Regulatory research is the process by which enterprises identify various laws, regulations, and industry standards. Advisory opinions and guidance, court decisions.
Financial Institutions operate within overlapping webs of laws, regulations, and industry standards across multiple regulatory and legislative jurisdictions. Many types of business problems give rise to the need for regulatory research,
- Management questions about current compliance requirements
- Compliance staff requests from the business about the compliance impacts of a new product
- Understand if an event has compliance implications
- Need to update a policy, procedure or guideline document
Financial Institutions Rely on Largely ManualRegulatory ResearchProcesses Today
Financial Institutions rely on compliance professionals who painstakingly pore over multiple sources of information to identify material laws and regulations, evaluate the applicability of these rules to their business, respond to regulatory changes and assess the impact of current and upcoming laws and regulations. Much of this process is manual making it inconsistent and time-consuming.Their work involves identification, aggregation, applicability assessment, and analysis.
Future of Regulatory Research With 4CRisk
4CRisk’s AI-powered solution for regulatory research allows financial institutions to automate the task of identifying all material-laws and regulations from multiple sources of information and evaluate the applicability of these rules to their business. It enables compliance officers tomake business decisions easily, consistently, and quickly. The approach opens the door to first-line ownership of the regulatory research capability.