New and Enhanced Feature on Compliance.ai: February
March 31, 2023
In our most recent regulatory change management solution enhancements, we’ve continued to focus on increasing workflow flexibility. Our latest workflow enhancements allow you to complete full-fledged multi-task workflows not only at the document level, but also at the obligation level.
We also continued enriching our regulatory coverage, most notably introducing new concepts, and new content and regulatory updates for legislations, regulations, commerce, consumer affairs, banking, finance, healthcare, insurance, and taxation related matters across the globe including Australia, Austria, Canada, China, Colombia, Cayman Islands, Denmark, European union, Ireland, and the United States.
Increase consistency in decisions: New obligation-level workflows help you analyze regulatory changes at the right level for the task at hand
To ensure you can analyze obligations consistently and more comprehensively, we’ve revamped workflow capabilities to enable you to create workflows that can be completed at the document level, the obligation level or both. To leverage this new functionality, edit a workflow and update the new workflow setting to choose your preferred experience.
Manage Workflows: Select your preferred workflow level
While you can set up your workflow to be added to the entire document and at the obligation level (meaning all workflow steps will be available for each obligatory sentence within the document), we recommend that you build two workflows, one that includes tasks you want to assess for the document as a whole, and a parallel workflow intended to help you analyze specific obligatory language within the regulatory change document. Simply create two distinct workflows, then attach the same alert(s) to your document-level and your obligation-level workflow. When a document matching the alert is detected, both workflows will be associated with the document automatically.
Document-level and obligation-level workflows based on the same alert
Completing obligation-level workflows should be a familiar step within your regulatory change management process, because we’ve added obligation-level workflows using the same set of capabilities you already enjoy with existing document-level workflows, including multiple tasks, dependencies, annotations, and even a per obligation task summary.
Obligation-level workflow example
To ensure you have all necessary reporting data for your obligation workflows, we’ve expanded task reporting to include obligation workflow-specific reports. The new report option includes all standard task audit fields plus additional fields you need at the obligation level, including the obligation text and URL.
Speed up Regulatory Intelligence research: One Source for Regulatory Intelligence: Expanding Regulatory Coverage
We continued expansion of our regulatory coverage. You can now follow recent regulatory updates across specific lines of business and jurisdictions:
Topic/Concept based expansion:
Banking: related updates from the US Federal Deposit Insurance Corporation (FDIC), Austria, and India.
Commerce: related updates from Minnesota, Quebec, and Denmark.
Consumer Affairs: related updates from Virginia.
Regulations: related updates from the European Union.
Legislations: related updates from the Cayman Islands.
Finance: related updates from US Securities Industry and Financial Markets Association (SIFMA), Louisiana, India, Australia, Financial Transactions and Reports Analysis Centre of Canada (FINTRAC), Ontario, China, Colombia, and Jersey.
Healthcare: related updates from the US Centers for Disease Control and Prevention.
Insurance: related updates from the European Union.
Taxation: related updates from Ireland.
Jurisdictional expansion:
Australia: updates from the Australian Council of Financial Regulators (AUS-CFR), and the Australian Prudential Regulation Authority (AUS-APRA).
Austria: updates from the Österreichische Nationalbank (Austrian National Bank) (AUT-NB).
Canada: updates from the Financial Services Commission of Ontario (CAN-ONFSC), and Autorité des marchés publics (CAN-QCAMP).
China: updates from the Financial Supervisory Commission of Taiwan (CHN-TFSC).
Colombia: updates from the Unidad Regulación Financiera Colombia (COL-URF).
Cayman Islands: updates from the Cayman Islands Legislative Assembly (CYM-LA).
Denmark: updates from the Denmark Ministry of Business (DNK-MOB).
European Union: updates from the European Insurance and Occupational Pensions Authority (EU-EIOPA), and the European Parliament (EU-PARL).
India: updates from the Reserve Bank of India (IND-RBI), and the Department of Economic Affairs (IND-DEA).
Ireland: updates from The Irish Revenue Department (IRL-REV)
Jersey: updates from the Jersey Financial Services Commission (JEY-FSC)
United States: updates from the Securities Industry and Financial Markets Association (SIFMA), Centers for Disease Control and Prevention (CDC), Federal Deposit Insurance Corporation (FDIC), Louisiana Office of Financial Institutions (LA-OFI), Minnesota Commerce Department (MN-CD), and the Virginia Department of Agriculture and Consumer Services (VA-DACS).
