A large financial regulatory authority, responsible for overseeing compliance across multiple financial institutions. The authority plays a critical role in maintaining the stability and integrity of financial markets, making transparency and accountability in their compliance processes paramount.
Given the authority's responsibility to uphold market integrity, it is essential to have a compliance system that not only ensures ongoing adherence to regulatory requirements but also maintains an audit-ready state at all times. The challenge was to document and track every compliance-related activity and regulatory change systematically, ensuring that all actions were transparent, easily accessible, and accounted for in audits, as well as integrate seamlessly with their existing GRC (Governance, Risk, and Compliance) system—ServiceNow.
The customer also required precise decomposition of regulations and a system that not only could handle these intricate requirements but also reduce the overall volume of alerts by identifying and eliminating duplicate alerts across different agencies. The complexity of these tasks required a highly customized solution that could meet the unique needs of the authority while ensuring compliance with all relevant regulations.
The authority implemented the Regology platform to address these challenges. Regology had to engage directly with many governmental and non-governmental organizations for the use of their published content, ensuring that all regulatory data was accurately integrated and utilized. The result is a robust and efficient compliance management system:
- Regulatory Update Documentation: The platform systematically documents all regulatory updates, making sure that the information is readily available when needed. This feature is crucial for supporting ongoing compliance efforts, as it ensures that the authority is always working with the most current and accurate regulatory data. The structured documentation process also aids in the quick retrieval of information during audits, reducing the time spent searching for relevant data.
- Comprehensive Audit Trail: Regology’s platform provides a comprehensive audit trail, maintaining a detailed record of all compliance activities and regulatory changes. This thorough documentation ensures that every action taken by the authority is recorded and easily accessible for review. The audit trail supports the authority’s need for transparency and accountability, allowing them to demonstrate compliance with regulatory standards at all times.
- ServiceNow GRC Integration: A key component of the solution was the seamless integration of Regology’s platform with the authority’s existing ServiceNow GRC system. This integration ensured that all regulatory data, compliance activities, and audit trails were synchronized within a single platform, providing a unified approach to governance, risk management, and compliance. The integration allowed the compliance team to manage all aspects of regulatory compliance more effectively, leveraging the strengths of both Regology and ServiceNow to maintain a cohesive and efficient compliance framework.
- Automated Compliance Reports: Regology’s platform automates the generation of compliance reports, significantly reducing the time and effort required for audit preparation. These automated reports are precise and comprehensive, covering all necessary aspects of the authority’s compliance activities. By streamlining the reporting process, the platform allows the compliance team to focus on other critical tasks, improving overall efficiency and readiness for audits.
By leveraging the Regology platform, the financial regulatory authority has successfully established a transparent and accountable compliance system. The comprehensive audit trail, systematic documentation of regulatory updates, and automated compliance reporting have all contributed to improved efficiency in audit preparation. The authority now maintains an audit-ready compliance platform that ensures ongoing adherence to regulatory requirements, while also enhancing the ability to respond to audits with precision and confidence.
