Regulatory Mapping & Analysis

There is an ongoing critical need for financial institutions to analyze Regulations coming out of various key regulators. Additionally, they have to determine how these regulations require, relate to, and impact various operational procedures and controls – at the corporate and individual business/product/function levels

For each specific regulation, Compliance, Legal, or Risk Management might define Policies; and specific lines of business may implement Procedures and Controls within their respective operations. Various procedures and controls may reside in disparate business-specific repositories such as local SharePoint drives, Lotus Notes etc.

Currently, significant manual effort is required to locate relevant documents and to identify the controls and procedures that relate to specific regulations; managing changes, queries, searches, and reviews becomes a significant challenge. In order to comply with the multiple regulations, banks have deployed armies of internal employees and consultants to get a handle of the regulations and how these regulations impact bank policies and controls. The cost of non-compliance is very high, with regulatory fines and reputational damage. 

RiskCounts’ Regulatory Mapping & Analysis Solution

RiskCounts has developed a solution, that provides you with a comprehensive analysis of your compliance with regional regulations. The solution is flexible enough to be tailored to your specific needs for workflows, reporting and API integration.

Regulatory Inventory:

RiskCounts uses a Machine Learning approach to build an inventory of rules and taxonomy. These rules are them mapped to your internal policies and controls. Expert SME’s can then review the coverage and assess the coverage and compliance with a regional regulation.

Learning and Analysis

The solution builds a compliance knowledge map by mapping the regulations and internal policies and procedures, and then use this knowledge map to map it with policies and controls with an organization.

?Gap Analysis:

After the initial mapping is complete, the SME’s can analyze the gaps and create an inventory of rules that the bank is not in compliance with. The system also offers custom workflow and issue management. The solution also periodically maps the changes in regulations and provides a delta between the old and the new regulation. 

For details of the solution, please visit our website: https://riskcounts.com/regulatory-mapping-and-analysis