New and Enhanced Features on Compliance.ai: August 2022
September 26, 2022
At our annual EITL Forum event in Sept 2022, we provided a sneak peek at our BYOC solution. Additionally, over the past month, we have added features that help you further research and evaluate regulatory changes collaboratively, including a recent innovation on our “Related Documents” capability and extending our Concepts capabilities.
We also continued enriching our regulatory coverage and our resource content (also known as law library), most notably new content and regulatory updates for banking, insurance, employment, privacy, taxation, and the securities industries from US state regulators. We have also expanded our coverage from international sources from Argentina, Australia, EU, British Virgin Islands, Germany, China, Hong Kong, Mexico and Saudi Arabia.
Introducing Bring Your Own Content (BYOC): Bridging the gap between RCM and PCM
BYOC helps organizations automatically “associate/relate” regulatory changes to enterprise policies.
Compliance, Risk and Legal team members can now extend their RCM to Policy Change Management (PCM).
BYOC addresses the inefficiencies in processes including reviewing / assigning / mapping organizational policies to regulatory changes, and maintains the link between regulatory updates and policies on an ongoing basis. The status quo approaches have proven to be manual, costly, time-consuming and error-prone. With BYOC, you are not only alerted/notified of changing regulations that impact your business, but also notified of regulatory changes that impact your business policies. BYOC makes it easy to take action and report on such changes in short order, on a repeatable and scalable basis.
To get a front seat review of BYOC, please schedule a demo here.
Speed up your Regulatory review using our dynamic “Related Documents” capability
We know that understanding the relation between newly published regulatory changes and pre-existing content requires collaboration and up-to-date context. With that in mind, we’ve enhanced our “Related Documents set by Organization” capability to enable you to relate documents dynamically by alerts. As soon as a new document that matches your alert criteria becomes available in the Compliance.ai platform, it’s automatically associated with key regulatory documents specified by you and your colleagues.
Once you’ve added related documents, additional context is just a click away for you and your colleagues. This dynamic capability removes the need to manually associate/relate new regulatory changes one by one. Saving you time and setting you up for scale.
Review our informational video to learn more about how you can leverage Related Documents including the new dynamic alert feature.
Improve your regulatory change review using our integrate Concepts
We not only continue to add new concepts (designed to help you research global regulatory trends along business and operational lines) to our concept library, but we have also made it easier to leverage concept information in search and regulatory change review.
Once you select the concepts of interest within the Topics Default Filter, they are automatically added to your search when you access the Timeline or conduct your own searches.
All concepts associated with regulatory changes are listed in the Details right panel, giving you higher visibility to assess the potential impact of a regulatory change before you review the entire document. For a list of all Concepts provided by Compliance.ai, please check out our Concept documentation on developer.compliance.ai.
One Source for Regulatory Intelligence: Expanding Regulatory Coverage
We continued our expansion of US and International regulatory sources. You can now follow recent regulatory updates across specific lines of business and jurisdictions:
Insurance: Related updates from Kentucky, and the US Virgin Islands.
Banking: Related updates from Puerto Rico, US Virgin Islands, Indiana, Nevada, California, and Texas.
Employment: Related updates from the Employee Benefits Security Administration (EBSA), and California
Securities: Related updates from the National Futures Association (NFA), and the Commodity Futures Trading Commission (CFTC).
Taxation: Related updates from the Internal Revenue Service (IRS).
Privacy: Related updates from California.
Australia: The Australia Securities and Investment Commission (AUS-ASIC).
Argentina: Banco Central de la República Argentina (ARG-BCRA).
China: People’s Bank of China (CHN-PBC), State Administration of Foreign Exchange (CHN-SAFE).
Germany: Bundesministerium der Finanzen (DEU-BMF), Verband der Auslandsbanken (DEU-VAB).
European Union: European Parliament (EU-PARL), European Central Bank (EU-ECB).
Hong Kong: Hong Kong Monetary Authority (HKG-MA).
British Virgin Islands: British Virgin Islands Financial Services Commission (VGB-FSC).
Mexico: Central Bank of Mexico (MEX-CB)
Saudi Arabia:Communications and Information Technology Commission (CITC).
Tip of the Month: Using Compliance.ai features you might not know about
Do you already rely on Compliance.ai to filter out the noise and analyze impact, but think you could be getting more out of the platform? If so, check out our recent EITL session, Compliance.ai “Product Features You Might Not Know About” session. In this presentation, we review:
Staying in the know with concept-driven alerts: Track emerging regulatory trends by establishing alerts that include any of our 200+ concepts in combination with popular filters including agencies, jurisdictions, document types and publication date. (Time: 6:50-19:50)
Super charge your analysis with obligation extraction: Learn how to integrate Compliance.ai’s automated obligation extraction into your regulatory review processes. (Time: 19:50-25:40)
Streamline your analysis with dockets and diffing: Pinpoint changes in recent versions of documents found within the same docket using diffing. Changes can help you immediately identify the changes between a prior version of a document and the most recent version. (Time: 25:45-32:21)
Coordinate with your colleagues using labels: Do you use a common syntax across your organization to track regulatory themes, controls, or risks? If so, you can upload labels to Compliance.ai and tag documents using a variety of methods, and leverage your labels within Compliance.ai search. (Time: 32:25-39:40)
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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