Whenever we meet regulated firms large and small, we’re persistently dumbfounded by the make-do spreadsheet solutions that are used to keep track of regulatory obligations.
We see global banks that copy past rules that apply to them in spreadsheets: ‘the regulatory obligations register’. We see firms spending 6 figures to get a rule mapping spreadsheet from a consultancy. The work product they get is a simple excel sheet that is out of date after two weeks!
Regtech software can clearly do this better. It can identify and track those rules that apply to you on an ongoing basis, it can apply a robust governance model around this process, enrich the source data with your in-house or external regulatory knowledge and feed everything directly into your other systems with a comprehensive audit trail.
This is how we manage your regulatory obligations in Single Rulebook:
Your regulatory obligation register corresponds to a filter of the regulatory content that we have enriched within Single Rulebook. You can thus only see the rules that apply to you, for example by legal entity. We have pre-indexed all rule relationships, meaning that you get a filtered but comprehensive overview of all the relevant regulation, not only the level 1 text but also all the relevant articles in delegated acts, guidance and Q&As.
The regulatory obligations management functionality is fully integrated with Single Rulebook’s regulatory knowledge management platform. The platform helps clients in financial services and other industries to work more efficiently with regulation and to create a digital knowledge base for the firm by means of interactive visualisations.
All the rules that are in scope for you will be automatically tracked on an ongoing basis. You will receive customised and contextualised alerts whenever there is a reg change impact.
As regulatory implementation more and more evolves towards direct integration of regulation with in-house policies, systems and controls, this automated regulatory obligations filter mechanism will sit between the source regulation, your interpretations of regulation and the systems that we work with the interpretations of the regulation.
- Please contact us to discuss how we can add value to your workflow.