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)
Please visit Agency Sources within the documentation section of our Developer Platform website and bookmark the pages as we update them frequently!
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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Asif Alam
CEO & Board Member
Asif Alam is the Chief Executive Officer at Compliance.ai. A leader in shaping disruptive technology, his experience includes building products using AI and natural language processing for GRC, payments, lending, risk, trading, and new solutions, from Fortune 500 companies to startups.
In his most recent role, he served as the Chief Strategy Officer of ThoughtTrace, unlocking new revenue streams and markets, and reignite portfolio growth. ThoughTrace was then acquired by Thomson Reuters in 2021.
He brings more than 20 years of management and business experience; increasing profitability, unlocking new revenue streams and markets, and reignite portfolio growth for companies like Thomson Reuters, Crux Informatics, and Finastra. Asif is a forward-thinking expert driving engagement via client forums, public presentations, and white papers.
Cesar Lee is a Principal at WRV, a venture capital fund focused on early-stage investments in hardware, semiconductor, and other technology-related companies. Previously, he was an investment professional at Riverwood Capital, a technology-focused, late-stage venture capital, and private equity fund. He began his career at RBC Capital Markets, where he was part of the Mergers & Acquisitions group for two years and the Equity-linked & Derivatives group for one year. While at RBC, Cesar spent a majority of his time working on M&A advisory transactions for technology companies.
Cesar’s investment experience includes buyouts, later stage, early stage and seed rounds. Cesar has completed transaction in the U.S., Latin America, and Asia, and in technology sectors including data centers, software, semiconductors, consumer electronics, robotics, big data, and internet.
Maria Devassy is a RegTech, Content, and Technology leader with over 20 years of experience helping companies bridge the gap between technology, product, and business. Maria has held leadership positions with MetricStream, KPMG, Oracle Corporation, and other technology companies. She has launched several successful RegTech products, business partnerships, and advised Fortune 100 clients on risk management, audit, advisory, and compliance business across Industries.
Hugh Cadden is a recognized expert in derivative financial and trading markets including futures, options, and swaps. Hugh is currently a senior consultant and expert with OnPoint Analytics, Inc. an economic, finance and statistical consultancy specializing in expert testimony for complex litigation. He has been specializing in the organization, operation, and regulation of financial and trading markets for over 40 years. Hugh’s experience includes both the public and private sectors and he has held senior level positions with the U.S. Commodity Futures Trading Commission including serving as Director of the Division of Trading and Markets and Deputy Director of Enforcement. He has been qualified as an expert on financial and trading market matters before the Commodity Futures Trading Commission, the Securities and Exchange Commission, the U.S. Tax Court, Financial Industry Regulatory Authority, National Futures Association, American Arbitration Association and federal courts.
Drake Ross is a former bank regulator who specialized in compliance with consumer protection regulations while at the OCC, FDIC, and OTS. While at these agencies, he provided extensive training and guidance and developed materials to ensure full comprehension and proper application of rules, laws, policies, and guidance, and served as a Subject Matter Expert in numerous areas. Because of his expertise, he often presented at agency and industry events. He also played a significant role in successful windup of the 2008 IndyMac Bank failure, where because of his extensive knowledge of the FDIC deposit insurance regulations, he was called upon to administer highly-complex insurance determinations.
Carliss Chatman is an Assistant Professor of Law teaching Contracts, Agency and Unincorporated Entities, Corporations, and Transactional Skills. Her work is influenced by over two decades of service on non-profit boards and involvement with community organizations. Through leadership positions, she has developed expertise in corporate governance and non-profit regulation. She has also been instrumental in strategic planning and fundraising efforts. Prior to law teaching, Professor Chatman was a commercial litigation attorney in Houston, Texas. In practice, she focused on trial law, appeals and arbitration in pharmaceutical, health care, mass torts, product liability, as well as oil, gas, and mineral law. In addition to negotiating settlements and obtaining successful verdicts, Professor Chatman has also analyzed and drafted position statements regarding the constitutionality of statutes and the impact of statutory revisions for presentation to the Texas Legislature.
