Tal Yampolsky, Co-Founder and Partner
Banks and financial institutions across the world operate in an environment that is subject to shifting dynamics. With more than 300 million pages of regulatory documents published by 2020, the regulatory environment has become increasingly complex for such organisations to analyse, anticipate and monitor the ripple effect of the new regulations. Using the lessons learned from the 2008 financial crisis, regulators continue to modify the regulations that aim directly at the heart of banks and financial institutions— with a sharp focus on privacy, tax evasions, antimoney laundering and consumer protection laws. Moreover, the drastic focus shift from corporate responsibility for compliance to personal liability and conduct have made organisations more attentive towards regulatory requirements and expectations. In essence, there is a strong emphasis on cross borders business, whereby organisations are required to comply with certain regulations where they have clients.
In a nutshell, banks and financial institutions need to understand and capture the ever-changing regulatory information being published daily across different channels and in a variety of formats and languages and analyse what’s relevant to take action accordingly. However, it is easier said than done. Globally, banks and financial institutions spend billions per year on compliance and regulatory obligations.
Zurich-based RegRadar is changing this narrative. Moving the needle in the increasingly complex regtech landscape of ever-expanding regulatory sources and publications, RegRadar empowers banks and financial institutions through its holistic approach to strategic regulatory screening which consists of high-tech tools, value-added services, and its community of institutions, as well as professional partners. RegRadar has developed a global regulatory change response platform with an aim to help banks explore, analyse and respond to the regulatory changes, while also accomplishing their business goals. “We came up with a highly unique vision that allows companies in the highly regulated industries to understand what’s going on in the regulatory landscape and address changes. What’s unique about our product is that it helps to trigger a company to take action when a new regulatory publication comes up,” says Tal Yampolsky, Co-Founder and Partner, RegRadar.
At the core, RegRadar was developed keeping the technology appetite of banks in mind. Yampolsky underscores that banks today demand an intelligent way of knowing what’s going on and are inclined towards the application of machine learning. While the trend of adopting software as service through cloud delivery continues to gain steam, companies refrain from spending a lot of money for implementation projects. They seek solutions that more agile and adaptable to the rapidly transforming landscape. This is precisely what RegRadar brings to the table.
An artificial intelligence (AI)-driven, ever-expanding online regulatory hub, RegRadar collects and analyses regulatory sources, allowing its users to keep track of relevant information by creating personalised views and alerts, follow the latest trends, and collaborate with professionals worldwide. On a mission to make regulatory information accessible and useful for professionals worldwide, RegRadar’s highly userfriendly platform—powered by the latest technology and rich expertise of the community—is making the compliance journey smooth for its clients.
“At RegRadar, we have taken the regtech trends and industry needs into consideration to develop a solution that captures literally every jurisdiction and any type of regulatory body in the world. With this broad solution, we serve the publication after processing them to provide our clients with a holistic view of what’s going on,” adds Yampolsky.
Powerful Technology at the Core
The intelligent global regulatory changes response platform from RegRadar utilises AI and big data technology to facilitate the availability of massive data for searching and researching.
What’s unique about our product is that it helps to trigger a company to take action when a new regulatory publication comes up
“We implement AI and machine learning with the purpose of sanitising and distilling the information to help manage the information and make it actionable,” explains Yampolsky. AI technology is leveraged to provide users with instant access to relevant information, supporting decisionmaking processes and helping users to address and know more about emerging topics of their interest. In doing so, AI, coupled with predictive analytics, allows clients to identify the trending topics and agenda from specifics regulations and jurisdictions. The technology identifies patterns and makes correlations between
certain jurisdictions and industries to keep up with the emerging regulatory themes.
That not all; the platform is also fuelled by robotics to enable relevant regulatory publications identification and workflow automation. Yampolsky informs, “We harmonise all the regulatory data, considering publications in multiple languages and from different jurisdictions. Eliminating the language barriers, we bring all the publications to one standard level and language in order to make it available to all our users. This simplifies the process of creating reports and trigger action.”
Staying Compliant Amid COVID-19
While the recent outbreak of COVID-19 has taken the world by storm, RegRadar continues to empower and support its clients to navigate the impact of the pandemic and the changes it presented in various regulations. RegRadar is helping companies in the financial sector, law firms and consultancies respond to the evolving changes regarding financial lending, labour law and healthcare. Backed by this online regulatory hub, companies can remain
updated with COVID-19 regulatory matters and stay compliant in line with the regulations at any time worldwide.
Taking Customisation a Notch Higher
From the deployment perspective, RegRadar focuses on self-service from any endpoint and has built the solution with highly-user friendly features, allowing minimal intervention from the company’s developers. On the customisation front, RegRadar extracts actionable information from the publications and uses AI to personalise the information as per an organisation’s regulatory monitoring scope. The solution learns from the specific requirements of the clients and every time a new publication with relevant topics comes up, the clients are proposed with the updates, even if they are not looking for it explicitly. RegRadar also personalises RegStream to search and browse through hundreds of regulatory publications. Users can create personalised reports and set email notifications to receive alerts on new publications. RegRadar also comprises a workflow engine for managing and monitoring the review status of specific publications. The system also fosters team collaboration not only for a client’s internal users but also with their external trusted advisors. Clients appreciate RegRadar’s comprehensive audit trail that demonstrates regulatory response efforts and keeps track of usage.
Besides a powerful AI strategy and the ease-of-use, RegRadar’s uniqueness also stems from its focus on triggering an action. With a geographical reach and scope of regulation which is truly global, RegRadar is a step ahead of the competition. Besides, the company leverages its extensive network of partners to help our clients with their diverse needs with a holistic and strategic solution. Lastly, the competitive pricing and the efficient use of technology and resources add to the list of winning differentiators that RegRadar offers.
To further elaborate on the benefits of RegRadar, Yampolsky cites a customer success story wherein RegRadar worked closely with an advisory and consultancy firm. The client needed to monitor changes on behalf of its customers so that they can plan and advise accordingly ahead of time about both risks and opportunities. “We onboarded them on our platform and defined the jurisdictions and the topics they are interested in. Every time there is a new publication, they analyse it and allocate it to external service providers for the technology systems and operations and carry out the analysis on the specific systems and processes. We are serving them a hub and help them monitor what can be relevant for their clients,” he illustrates.
Scripting similar success stories, RegRadar looks forward to expanding the capabilities of its platform and joining forces with larger organisations to promote regulatory awareness and make information more accessible and actionable for industries.