Corlytics has released a regulatory taxonomy management solution that enables firms to streamline their response to regulatory change through an automated approach and translate regulatory change directly into business impact.
The solution normalises regulations and regulatory data into a common format and gives global organisations a single view of regulations and regulatory data that they can use to plan and manage their regulatory response. The single golden source taxonomy also enables risk impact assessments through real-time analysis of regulatory actions and can be used to connect regulatory data to firms’ policies, standards procedures and controls.
John Byrne, CEO at Corlytics, explains the depth of intelligence held by the company, saying: “Every time a regulator communicates to the market or publishes a document, we break that information down, classify its industry impact and add it to our intelligence. Speeches, industry guidance, thematic reviews and business plans all yield insight into regulatory intent. Combined with our global enforcements analysis, we can offer a single end-to-end source of assessment risk for regulatory change information.”
The taxonomy solution uses a combination of artificial and human intelligence to categorise and organise regulatory notices and, when required, internal firm data into highly structured information. It also converts unstructured data into uniform data for risk analysis. As well as supporting regulatory change, the Corlytics Regulatory Taxonomy Management Solution allows enterprise systems that need regulatory information, such as risk systems, to derive intelligence from the single format, eliminating duplication of effort and diverging taxonomies that can be a root cause of regulatory failure.
Kevin O’Leary, vice president of product management at Corlytics, says: “The solution to all regulatory change and impact assessment issues is a normalised taxonomy. 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 allows firms to optimise investment in compliance and risk management using a risk-based prioritised approach.”
The release of the Corlytics Regulatory Taxonomy Management Solution follows a successful taxonomy management programme the company undertook with the Financial Conduct Authority (FCA). Corlytics used the taxonomy solution with the regulator to transform the FCA handbook from a legal document into a fully searchable database with over 3,000 metadata tags.