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Mariam is an Operating Principal at Cota Capital. Mariam has experience providing guidance on strategic and operational planning to Venture and Growth stage companies. Prior to Cota Capital, Mariam spent her career in management consulting as a Director at KPMG. She has experience leading global transformation programs and developing innovative service offerings for Fortune 500 companies in the Technology sector. Mariam has an MBA from UCLA’s Anderson school of management with an emphasis in Finance and Entrepreneurship. She has a Bachelors in Science in Finance and a Bachelors in Science in Economics from Santa Clara University.
Chris Callison-Burch is an Associate Professor in Computer and Information Science Department at the University of Pennsylvania. His research interests include natural language understanding and crowdsourcing. He has served the Association for Computational Linguistics as the General Chair for the ACL 2017 conference, as an action editor for the Transactions of the ACL, as an editorial board member for the Computational Linguistics journal, and an officer for NAACL (the North American chapter of the ACL) and for SIGDAT (the special interest group for linguistic data and corpus-based approaches to natural language processing)
Tom Ladt is an experienced executive and investor. Tom has lead and served on the boards of several public and private companies serving highly regulated industries such as technology, healthcare, real estate, and food processing. Tom has also served in key governmental roles and on numerous community boards.
Jeroen Plink is a global executive with a proven track record of developing and growing businesses, teams, and technologies with innovation and passion. Jeroen was CEO of Practical Law US during its acquisition by Thomson Reuters. He now serves on numerous boards and acts as a strategic consultants for start-ups.
Global Legal and Compliance executive with 15+ years of success in the SaaS technology and financial services industries. Partner to the CEO and executive team in corporate transactions, business development, product expansion, and regulatory navigation during periods of intense growth and organizational change. An advocate of effective risk management that starts with sound business practices and putting the customer first.
Richard Dupree has held multiple Risk, Compliance and Operations positions at regional, national, and global financial services firms including Wells Fargo, Silicon Valley Bank, Bank of the West and BNP Paribas. Rick currently advises FinTechs and RegTechs and sits on industry panels, contributes to industry whitepapers, thought leadership efforts, and speaks at industry seminars on Risk and Compliance challenges faced by banks and FinTechs.
Brian advises clients on legal and regulatory compliance in the financial, tech, and procurement sectors. His passion is helping businesses succeed in heavily regulated environments. As counsel and trusted advisor to businesses of all sizes, and as a former regulator, policymaker, and federal official, Brian acutely understands the unintended burdens that even well-intentioned government requirements can put on innovation and business growth, as well as how to create policies that strike the right balance.
Brian served as National Ombudsman in the Obama Administration, leading the federal Office of Regulatory Enforcement Fairness in assisting hundreds of startups, entrepreneurs, and small business owners in every industry and every state.
Dr. Marsha Ershaghi Hames is Managing Director of Strategy & Development at LRN, a leader in advising and educating organizations about ethics and regulatory compliance, as well as corporate culture, governance and leadership. With the focus of inspired behavior versus required behavior, LRN is a leading voice in the industry for companies to build ethical cultures instead of “check-the-box” compliance approaches. She’s advised Department of Justice corporate monitors on successful program transformation under CIAs (Corporate Integrity Agreements. With over 20 years of experience in leading multinational ethics and compliance strategies, Marsha has become a highly sought-after thought leader on leading Corporate Compliance and Ethics practices.
Carla Carriveau is currently the Senior Managing Counsel at Wealthfront, an automatic investment service firm in Redwood City, California. Carla was previously Senior Counsel, Division of Trading and Markets, at the United States Securities and Exchange Commission. As a former regulator with over 15 years of experience in helping small businesses navigate legal and regulatory needs in the financial services sector, Carla advises Compliance.ai on financial services regulation, the regulatory landscape and industry practices.
