Nasdaq BWise has launched its new Regulatory Change Management solution to for financial institutions.
BWise Regulatory Change Management provides banks and other financial institutions with augmented regulatory content and intuitive workflow management in one solution. The aim of the solution is to alleviate the burden of compliance, enable board and regulator assurance, and ensure users never miss a regulatory update.
Keeping on top of regulatory change can be a costly and time-consuming exercise. Being and staying compliant is a constant challenge. A global services institution with multiple product offerings and a presence in many different regions can find itself monitoring over hundreds of regulatory and rule-making entities across those regions.
To create transparency in the marketplace, regulators publish new and updated rules, requests for comment, guidance, frequently asked questions (FAQs), notices, enforcement and disciplinary actions, speeches and letters. This requires reading and absorbing content from thousands of regulatory publications each month. This challenge can sap an organisations costs and limit resources.
The integrated cloud solution includes regulatory content and daily monitors changes across more than 330 global regulatory bodies. The changes are analysed and
structured into a standardized feed including an interpretation by legal subject matter experts.
BWise includes assignment of ownership driving accountability, dissemination and follow up of action plans including e-mail notification linked to relevant regulatory notifications, business entities and policies for efficient monitoring.
It also includes standard reports and dashboards including an aggregate view of changes, impact, action plan status and more, providing leadership and regulators alike with assurance that regulatory change is being managed proactively.
Nasdaq BWise already provides a leading enterprise governance, risk management and compliance (GRC) Platform that enables organisations to be in control of all of their key financial and reputational risks, like the risk of non-compliance.
The BWise GRC Platform offers multiple role-based solutions-which are seamlessly integrated. This means that departments across an organization are able to work from one common risk taxonomy, focused on business objectives and with a common language for internal audit, risk, and compliance.
Additionally, the BWise platform also claims to make it easier for companies to identify, understand, measure and manage key organisational risks on a holistic level.
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