Tip of the Month: Customize your Dashboard with Alert Widgets
If you’re like many of our clients, you rely on one or more alerts to ensure you’re aware of regulatory changes. You’ve probably already set up your preferred alert email delivery cadence, but did you know that you can also track your alerts from the Compliance.ai Dashboard?
To add an alert-specific widget to your Dashboard, access Notifications, click the three dots to access the expanded alert menu, and choose Create Widget. Your widget will immediately appear on your Dashboard.
Notifications: Access alert-specific menu to create a widget
Custom Widgets: Drag & drop to move your new widgets and Edit to update the date range
Please visit Agency Sources within the documentation section of our Developer Platform website and bookmark the pages as we update them frequently!
Update your Default Filters at any time to take advantage of our new regulatory sources.
We hope you enjoyed this product update!
Client feedback is always welcome. Please contact our support team with any questions or feedback or schedule a time to review our new features. Remember that you can always access the Training Center under the Help (?) section of the platform for more information.
Asif Alam
CEO & Board Member
Asif Alam is the Chief Executive Officer at Compliance.ai. A leader in shaping disruptive technology, his experience includes building products using AI and natural language processing for GRC, payments, lending, risk, trading, and new solutions, from Fortune 500 companies to startups.
In his most recent role, he served as the Chief Strategy Officer of ThoughtTrace, unlocking new revenue streams and markets, and reignite portfolio growth. ThoughTrace was then acquired by Thomson Reuters in 2021.
He brings more than 20 years of management and business experience; increasing profitability, unlocking new revenue streams and markets, and reignite portfolio growth for companies like Thomson Reuters, Crux Informatics, and Finastra. Asif is a forward-thinking expert driving engagement via client forums, public presentations, and white papers.
Cesar Lee is a Principal at WRV, a venture capital fund focused on early-stage investments in hardware, semiconductor, and other technology-related companies. Previously, he was an investment professional at Riverwood Capital, a technology-focused, late-stage venture capital, and private equity fund. He began his career at RBC Capital Markets, where he was part of the Mergers & Acquisitions group for two years and the Equity-linked & Derivatives group for one year. While at RBC, Cesar spent a majority of his time working on M&A advisory transactions for technology companies.
Cesar’s investment experience includes buyouts, later stage, early stage and seed rounds. Cesar has completed transaction in the U.S., Latin America, and Asia, and in technology sectors including data centers, software, semiconductors, consumer electronics, robotics, big data, and internet.
Maria Devassy is a RegTech, Content, and Technology leader with over 20 years of experience helping companies bridge the gap between technology, product, and business. Maria has held leadership positions with MetricStream, KPMG, Oracle Corporation, and other technology companies. She has launched several successful RegTech products, business partnerships, and advised Fortune 100 clients on risk management, audit, advisory, and compliance business across Industries.
Hugh Cadden is a recognized expert in derivative financial and trading markets including futures, options, and swaps. Hugh is currently a senior consultant and expert with OnPoint Analytics, Inc. an economic, finance and statistical consultancy specializing in expert testimony for complex litigation. He has been specializing in the organization, operation, and regulation of financial and trading markets for over 40 years. Hugh’s experience includes both the public and private sectors and he has held senior level positions with the U.S. Commodity Futures Trading Commission including serving as Director of the Division of Trading and Markets and Deputy Director of Enforcement. He has been qualified as an expert on financial and trading market matters before the Commodity Futures Trading Commission, the Securities and Exchange Commission, the U.S. Tax Court, Financial Industry Regulatory Authority, National Futures Association, American Arbitration Association and federal courts.
Drake Ross is a former bank regulator who specialized in compliance with consumer protection regulations while at the OCC, FDIC, and OTS. While at these agencies, he provided extensive training and guidance and developed materials to ensure full comprehension and proper application of rules, laws, policies, and guidance, and served as a Subject Matter Expert in numerous areas. Because of his expertise, he often presented at agency and industry events. He also played a significant role in successful windup of the 2008 IndyMac Bank failure, where because of his extensive knowledge of the FDIC deposit insurance regulations, he was called upon to administer highly-complex insurance determinations.
