How regulatory compliance software can help you understand the house view

Do you know your company’s house view on important financial regulations? Are you adopting new, digital RegTech tools to help you develop a consistent regulatory compliance framework?

It could be that you’re attending an important meeting, or providing advice on a new business project and need to accurately convey your company’s viewpoint to a public audience. Whatever the scenario, it’s paramount that you have a complete understanding of your firm’s view on important regulatory matters within MiFID II, EMIR and more.

With the introduction of the new FCA handbook following the end of the Brexit transition period at the end of 2020, it’s also important to keep abreast of changes to UK financial regulation and the potential emergence of diverging UK and EU rules. The new and evolving UK FCA rules provide another opportunity for organisations to comment and form a view.

With financial regulation, the devil is in the detail and it’s important to understand all the nuances of each regulatory rule or technical standard. Often, a small difference in the wording can have a huge impact on regulated firms, market participants and their compliance policies. Ensuring that you know your company’s and legal counsel’s opinion on regulation increases confidence and improves communication across legal, compliance, regulatory change management, risk management and operational teams.

Regulatory intelligence software and RegTech technologies can help Legal and Compliance professionals and teams adopt consistent interpretations across global regulation by working on one common, digital version of the regulation. Single Rulebook’s regulatory compliance software also allows users to work intelligently across the regulation by searching, annotating and sharing the text. Working digitally in this way helps avoid costly misinterpretations and inconsistent views. In addition, regulatory mapping and dynamic rule maps provide visual guidance so that users can see the relationship between different pieces of regulation, Q&As and written guidance.

To make knowledge management a reality, it is crucial to improve accessibility to the house view and ensure that it is properly maintained.  Compliance software tools can achieve this by assigning ownership and providing alerts when regulatory updates occur.

If you wish to discuss in-house view further, please contact us