JWG has partnered with BMO Capital Markets (BMO) to access to its AI-powered, natural-language processing change management system.
The deal will see the North American-based financial services provider use RegDelta, a regulatory change management platform, which was developed by JWG in close collaboration with regulators, financial institutions and technology partners.
JWG claims that firms using RegDelta can save significant time and effort in the regulatory change management process.
PJ Di Giammarino, CEO JWG said: “We are delighted to welcome BMO to the RegDelta fold. JWG are harnessing the power of an artificial intelligence technique called natural language processing (NLP) to replace manual efforts to map regulators’ changing requirements to business models in an efficient and traceable manner.
“By implementing industry standards, we are now quickly integrating our proprietary intelligence in a way that our clients control. RegDelta is superior to black box solutions which do not allow for expert configuration to a firms’ control framework.”
RegDelta helps manage regulatory change by navigating regulatory libraries with usable search tools. It also enables firms to explore requirements with purpose-built taxonomies, assign specific requirements to individuals or working groups, write comments on paragraphs to highlight issues or suggest actions, tag potential impacts of requirements, customise the reporting capability for all users, and create checklists for individuals to report on progress.
Chris Taves, chief operating officer, global capital markets, BMO, added: “This system will enable us to manage the global regulatory challenges that we’re facing in a comprehensive manner. RegDelta will help automate the processes required to identify new obligations and manage the required change efficiently and effectively.”
Last year, ClauseMatch, which provides smart document management software, partnered with JWG to launch a ‘next-generation policy management solution’. The service brings together JWG’s semantic regulatory platform, RegDelta, and ClauseMatch’s document collaboration platform. They claimed the service will reduce financial institutions regulatory gap analysis by 85 per cent by linking regulatory obligations to internal policies in a ‘cost-effective, automated and auditable fashion’.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