Carliss Chatman is an Assistant Professor of Law teaching Contracts, Agency and Unincorporated Entities, Corporations, and Transactional Skills. Her work is influenced by over two decades of service on non-profit boards and involvement with community organizations. Through leadership positions, she has developed expertise in corporate governance and non-profit regulation. She has also been instrumental in strategic planning and fundraising efforts. Prior to law teaching, Professor Chatman was a commercial litigation attorney in Houston, Texas. In practice, she focused on trial law, appeals and arbitration in pharmaceutical, health care, mass torts, product liability, as well as oil, gas, and mineral law. In addition to negotiating settlements and obtaining successful verdicts, Professor Chatman has also analyzed and drafted position statements regarding the constitutionality of statutes and the impact of statutory revisions for presentation to the Texas Legislature.
Sign me up for all regulatory updates
Get access to EITL Forum recordings
Mariam is an Operating Principal at Cota Capital. Mariam has experience providing guidance on strategic and operational planning to Venture and Growth stage companies. Prior to Cota Capital, Mariam spent her career in management consulting as a Director at KPMG. She has experience leading global transformation programs and developing innovative service offerings for Fortune 500 companies in the Technology sector. Mariam has an MBA from UCLA’s Anderson school of management with an emphasis in Finance and Entrepreneurship. She has a Bachelors in Science in Finance and a Bachelors in Science in Economics from Santa Clara University.
Chris Callison-Burch is an Associate Professor in Computer and Information Science Department at the University of Pennsylvania. His research interests include natural language understanding and crowdsourcing. He has served the Association for Computational Linguistics as the General Chair for the ACL 2017 conference, as an action editor for the Transactions of the ACL, as an editorial board member for the Computational Linguistics journal, and an officer for NAACL (the North American chapter of the ACL) and for SIGDAT (the special interest group for linguistic data and corpus-based approaches to natural language processing)
Tom Ladt is an experienced executive and investor. Tom has lead and served on the boards of several public and private companies serving highly regulated industries such as technology, healthcare, real estate, and food processing. Tom has also served in key governmental roles and on numerous community boards.
Jeroen Plink is a global executive with a proven track record of developing and growing businesses, teams, and technologies with innovation and passion. Jeroen was CEO of Practical Law US during its acquisition by Thomson Reuters. He now serves on numerous boards and acts as a strategic consultants for start-ups.
Global Legal and Compliance executive with 15+ years of success in the SaaS technology and financial services industries. Partner to the CEO and executive team in corporate transactions, business development, product expansion, and regulatory navigation during periods of intense growth and organizational change. An advocate of effective risk management that starts with sound business practices and putting the customer first.
Richard Dupree has held multiple Risk, Compliance and Operations positions at regional, national, and global financial services firms including Wells Fargo, Silicon Valley Bank, Bank of the West and BNP Paribas. Rick currently advises FinTechs and RegTechs and sits on industry panels, contributes to industry whitepapers, thought leadership efforts, and speaks at industry seminars on Risk and Compliance challenges faced by banks and FinTechs.
Brian advises clients on legal and regulatory compliance in the financial, tech, and procurement sectors. His passion is helping businesses succeed in heavily regulated environments. As counsel and trusted advisor to businesses of all sizes, and as a former regulator, policymaker, and federal official, Brian acutely understands the unintended burdens that even well-intentioned government requirements can put on innovation and business growth, as well as how to create policies that strike the right balance.
Brian served as National Ombudsman in the Obama Administration, leading the federal Office of Regulatory Enforcement Fairness in assisting hundreds of startups, entrepreneurs, and small business owners in every industry and every state.
Dr. Marsha Ershaghi Hames is Managing Director of Strategy & Development at LRN, a leader in advising and educating organizations about ethics and regulatory compliance, as well as corporate culture, governance and leadership. With the focus of inspired behavior versus required behavior, LRN is a leading voice in the industry for companies to build ethical cultures instead of “check-the-box” compliance approaches. She’s advised Department of Justice corporate monitors on successful program transformation under CIAs (Corporate Integrity Agreements. With over 20 years of experience in leading multinational ethics and compliance strategies, Marsha has become a highly sought-after thought leader on leading Corporate Compliance and Ethics practices.
Carla Carriveau is currently the Senior Managing Counsel at Wealthfront, an automatic investment service firm in Redwood City, California. Carla was previously Senior Counsel, Division of Trading and Markets, at the United States Securities and Exchange Commission. As a former regulator with over 15 years of experience in helping small businesses navigate legal and regulatory needs in the financial services sector, Carla advises Compliance.ai on financial services regulation, the regulatory landscape and industry practices.
