We recently sat down with our in-house experts – Elliot Burgess, Head of RegAI and Rob Fulcher, Head of Sales, Americas – for a webcast to discuss how CUBE utilizes emerging technologies to help global financial institutions tackle their regulatory change management challenges. Below is a summarized extract from the webcast.
So, how does the CUBE Digital Regulation Platform (DRP) use technology to solve regulatory change management challenges?
First and foremost, we Track and capture global regulations by using advanced web crawls and the web spidering of thousands, if not hundreds of thousands, of regulatory sources to in order to deploy that information into CUBE’s platform. This stage of the process involves a combination of advanced AI programming and human intelligence – regulatory experts who understand how regulations are published – in order to get the most accurate results.
We then take that captured data and Enrich it by utilizing CUBE DRP’s vast technical capability to machine-read and auto-classify the regulatory content, providing a filtered view of all regulations relevant to our customer’s business, across all the jurisdictions they operate in. We augment this data with useful information such as the publishing jurisdiction, the issuing body and the type of document it is, among other things.
We then Connect the captured and enriched data to our customer’s business by drilling down into the regulatory intelligence to see what is relevant to their business policies. This allows us to combine the disparate worlds of regulatory change and internal compliance processes and policies by mapping regulation to the taxonomy of the organization.
Lastly, the CUBE platform will Evaluate our customer’s business against the regulations it has captured in order to provide automated notifications that alert business owners (users) to compliance risks as soon as they occur.
And how does CUBE provide real business benefits?
CUBE automates and streamlines a complex, man-powered process thereby ensuring financial institutions have the time and resources to keep pace with regulatory change. The automating of what is normally a repetitive manual system – sifting through huge volumes of data, conducting manual searches and populating spreadsheets – enables financial institutions to spend more time interpreting and assessing the impact of regulatory changes and making the right, risk-based decisions.
If you want to hear a more in-depth explanation of what goes on in the CUBE DRP, you can listen to our webcast via the link below.