ve revamped workflow capabilities to enable you to create workflows that can be completed at the document level, the obligation level or both. To leverage this new functionality, edit a workflow and update the new workflow setting to choose your preferred experience.
Manage Workflows: Select your preferred workflow level
While you can set up your workflow to be added to the entire document and at the obligation level (meaning all workflow steps will be available for each obligatory sentence within the document), we recommend that you build two workflows, one that includes tasks you want to assess for the document as a whole, and a parallel workflow intended to help you analyze specific obligatory language within the regulatory change document. Simply create two distinct workflows, then attach the same alert(s) to your document-level and your obligation-level workflow. When a document matching the alert is detected, both workflows will be associated with the document automatically.
Document-level and obligation-level workflows based on the same alert
Completing obligation-level workflows should be a familiar step within your regulatory change management process, because we’ve added obligation-level workflows using the same set of capabilities you already enjoy with existing document-level workflows, including multiple tasks, dependencies, annotations, and even a per obligation task summary.
Obligation-level workflow example
To ensure you have all necessary reporting data for your obligation workflows, we’ve expanded task reporting to include obligation workflow-specific reports. The new report option includes all standard task audit fields plus additional fields you need at the obligation level, including the obligation text and URL.
Speed up Regulatory Intelligence research: One Source for Regulatory Intelligence: Expanding Regulatory Coverage
We continued expansion of our regulatory coverage. You can now follow recent regulatory updates across specific lines of business and jurisdictions:
Topic/Concept based expansion:
Banking: related updates from the US Federal Deposit Insurance Corporation (FDIC), Austria, and India.
Commerce: related updates from Minnesota, Quebec, and Denmark.
Consumer Affairs: related updates from Virginia.
Regulations: related updates from the European Union.
Legislations: related updates from the Cayman Islands.
Finance: related updates from US Securities Industry and Financial Markets Association (SIFMA), Louisiana, India, Australia, Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Ontario, China, Colombia, and Jersey.
Healthcare: related updates from the US Centers for Disease Control and Prevention.
Insurance: related updates from the European Union.
Taxation: related updates from Ireland.
Australia: updates from the Australian Council of Financial Regulators (AUS-CFR), and the Australian Prudential Regulation Authority (AUS-APRA).
Austria: updates from the Österreichische Nationalbank (Austrian National Bank) (AUT-NB).
Canada: updates from the Financial Services Commission of Ontario (CAN-ONFSC), and Autorité des marchés publics (CAN-QCAMP).
China: updates from the Financial Supervisory Commission of Taiwan (CHN-TFSC).
Colombia: updates from the Unidad Regulación Financiera Colombia (COL-URF).
Cayman Islands: updates from the Cayman Islands Legislative Assembly (CYM-LA).
Denmark: updates from the Denmark Ministry of Business (DNK-MOB).
European Union: updates from the European Insurance and Occupational Pensions Authority (EU-EIOPA), and the European Parliament (EU-PARL).
India: updates from the Reserve Bank of India (IND-RBI), and the Department of Economic Affairs (IND-DEA).
Ireland: updates from The Irish Revenue Department (IRL-REV)
Jersey: updates from the Jersey Financial Services Commission (JEY-FSC)
United States: updates from the Securities Industry and Financial Markets Association (SIFMA), Centers for Disease Control and Prevention (CDC), Federal Deposit Insurance Corporation (FDIC), Louisiana Office of Financial Institutions (LA-OFI), Minnesota Commerce Department (MN-CD), and the Virginia Department of Agriculture and Consumer Services (VA-DACS).
Tip of the Month: Customize your Dashboard with Alert Widgets
If you’re like many of our clients, you rely on one or more alerts to ensure you’re aware of regulatory changes. You’ve probably already set up your preferred alert email delivery cadence, but did you know that you can also track your alerts from the Compliance.ai Dashboard?
To add an alert-specific widget to your Dashboard, access Notifications, click the three dots to access the expanded alert menu, and choose Create Widget. Your widget will immediately appear on your Dashboard.
Notifications: Access alert-specific menu to create a widget
Custom Widgets: Drag & drop to move your new widgets and Edit to update the date range
Update your Default Filters at any time to take advantage of our new regulatory sources.
We hope you enjoyed this product update!
Client feedback is always welcome. Please contact our support team with any questions or feedback or schedule a time to review our new features. Remember that you can always access the Training Center under the Help (?) section of the platform for more information.
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