“It’s common to see billion dollar fines instead of million dollar fines.” A scary but real fact in regulatory compliance enforcement. Andrew Neblett, SVP, Thomson Reuters discusses these issues in the Tech Talk video interview “Regulatory Monitoring and Intelligence.”
Regulatory compliance creates big risks: regulatory risk, reputational risk, and even personal risks. This is increasing the demand for regulatory intelligence.
Andrew’s extensive domain knowledge helps us understand the challenges and opportunities of regulatory intelligence. Whether your organization is local or global. Many overlapping layers of regulatory compliance can exist.
Andrew voices the concerns of many executives. “With the myriad of regulations that are out there today, what companies are really trying to do is figure out is what really applies to me.“
To navigate your regulatory compliance environment, you need to:
- Know which regulations apply to your business
- Understand how those regulations impact your business
- Assess the risks to your company, reputation and executives
- Assess the policies, controls, employee training programs, audit processes, and reporting of information you currently have in place
- Identify and mitigate gaps
- Determine the alignment of laws in different jurisdictions and countries (sometimes they contradict each other)
A Solution To A Growing Problem
According to Andrew, the number of regulatory reports Thomson Reuters sends out is growing fast. “We’ve seen about a 50% growth in just one year.”
To manage the volume, pace, and complexity of regulations Andrew recommends developing a regulatory taxonomy. “Having that commonality of terms, structure, and jurisdiction allows better more consistent communication across the business.
Add automation and access to the taxonomy and you turn chaos into a competitive advantage. Automated data feeds and a consistent structure to the information are essential to regulatory intelligence technology.
Regulatory Intelligence Technology Benefits
Best-in-class companies are turning to regulatory intelligence solutions to give them a competitive advantage. “If they can get ahead of the requirements, they can understand what’s coming down. They can begin to build products that allow them to get to market faster and provide a better solution for their customers.
Regulatory intelligence solutions also help you identify global trends in regulations. You then adjust your business strategy and manage your risk — a much more proactive approach.
Customers can easily find the regulatory themes that apply to them by jurisdiction. They can then access the initial legislation, regulations, guidance documentation, and associated news. And, as Andrew says, “pull all that into one place and be able to look at it in a more consistent way and understand how it truly applies.”
Learn More: Watch OCEG Tech Talks
Andrew covers many more topics including:
- Regulatory systems and the cost of regulatory compliance
- Global trends in regulations
- Regulatory compliance fatigue
- Benchmarking and analytics within regulatory compliance
- Regulatory enforcement database
- Being proactive with the board about regulatory compliance
“Regulatory Monitoring and Intelligence,” is part of OCEG’s Tech Talk Series. The online videos explore GRC technology through interviews with solution experts. Visit the full series listing for more information.