May 14, 2020
Estimated reading time: 3 minutes
InfoGov Insights: Is regulatory intelligence key to transforming the InfoGov landscape?
In the first of our new series in collaboration with consultancy MC Bernstein Data, we explore the emergence of Regulatory Intelligence and how it is transforming the way that firms manage their regulatory and information governance risks and objectives.
Regulatory Intelligence is the technological component that utilises smart, intuitive technology and transforms legacy systems into streamlined, automated processes. Within CUBE’s regulatory change management platform, for example, Regulatory Intelligence is the mechanism that not only tracks and monitors data, but that enriches that data and maps it against firm’s existing compliance framework. It is the brains within the technology.
Regulatory Intelligence platforms are critically important in today’s information governance landscape. Today everyone is talking about digital transformation. Consultants are helping businesses to conform to the digital world creating holistic strategies that provide a view of how processes, platforms, and people, across front, middle and back offices, need to operate. While digital solutions enhance capabilities, they don’t replace or address the regulations that companies must adhere to.
With that in mind, we caught up with Lynn Molfetta to find out how she would successfully implement regulatory intelligence for financial services.
To what extent is Regulatory Intelligence a consideration when building an InfoGov framework?
Regulatory Intelligence is one of the essential building blocks of an information governance framework. I tell clients all the time, before you look to implement a new technology system, whether it is to modernize your current infrastructure or inherit a system through an acquisition, you must first understand the rules that apply to the information being generated.
Regulatory Intelligence provides companies with the legal and regulatory requirements to effectively manage their data throughout its lifecycle. This includes the regulatory obligations associated with storage, retention, privacy, and security, to name just a few. When it comes to new technologies, companies typically face the same decision: to build or to buy.
In your work at MC Bernstein Data, are you generally seeing firms building or buying? And which do you recommend?
From my experience, not only are firms buying solutions, but I absolutely recommend that. In the past, I have seen and been part of projects where companies felt it was cheaper and easier to build versus buy. They believed that external vendors didn’t understand their technology stack or footprint, making it more complicated and expensive for vendors to come up to speed and build the requirements necessary to configure the solution to meet their needs.
This all translated to wasted time, resources, and additional cost to the Company. Companies over time have gotten smarter and have realized that they do not have the time, resources, or expertise within their company to keep up with the rapidly changing technological environment and are turning to the external experts to help address their information governance objectives.
What do you think the future holds for Regulatory Intelligence within technology?
Regulatory Intelligence solutions will continue to be on the forefront of organizations as they look to comply to the growing legal and regulatory obligations, including data privacy, regulatory responsiveness, and information security. Efficient systems drive operational efficiencies. However, the only way firms can maintain efficient systems is to have good information governance practices.
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