Talking taxonomiesPublished on 19th January 2022
Quite simply, taxonomies are used to organise and classify data. A regulatory taxonomy and common vocabulary enable the understanding of regulatory data without the reorganising of it. It allows simplicity where there is much complexity without disrupting business or workflows.
A taxonomy improves productivity and efficiency and promotes smoother workflows with greater transparency as it replaces more traditional methods of data management. These legacy data management systems have issues due to the storing of data in multiple silos, including spreadsheets, emails and other siloed desktop tools, and not providing a singular view or access to pre-organised information.
But how do we know if a specific regulatory taxonomy is right for the market or indeed a specific firm. The answer is a circular regulatory technology model where the taxonomy is shaped by the regulators, but financial services firms shape the technology.
With the right solution and taxonomy, it becomes simple to create visualisations of the data in easy to digest dashboards, identifying emerging trends with a fully searchable, immediately usable digitised format.
With the Corlytics platform we also provide a risk rated view of regulations to enrich the tracking of regulatory obligations, imminent regulation changes, emerging themes and risk of enforcement in a smart way.
The Corlytics Taxonomy Manager enables firms to map external regulatory content to the governance frameworks and systems within the organisation, making regulatory content relevant to business lines, teams and individuals. The Taxonomy manager is a key component of the Corlytics Regulatory Monitoring, Regulatory Library and Regulatory Risk Analytics solutions.
Do please get in touch with us for more information about Corlytics and our solutions.