As Single Rulebook is shortlisted as the Best Data Solution for Regulatory Compliance in the Data Management Insight Awards, it seems a good opportunity to explain how Single Rulebook provides programmatic access to regulation and how that enables digital transformation of regulated firms.
The core dataset of legal and compliance work is formed of regulatory requirements. The requirements typically come from a wide variety of different sources and they evolve all the time. They get interpreted and applied within a constantly evolving body of policies, processes and systems. This is the control framework for which designated individuals are held accountable.
What senior managers and other accountable staff need is traceability to regulation, and assurance that controls based on regulation are sound and properly maintained.
Programmatic access to regulation provides this traceability, makes the control framework much more efficient and removes error-prone manual steps. Regulatory change programmes typically start off with copy pasting paragraphs of regulation into a spreadsheet. It is an almost impossible task to keep track of shared artefacts of constantly evolving regulatory requirements within different spreadsheets and different business requirement documents across a complex regulated firm. Accessing regulation via an API will put all staff, systems and processes on the same page, making the control framework more effective and efficient.
Moreover, programmatic access to regulation is the cornerstone of digital transformation. How do you maintain a bot that has automated a specific legal or compliance process? By feeding it with auditable updates of regulatory requirements.
Single Rulebook provides programmatic access to regulation. It uses Natural Language Processing and deep learning to aggregate, standardise and pre-index a constantly updated digital feed of regulatory data. Single Rulebook users can easily integrate regulation with policies, systems and controls. The service effectively allows you to bootstrap traceability with regulation onto any existing policy, process or system.
If you wish you receive more information on this topic, please feel free to contact us.