New and Enhanced Features on Compliance.ai: June – July
October 22, 2024
Over the summer, Compliance.ai added several key enhancements to enhance how you manage regulatory changes. We introduced a new “Document View” tailored specifically for managers, aimed at helping you identify workflow tasks required to complete analysis of specific regulatory change documents. Additionally, we added features that allow you to manage your service connectors—bots that integrate with your GRC system or auto-label documents—directly, reducing your reliance on our service team. To further optimize your labeling process, we also added the capability to categorize labels.
We also continued enriching and expanding our regulatory coverage, including: regulatory updates for banking, data protection, energy, finance, healthcare, legislations, regulations, securities, and taxation. Our expanding global coverage includes Australia, Canada, Spain, European Union, France, Japan, South Korea, Mexico, Netherlands, New Zealand, Luxembourg, United Kingdom, and the United States.
Stay on top of your team’s workflow tasks with Tasks “Document View”
We know it’s critical for compliance team managers to ensure that your organization completes all workflow tasks for regulatory documents in a timely manner. That’s why we’ve added a new, document-based view of the workflow Tasks screen within pro.compliance.ai. The new view is tuned to the needs of managers, giving you an at-a-glance overview of how many document’s are in your organization’s workflow queue, how many documents include overdue tasks, and how many tasks are remaining per document, helping you better plan your team’s work.
To access the new view, select “Document view” on the Tasks home page. Simply click on the chiclet for any document in the Not started, Some tasks completed or All tasks completed columns to access the Tasks right panel and complete your workflow tasks. Each document chiclet gives you an overview of the document name, total tasks and tasks outstanding, whether any of the tasks are overdue, when tasks were created and when the next tasks is due.
Of course, if you prefer, the default Task List or Calendar views are still available to you.
Tasks: Document View
New Label capabilities help you add your organization’s intelligence to regulatory documents
Labels are a convenient way to add your own intelligence to documents and even sentences within documents in Compliance.ai. To help you make the most of labeling capabilities, we’ve added “types” and “descriptions” to labels. Whether you want to label documents based on themes, classifications, controls, or business units or divisions within your company, we have types available. In addition, you can add descriptions to help ensure your colleagues are using labels consistently and using them the way you intend.
New Label Attributes
The Management Hub is still the best way for you to add, manage and group labels into collections used by teams within your company, but for those of you who need access across collections, we’ve added a separate Manage Labels feature. Manage Labels allows you to perform the label functions you’re used to accessing in the Management Hub, including renaming, deleting, searching, moving labels between collections and adding labels either individually or in bulk, but now you can access all of the labels across all collections to which you have access for convenience.
Manage Labels
Take Charge of your Service Connectors using new Functionality
Many of you use service connectors to perform critical tasks such as sending documents and data to your GRC and automatically labeling documents within Compliance.ai. Until now, you’ve had to rely on Compliance.ai to configure your service connectors. Now, we’ve given you and your IT team the ability to configure and modify your own service connectors.
If you are a service connector client, contact support@compliance.ai to gain access to this feature so you can begin configuring your own service connectors. Once we’ve enabled access, you can start the process by selecting “Service Connectors” in the Profile menu.
Accessing Service Connector Configuration
To begin adding service connectors, simply click the “+” icon on the Service Connector home page, then access our library of templates. If you don’t see the template you need, use the Universal template to access all available functionality. You can either modify the JSON file with required information within the Service Connector wizard or work offline and then upload your completed template.
Select Service Connector Template
Update Service Connector
Once you’ve personalized your service connector file, simply choose your preferred schedule and activate the service connector.
Scheduling your Service Connector
Finally, include service connector tasks within your workflow(s) using the defined nomenclature and your service connector tasks will run automatically.
Service Connector Tasks
For guidance on how to build your own service connector, use our new Service Connector guide.
Service Connector Guide
Of course, if you aren’t yet comfortable building your own service connectors, you can always contact the Compliance.ai support team at support@compliance.ai for assistance.
Speed up regulatory research using one source for Intelligence: Expanding Coverage
We continued expansion of our regulatory coverage. You can now follow recent regulatory updates across specific lines of business and jurisdictions:
Banking: related updates from Luxembourg, New Zealand, Canada and the United States.
Data Protection: related updates from the United States.
Energy: related updates from Australia.
Finance: related updates from Japan, Mexico and South Korea.
Healthcare: related updates from the United States.
Legislations: related updates from Canada (Nova Scotia, Saskatchewan), European Union, France, Japan, Netherlands, and Spain.
Regulations: related updates from the United States (New Mexico, New York and Nevada).
Securities: related updates from Canada (Ontario), Spain, United Kingdom and the United States.
Taxation: related updates from the United States (Hawaii).
Australia: updates from the Australian Energy Regulator [AUS-AER].
Canada: updates from the Parliament of Canada [CAN-PARL], Ontario Securities Commission [CAN-OSC], Legislative Assembly of Saskatchewan [CAN-SKLA], Nova Scotia Legislature [CAN-NSLEG] and Office of the Superintendent of Financial Institutions [CAN-OSFI].
European Union: related updates from the Publications Office of the European Union [EU-PO].
France: related updates from the Parliament of France [FRA-PARL].
Japan: relatedupdates from the Ministry of Finance Japan [JP-MOF] and Japan National Diet [JP-ND].
Luxembourg: related updates from the Banque Centrale du Luxembourg [LUX-BCL].
México: related updates from México Secretaria de Gobernacion [MEX-SEGOB], Secretaria De Economia [MEX-SE] and Secretaria De Hacienda Y Credito Publico [MEX-SHCP], Comision Federal De Competencia Economica [MEX-COFCE] and Central Bank of Mexico [MEX-CB].
Netherlands: related updates from Netherlands Government [NLD-GOV].
New Zealand: related updates from Reserve Bank of New Zealand [NZL-RB].
Spain: related updates from La Comisión Nacional del Mercado de Valores [ESP-CNMV] and Cortes Generales de Espana [ESP-CG].
South Korea: related updates from Korean Financial Services Commission [KOR-FSC] and Korean Ministry of Government Legislation [KOR-MOLEG].
United Kingdom: related updates from London Stock Exchange [UK-LSE].
United States: updates from the Centers for Medicare & Medicaid Services [CMS], Small Business Administration [SBA], and National Institute of Standards and Technology [NIST], Department of Taxation Hawaii [HI-DOT], Supreme Court of New Mexico [NM-SC], Nevada Legislature [NV-LEG] and New York Department of State [NY-DOS].
Tip of the Month: Leverage Pre-Built pivot tables in Compliance.ai’s Certified Task Audit Report for faster analysis
Many of you rely on our Task Audit and Task Audit Snapshot reports to generate quarterly or monthly management reports. Did you know that Compliance.ai’s Certified export includes pre-built pivot tables that could greatly improve your report preparation efficiency?
Task Audit Report: Certified Report
The certified task audit report includes the benefits of certification plus 10 pre-built pivot tables designed to help you assess the outcome our your workflows, for example,
How many workflows resulted in finding high risk items
How quickly individuals on your team are completing their tasks
Whether some team members are overburdened with tasks relative to their peers, causing bottlenecks in your process
Which agencies are publishing the documents you consider to be the most impactful
Sample Task Audit Pivot Table
You can use any pivot table as is or modify it further to meet your specific reporting needs.
Just remember to select all Task Audit fields when you select the Certified Report so that reference fields are correct within the pivot tables.
If you have any additional suggestions for reports, contact support@compliance.ai and we’ll be happy to work with you to enhance our reporting.
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.
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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.
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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.
