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Digital Compliance Monitoring Plan

Digitize and streamline your Compliance Monitoring Plan with cutting-edge AI, your smart law analyzer and compliance advisor.

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#ComplianceMonitoring #RiskMitigation #CostSavings #ComplianceEfficiency #RegulatoryInnovation

Business Challenge

Financial institutions face significant challenges in maintaining compliance due to increasing complexity of regulations, heightened scrutiny from regulatory bodies, and the rapidly evolving market dynamics. These factors make it difficult for financial institutions to keep up, exposing them to substantial risks if they fall behind.

Solution Overview

This capability is an AI-powered digital solution that continuously monitors the evolving regulatory landscape, tailoring insights to the financial institution's specific scope, and recommending actionable adjustments to enhance the existing Compliance Monitoring Plan (CMP). This solution offers significant value by enhancing compliance accuracy, reducing manual workload, and ensuring real-time adaptability to regulatory evolution.

The solution's main features include:

  • Regulatory Watch
    The solution systematically screens and scrapes regulatory channels that a financial institution is faced with, functioning as a law analyzer. It notifies the compliant department of pertinent regulatory publications, determines their applicability, provides clear insights, and follows up on the CMP. ​

  • Compliance Monitoring Plan
    The AI-powered tool centralizes and digitize the existing Compliance Monitoring Plan. The tool automatically recommends appropriate obligations and requirements of which controls can be created based on pertinent regulatory changes identified by the regulatory watch, ensuring the CMP remains current and effective. Where AI suggest modification, deletion of, or additional obligations or requirements, the Second Line of Defense and First Line of Defense can amend, create, delete any new or existing content. At all times, the compliance team remains the mandatory validator. Existing innovative features, e.g. audit tracks and notification function to inform & instruct relevant stakeholders about the regulatory changes., are included in the tool to enhance efficiency and communication.

  • Regulatory Chatbot
    A chatbot integrated into the solution help users like the compliance department providing instant answers to regulatory queries, clarifying rules, and offering quick access to relevant documents, ensuring efficient and accurate compliance.

Technical Implementation

This Generative AI solution was built with:

  • Comprehensive Web Scraping and Document Extraction
    Converts data from regulatory websites (e.g., CSSF, FSMA) into structured information. Extracts data from a vast library of regulatory documents and notifies the customer when new documents are published.

  • Relevant Regulatory Extraction
    Extracts and categorizes regulatory obligations and requirements, removing those not relevant to the specific company.

  • AI-Driven Regulatory Relationship Graph
    AI creates a graph database to track relationships (e.g., supplements, replaces, amends) between regulatory documents, enabling better detection of the impacts of a new incoming regulation.

  • Accurate AI Responses
    Reliable answers through advanced prompt engineering and in-context learning.

  • Agent-Based Compliance Verification
    Multi-agent system that cross-references and validates compliance data.

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