Knowing about regulatory change is one thing. Having the regulatory intelligence and analytical capabilities to understand the impact of regulatory change on your business is a very different matter. It may take days or even weeks to re-evaluate your compliance status and remediate non-compliant gaps, especially when you are a financial institution operating in multi-jurisdictional, multi-state, and cross-border environments. Despite exponential growth in regulation, constant amendments and conflicting obligations, most financial institutions still rely on people and spreadsheets to capture regulatory intelligence and manage regulatory change. Siloed systems and disjointed processes hinder accurate, holistic oversight and lack immediacy. Ineffective audit trails make it challenging to prove compliance to regulators, should your business come under scrutiny. The result? Vast costs, increased compliance risk and eye-watering enforcement fines.
CUBE is an AI-driven regulatory intelligence and regulatory change management platform. Using Natural Language Processing, Machine Learning and Robotic Process Automation, CUBE automates manual compliance processes to enable smarter, faster and cheaper management of regulatory change. Our regulatory radar scans the horizon continuously, in real-time, to create a vast data lake of global financial services regulatory content, with both breadth and depth: 180 jurisdictions, 1000+ regulators, 2000+ regulations and handbooks, 2,000,000+ citations and rules. However, CUBE’s secret sauce is its ability to map this regulatory universe onto a firm’s specific business taxonomy, giving visibility only to regulatory data that is relevant to the lines-of-business and jurisdictions you operate in – and then to extract obligations and map them onto your individual policies and procedures, at highly granular level, to highlight specific areas of compliance risk.
Vast operational efficiencies and cost reduction. By automating manual processes, and minimizing or eliminating spend on outsourced resources, return-on-investment of up to 600% have been reported.
Redeployment of compliance expertise. More time is spent on high-value work, e.g. assessing the impact of regulatory change, implementing required policy and procedure changes, distributing them throughout the organization and ensuring that they are executed effectively.
Risk mitigation: Regulatory breaches, reputational harm and enforcement fines are avoided. CUBE exposes risk as soon as regulatory change occurs, enabling timely resolution. Every action and aspect of decision-making is auditable and can be evidenced in a regulatory investigation.