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Posted On:
March 1, 2024

LEARN Series 3: Regulatory Research: How AI-driven technology is revolutionizing compliance programs

Business Challenges in Regulatory Research

In this blog, we present challenges and program needs for regulatory research professionals, and how AI can help by creating rulesbooks and obligations

Compliance professionals worldwide operate in a challenging landscape characterized by the dynamic evolution of regulatory frameworks, emerging risks, and the constant need for adaptability. Navigating this environment demands rigorous attention to detail, a forward-thinking strategy, and the ability to decipher complex regulatory mandates. As regulatory changes continue to unfold, your organization faces multifaceted challenges ranging from aligning organizational obligations with shifting regulations to ensuring internal policies reflect obligations in your rulebooks.

Artificial intelligence, as a transformative force, can intricately address these challenges, offering a paradigm shift in how compliance professionals’ approach and overcome these multifaceted obstacles.

Regulatory Research and compliance professionals need to keep pace with:

  • Evolving Regulatory Landscapes: Keeping abreast of constant changes in regulations globally poses a significant challenge, demanding continuous monitoring and adaptation of rulebooks.
  • Internal Policy and Procedures Alignment: Ensuring that your internal policies, procedures, and controls are compliant and aligned with rulebooks requires meticulous attention and a comprehensive understanding of both domains.
  • Cross-Jurisdictional Compliance: With businesses operating across borders, your organization must grapple with varied regulatory landscapes, necessitating a cohesive approach that transcends geographic boundaries.
  • Collaborative Rulebook Creation: Coordinating rulebook creation across diverse teams, including regulatory affairs, compliance, privacy, legal, IT/Security and risk management, demands collaboration to ensure unified and effective compliance strategies.
  • Transparent Compliance Reporting: Providing comprehensive and transparent reporting to boards, regulators, and external stakeholders necessitates a streamlined approach to effectively articulate and demonstrate compliance efforts.

Compliance professionals find themselves at the intersection of numerous internal and external variables, each demanding meticulous attention and alignment. At the heart of this lies the Rulebook – ensuring the volume of regulatory changes is aligned with policies, standards and controls which serve as the cornerstone for orchestrating an effective and resilient organization. In this context, your Regulatory Research Program is a linchpin, addressing critical aspects of compliance.

Internally, your organization grapples with aligning diverse organizational obligations in rulebooks with overarching policies. The significance of policies cannot be overstated—they set the tone for your organizational conduct and bind together various facets of compliance. Ensuring the robustness, accessibility, and relevance of your policies becomes imperative, serving as the glue for compliance strategies that harmonize with both your organizational goals and regulatory obligations.

The foundation of regulatory research lies in control and process data, forming the intricate web that enables adherence to internal and external rules while mitigating risks associated with the dynamic landscape of evolving technologies, ethical considerations, and the coordination of the lines of defense. Establishing a comprehensive governance framework becomes indispensable in navigating these complexities.

Your Regulatory Research Program needs to:

  • Provide a complete view of your organization's regulatory obligations, serving as the foundational framework of rulebooks leveraged to align and merge obligations from multiple sources with overarching policies, procedures, and controls.
  • Prevent your business from being exposed to regulatory enforcement actions and reputational damage, acting as a proactive shield against potential risks by ensuring strict adherence to compliance obligations.
  • Identify related requirements across jurisdictions, agencies, products, and services, creating a cohesive approach that transcends geographic and operational boundaries, aligning internal functions with diverse regulatory obligations.
  • Collaborate on rulebooks across all your teams in regulatory affairs, compliance, privacy, legal, IT/Security, and risk management teams, fostering a unified approach that aligns your obligations with policies and other compliance artifacts.
  • Attest to the board, regulators, and external stakeholders that you know and are meeting your compliance obligations, providing a comprehensive and transparent view of your compliance efforts.
  • Generate your compliance obligations in plain language, translating the complexities of regulatory requirements into accessible terms and promoting an informed and aligned compliance culture.

The Imperative of a Proactive and Highly Automated, AI-Powered Approach

In the fast-paced compliance realm, staying ahead of regulatory changes is akin to navigating a constantly shifting landscape. Regulatory shifts often outstrip the capacity of your organization to implement rulebooks, policies, and controls efficiently, creating a perpetual challenge.

As your organization navigates the delicate balance between regulatory mandates and internal operational intricacies, the challenges articulated above underscore the critical need for AI, to address these challenges quickly and accurately, at speeds not humanly possible.  AI offers compliance professionals a new approach to overcome these multifaceted obstacles. A Proactive Tool Powered by AI leverages the capabilities of artificial intelligence (AI) technology, Regulatory Research allows Legal, Government Relations, and Compliance professionals to seamlessly search authoritative sources, including the Federal Register and specific regulatory agencies, to identify laws, guidance, and news to help you build curated rule books applicable to your organizations and generate business obligations aligned with your legal requirements.  This innovative product combines various building blocks of a compliance strategy, weaving them into a unified framework that facilitates agility, adaptability, and holistic management of your compliance challenges. establishes an agile framework that actively creates your compliance taxonomy, identifying relationships and connections among diverse regulatory obligations and understanding their cascading effects on various compliance artifacts. This taxonomy serves as a blueprint for navigating the intricacies of compliance, allowing organizations to foresee potential challenges and devise solutions that align with their strategic objectives.

In essence, exemplifies the fusion of AI's analytical prowess with the proactive mindset necessary for effective regulatory research and compliance programs.

Would you like a demo of our Regulatory product to see what you of 4Crisk products can do for your organization?  or click here to register for the ROI Calculator demo.

4CRisk products: Regulatory Research, Compliance MapRegulatory Change Management, and Ask ARIA Co-Pilot are revolutionizing the way organizations connect regulations with their business requirements.

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