CAMBRIDGE, England, Nov. 9, 2023 /PRNewswire/ — In the ever-changing world of financial services, regulatory compliance stands as a critical priority. Failing to meet regulatory obligations poses a host of challenges that can impact operational, financial, and reputational risks.
Financial entities often encounter significant challenges due to the escalating complexity of regulatory requirements. As early as 2020, the Financial Stability Board noted that “The increased complexity and volume of regulations, and the significant consequences of non-compliance, have led to large increases in spending on compliance and risk management programmes by regulated institutions”.
Those operating in multiple jurisdictions need comprehensive support to ensure their adherence to relevant regulations across diverse regulatory frameworks. In its analysis of the dynamics of the RegTech sector, the European Banking Authority noted that “[…] where FIs do business in several jurisdictions, the lack of common regulation and divergent regulatory requirements fragment the RegTech market and may require FIs to adopt multiple solutions from different vendors, which increases operational risk and reduces the attractiveness for RegTech solution.” This need to stay up-to-date drives up compliance costs, pushing financial providers to explore more cost-effective, sustainable solutions.
Additionally, keeping pace with the rapidly evolving landscape of emerging digital technologies, such as cryptocurrencies and decentralised financial transactions, is further complicating compliance. Consequently, financial services firms are enhancing in-house compliance support and seeking external legal counsel to navigate this dynamic landscape.
“The regulatory landscape is evolving rapidly and becoming more complex to manage. Organisations are responding by adopting machine-based processes to help manage risk, which is driving demand for machine-readable and consumable forms of regulatory information. At RegGenome, we are committed to leading the way in transforming how regulatory information is produced and consumed, working with both regulated firms and regulatory authorities to create composable regulatory information that can enable efficient compliance and risk management in the next generation of financial market infrastructure.” — Robert Wardrop, Chief Executive Officer
RegGenome’s Content Retrieval Service is powered by machine readable Reg-Genome data, providing a single source of regulatory content. Data at the heart of the Retrieval Service is the result of RegGenome’s deep understanding of the regulatory landscape. The retrieval service empowers regulatory experts to streamline and expedite their regulatory analysis, compliance, and risk assessment, by providing only the documents and data that are relevant to their needs.
As a data-only provider, RegGenome delivers data designed to power applications and services for partners and end-user organisations. It serves legislatures, standard setters, regulators, regulated firms, and providers of regulatory services and solutions. This data enables regulatory research and supports change management, impact assessment, regulatory comparison, regulatory insights, and the automation of regulatory activities.
Firms can save both time and human resources by receiving content specific to their use cases, giving them increased predictability in their projects, and allowing the focus to remain solely on their compliance efforts, rather than the sourcing and understanding of regulatory content.
“We understand that getting relevant regulatory information to the people who need it in a timely manner is important. Regulatory experts seem to spend their valuable time filtering out regulation that is simply not relevant. With our data we want to put only relevant regulations into the hands of regulatory experts, to enable them to spend more time on more valuable work. Filtering out non relevant regulation wastes time and resources, our data removes this waste.” — Mark Johnston, Chief Operating Officer
For more information about RegGenome and its Content Retrieval Service, please visit www.reg-genome.com
RegGenome, a regulatory data provider, is a University of Cambridge spin-out, transforming how the world produces and consumes regulation. Processing the world’s regulation using AI to transform it into machine-readable and machine consumable data. RegGenome provides regulatory infrastructure and data as a service. Our data is processed according to information structures (Cambridge Regulatory Genome taxonomies) developed & reviewed with regulatory experts and anchored to regulatory standards in conjunction with the University of Cambridge, Regulatory Genome Project.
Chief Operating Officer
Originally published at https://www.prnewswire.com/news-releases/empowering-financial-service-firms-reggenomes-content-retrieval-service-to-tackle-regulatory-challenges-301982580.html
Images courtesy of https://pixabay.com