Compliance teams have a difficult job. Resources are tight but the amount of new regulations is constantly increasing, which places more and more demands on compliance team members. Even in previous periods of deregulation, the number of regulatory updates has tended to steadily increase. The restrictions on business may shrink during these times, but the burden on compliance teams continues to grow.
Regulatory tracking helps compliance teams stay up-to-date with all the latest rules and proposed rules, guidance, and enforcement actions. A good regulatory tracking tool organizes regulatory updates by agency, topic, and rule, and also connects documents across agencies and jurisdictions to present information related to users’ queries.
Other regulatory tracking companies use large teams of human analysts to perform this type of sorting and association of documents. As a result, they have a huge headcount that comes with high overhead costs they pass on to their customers through high prices. Oftentimes, compliance departments can’t afford such astronomical technology costs, and must instead add employees to handle the process of tracking, sorting, and connecting regulatory information. Expanding headcount makes running a compliance team more difficult – and more expensive.
At Compliance.ai, we balance powerful technology and expert analysis to deliver the most relevant, real-time regulatory tracking available. We use machine learning and intelligent systems to efficiently and accurately classify and cluster regulatory information based on feedback from our regulatory advisers and users just like you. This means we can offer a highly useful tool for a fraction of the cost of other services in the market, without sacrificing accuracy or speed.
Compliance departments using Compliance.ai can achieve regulatory intelligence while keeping technology costs low. Compliance.ai works as a force multiplier, allowing your team to work more efficiently and get more done. Check out our infographic below for more information.
Tagged: machine learning, regulatory tracking, regulatory intelligence, compliance costs
