A software platform linked to the underlying regulation and that is fully auditable, enhances the client experience and decreases maintenance costs.
Maintaining the compliance of software solutions is a process that has always been manual, not digital. Regulation changes often, analysing these changes is time consuming and employees have varying interpretations. All of these elements combine to create a large overhead for any system or team, especially those that need to change quickly. Regulatory software can be a black box for its users, but users want to be confident that the software is compliant.
How we helped
Onboarding Single Rulebook has been led through the regulatory SMEs, who have been able to identify the relevant snippets of each regulation and assign a unique key (UID). Snippets can be linked between Level 1, Level 2 and Level 3 regulation, presenting the text in its full context. UIDs have been integrated into business requirements and source code for the transaction reporting platform. The same UIDs are used to provide traceability of how the software meets regulatory requirements. Now proven, this enhanced model is ready to be rolled out across wider business areas, including financial and risk reporting.
Creating a software platform that is granularly linked to the underlying regulation and fully auditable, enhances the client’s experience and decreases maintenance cost. Conducting impact analysis is simplified through targeted alerting. Clients are able to view snippets of regulation and the reporting process becomes open and transparent.