This regional bank, offering a comprehensive suite of financial services, operates within a dynamic regulatory environment. With a growing array of regulatory obligations, the bank needed a more efficient way to assess and document the impact of these changes to stay compliant and ensure that adjustments were implemented effectively and promptly.
As a financial institution, the bank is subject to a wide range of regulations that frequently change. The challenge was twofold: first, the bank needs to identify and assess the impact of these regulatory changes quickly; second, it has to ensure an audit trail for each impact statement.
The bank adopted Regology’s platform, which provided an automated, comprehensive solution to meet its regulatory compliance needs:
- Automated Impact Analysis: The Regology platform introduced automated impact analysis for the bank’s compliance team. The system automatically evaluates new regulations, prioritizing them based on their relevance and severity. This automation enables the bank to focus its attention on the most critical changes that require immediate action, significantly reducing the time and effort previously spent on manual assessments.
- Detailed Impact Statements with Document Upload: With Regology, the bank’s compliance team now generates detailed impact statements for each significant regulatory change. These statements are automatically assigned to the appropriate team members, ensuring that every change is addressed in a timely and effective manner. To further enhance the process, Regology added an upload button that allows the compliance team to attach audit-ready documents directly to the platform for each impact statement. This feature ensures that all necessary documentation is readily available and securely stored, making it easier to manage audits and maintain comprehensive records.
- Real-Time Tracking and Alerts: Keeping the compliance team informed is crucial in a rapidly changing regulatory environment. The platform’s real-time tracking and alert features ensure that the team is always aware of significant regulatory updates as they happen. This proactive approach allows the bank to respond to changes swiftly, maintaining compliance without unnecessary delays.
Regology’s impact analysis has reduced the manual workload on the compliance team, storing impact statements together with the rest of their regulatory information. The bank now maintains comprehensive documentation of all regulatory changes and their impacts, which is crucial for audit purposes and ongoing compliance.
