Horizon scanning helps you to prepare for upcoming regulations in order to protect yourself against future compliance risks. Anticipating, identifying and understanding the impact of upcoming regulatory change (new regulations, legislation, guidance and updates from around the world) is a critical capability for every financial services organization.
Without continuous horizon scanning, and the ability to assess the impact of upcoming regulatory change on your firm, policies and procedures quickly become obsolete and non-compliant.
Since 2008, the global financial services sector has seen more than 50,000 new rules and regulations come into force – equating to one new regulation, that must be interpreted and implemented, every twelve minutes! It’s little surprise that manual horizon scanning processes are proving ineffective.
CUBE Digital Regulation Platform (DRP) transforms your ability to track and monitor regulatory change and link it to your compliance obligations. By automating processes associated with gathering, analyzing and evaluating upcoming regulatory and legislative changes, you gain:
- Time to understand and quantify the opportunities and risks associated with upcoming regulatory change
- Greater insights into emerging regulatory trends
- Significant resource efficiencies and cost savings
- Improved integrity and consistency
- Enhanced data management and reporting by deploying customized and advanced analytic capabilities
- Increased focus on determining the impact of regulatory changes on your governance and operating framework, and escalating relevant information to your firm’s governance team
- More reliable, timely and robust decision-making
CUBE DRP leverages artificial intelligence, robotic process automation and other transformational technologies to fully-automate financial services horizon scanning.
Key features include:
- Tracking and capturing all upcoming financial services regulation – across 180 countries in 60 languages
- Fully-automated controls mapping – connecting upcoming regulatory statement content to existing controls, identifying those affected and requiring remediation
- Regulatory gap reporting – instantaneous insights into gaps between upcoming regulatory obligations and your existing controls and policies
- Compliance risk reporting – providing a holistic view of enterprise-wide compliance risks posed by upcoming regulation and legislation
- Regulatory alerting – automated notifications alert business owners when upcoming regulations expose compliance gaps
- Conducting impact assessments – fully-automated sourcing, monitoring, and prioritizing of regulatory changes to quickly determine their impact across your organization