A key player in the fast-paced and highly regulated online gaming and sports betting industry, this customer operates across multiple jurisdictions in the US and Canada. Facing a rapidly changing regulatory environment, the company needed a robust solution to manage their compliance obligations effectively, despite having a small compliance team of less than five people.
The regulatory environment in the gaming and betting industry is complex. Frequent changes and new requirements emerge not only in different jurisdictions, but also in different gaming activities (e.g. Casino, Wagering, Fantasy), which makes tracking developments even harder. While initially focused on identifying applicable legal requirements within the United States, the customer soon expanded their efforts to include Canada. The challenge was clear—manually tracking and monitoring these regulations could lead to costly compliance gaps.
The customer turned to Regology’s regulatory change management and compliance management modules to overcome these challenges. The solution provided by Regology offered several critical features that transformed the customer’s approach to compliance:
- Dynamic Smart Law Library:
Regology collaborated with the customer to co-build a dynamic Smart Law Library, drawing on the expertise of in-house legal professionals. This library serves as a continuously updated repository of all applicable regulatory changes, categorized by jurisdiction and topic. By having a centralized, easy-to-navigate library, the customer could quickly access relevant legal information, ensuring they were always informed of the latest regulatory developments.
- Automated Change Tracking:
One of the standout features of Regology’s platform for this customer is the ability to continuously monitor and update bills, laws, and regulations that impact the organization. This automated tracking of various legislative components eliminates the need for manual monitoring, ensuring the customer is always up to date with the latest legal requirements without the risk of oversight.
- AI Assistant for Quick Queries:
The customer found Regology’s AI assistant, Reggi, invaluable for navigating complex regulatory changes. Regulatory content is often difficult to interpret due to its technical wording, but Reggi breaks down this barrier by providing clear, concise responses to simple queries. This allows the team to quickly grasp the implications of regulatory changes. Each response includes a link to the original source, ensuring transparency and easy access to more detailed information. This feature not only saves time but also enhances the accuracy of their compliance efforts.
- Streamlined Compliance Processes:
Regology’s platform enabled the customer to manage their policies, risks, and controls within a single, integrated system. This comprehensive approach to compliance management streamlined their processes, ensuring that every aspect of their regulatory obligations was covered efficiently. The customer no longer had to juggle multiple systems or manual processes, significantly reducing the potential for errors and increasing overall compliance effectiveness.
- Seamless Integration with Existing Systems:
Regology facilitated a smooth integration with the customer’s existing Governance, Risk, and Compliance (GRC) system. The result is a cohesive, end-to-end system that allows for real-time updates and a consistent approach to compliance across the organization.
By leveraging Regology’s platform, the customer achieves holistic regulatory compliance management across all of their existing and new jurisdictions. The intuitive interface and user-friendly design of the platform are frequently cited as major benefits, enabling the small compliance team to manage a vast array of regulatory requirements with ease. The time saved on manual tracking allowed the team to focus on more strategic tasks, ultimately boosting their efficiency and reducing the risk of non-compliance.
