RegTech 100 company Corlytics has launched a regulatory taxonomy management solution for all financial institutions.
Its solution streamlines the process of mapping complex financial regulatory information and data to a regulated firm’s legal structure, businesses, products and control frameworks. The Corlytics Regulatory Taxonomy Management Solution takes unstructured data and converts it into uniform data for risk analysis. Using a combination of artificial and human intelligence, it categorises and organises regulatory notices and when required, internal firm data, into highly structured relevant information.
The solution also makes it possible for enterprise systems that need regulatory information, such as risk systems, to derive intelligence from this ‘single format’, eliminating the duplication of effort and diverging taxonomies within an organisation.
Corlytics said it has previously undertaken a taxonomy management programme for several financial organisations, including the Financial Conduct Authority (FCA). It worked with the regulator to develop an intelligent handbook using its new solution, which transformed the FCA handbook from a legal document into a fully searchable database with over 3,000 metadata tags.
Kevin O’Leary, VP of product management at Corlytics said, “The solution to all regulatory change and impact assessment issues are a connected or normalised taxonomy. Corlytics’ credentials creating regulators taxonomies globally and across regulators are unparalleled. Our capabilities combine powerful legal expertise with technology to measure, predict and calculate regulatory outcomes and impact.
“Aligning internal, often proprietary systems, with our Taxonomy Management Solution provides firms with evidence in real time. It enables our partners to optimise investment in compliance and risk management using a risk based prioritised approach.”
Corlytics’ new solution enables firms to streamline their response to regulatory change through an automated approach, translating ‘regulatory change directly into business impact’. It also enables risk impact assessments through real-time analysis of regulatory actions happening across the industry that are also connected via a normalised taxomony.
Last year, Corlytics was hand-picked by a panel of industry experts for the RegTech 100, a list of companies that every financial institution should know about in 2018. The RegTech 100 is part of the Global RegTech review – an essential, in-depth analysis of the global RegTech market.
Copyright © 2018 RegTech Analyst
Copyright © 2018 RegTech Analyst
