As a major player in the U.S. financial sector, this top 20 bank has an expansive nationwide presence. With thousands of regulatory requirements to manage, the bank’s lean compliance team needed to ensure thorough compliance while managing their workload efficiently.
The bank’s compliance team, consisting of just five members, was grappling with tens of thousands of regulatory requirements. The team needed a smarter way to identify regulatory exemptions—an approach that would allow them to streamline their processes, reduce unnecessary effort, and maintain a high level of compliance without expanding their workforce.
The bank turned to Regology’s advanced AI-powered platform and its generative AI assistant, Reggi, for a transformative solution. Regology not only offered insights into current and prospective regulatory changes, but also provided a comprehensive solution covering the bank's specific needs as an organization—not just as a generic financial institution. They were particularly impressed with the platform's ability to provide access to privacy laws and ongoing updates, which gave them broader compliance coverage beyond financial regulations, ensuring that all aspects of their operations were up to date with relevant legal requirements. By deploying Regology, the bank was able to achieve several key milestones:
- Exemption Analysis: Reggi delved into the bank’s vast array of regulatory requirements (~50,000), conducting a detailed analysis to uncover potential exemptions. This process was not just about identifying which regulations could be set aside but about ensuring that each exemption was carefully considered and justified. Reggi’s ability to understand and interpret complex regulatory language meant that the bank could confidently identify exemptions without fear of overlooking critical compliance needs.
- Targeted, Actionable Recommendations: The platform provides tailored recommendations on which requirements may be deprioritized. This precision allows the compliance team to strategically focus their efforts on the most crucial areas, optimizing their limited resources. By automating the identification of less critical requirements, Regology enabled the team to operate more efficiently, reducing the burden of manual reviews and allowing them to direct their expertise where it mattered most.
- Robust Audit Trail Documentation: One of the bank’s primary concerns was ensuring that every decision regarding regulatory exemptions was fully documented. Regology’s platform provided a comprehensive audit trail, capturing the rationale behind each exemption and preserving it for future reference. This not only fortified the bank’s compliance processes but also ensured they were well-prepared for any regulatory audits. The ability to present a clear, documented rationale for each decision gives the bank a significant advantage in maintaining trust with regulators
- Seamless Integration with Existing Systems: Regology’s seamless integration with the bank’s existing Governance, Risk, and Compliance (GRC) system ensures that all identified exemptions are automatically synchronized with the bank’s broader risk management. The result is a cohesive, end-to-end system that allows for real-time updates and a consistent approach to compliance across the organization.
The bank’s compliance team achieves more efficient tracking of regulatory changes across all their legal obligations, with the ability to see all their mapped controls, requirements, and risks within Archer, creating a fully connected end-to-end system. Reggi’s analysis and recommendations allowed them to streamline their focus, while the integration with Archer provided a unified view, making it easier for the team to manage regulatory changes proactively.
