Managing global regulatory risk is the single biggest challenge facing compliance and risk teams. Over a thousand regulatory bodies worldwide publish hundreds of developments every day impacting both the industry’s rulebooks, codes and legislation and firms’ own individual obligations and policies. At the same time firms must prepare for what’s emerging, and make sure regulatory breaches of the past are addressed.
Financial services firms face billions in monetary fines through to the individual personal liability of their managers, on top of the operational and reputational costs of dealing with enforcement. The continued increase in risk and compliance resources is unsustainable.
Corlytics structures, rates and visualises regulation.
To be able to action and provide assurance on never-ending regulatory change requires firms to know what’s relevant, where to focus and what’s emerging. That’s where Corlytics is helping compliance, risk, legal and audit teams globally. We monitor, assess, map and align regulatory changes in order to alert relevant areas of the business. We take a risk-based approach to prioritizing developments and predicting what’s ahead.
We combine innovative technology with deep legal and industry expertise. Our data science technology combines supervised statistical learning methods with novel linguistic feature engineering techniques using natural language processing.
The consequences of regulatory non-compliance are more severe than ever before. The industry and regulators alike recognise that technology is needed to support efficient and effective compliance and regulatory risk management.
With Corlytics firms can: