Case study #5 Corlytics for a global regulator
CLIENT:
The FCA (Financial Conduct Authority) is a UK financial regulator, regulating the conduct of 50,000 firms in the UK. The FCA has a large and growing remit and prioritises work on higher risk areas and firms to achieve its objectives.
SITUATION:
The FCA recognised the need for a better way to deliver its regulatory content digitally. Although it already had its regulatory content in a digital format, this format was not searchable.
To address this, they embarked on a critical project: a digital platform that would allow users to search the handbook and locate key areas. Corlytics’ taxonomy, which structures and classifies data, combines with metadata and tagging to create this functionality. Together, this setup forms a searchable regulatory universe tailored specifically to the regulator’s needs. The FCA required an intelligent handbook with this precise structure and functionality. Notably, no regulator had completed a project of this kind before—it would be a world first.
SOLUTION:
In September 2016, the FCA launched a pilot project with Corlytics to develop the world’s first intelligent handbook for a regulator. The pilot included content visualisation and the implementation of taxonomy and tagging relationships, which, in turn, created a business-centric overlay on the FCA’s electronic regulations. Additionally, the solution allowed multiple users to create, update, and delete data. For enhanced security and oversight, it included a ‘4-eyes’ workflow and approval process.
Following this, Corlytics collaborated with the FCA to develop a machine learning framework for auto-tagging and classifying content using a rules-based approach. Crucially, tagging needed to happen in real time, enabling users to make changes, review, approve, or reject with a full audit trail. This framework proved highly successful, showing that the machine learning models were fully fit for purpose.
Moreover, the project supported integration with the FCA’s existing content repository. This solution is also applicable to taxonomy management for other regulators and global banks, creating smoother workflows and stronger oversight across parties. Upon successful completion of the pilot, we worked with the FCA to deliver taxonomy tagging for the remaining handbook provisions.
OUTCOME:
The FCA system went live on May 10th, 2017. With this new solution—the ‘Intelligent Handbook’ (a global first)—in place, it became much easier to identify regulatory obligations.
As a strategic project, it played a crucial role in the FCA’s enhanced digital transformation, offering a clear path forward in managing a growing library of regulatory content. Importantly, it drove change at a time when the FCA was expanding and recognised that a lack of automation and issues with data discoverability were major barriers to effectiveness.
18,000 provisions
Corlytics managed over 18,000 provisions in the FCA handbook. Other FCA functions also leverage this solution, such as to expedite firm onboarding.
Time for high value activities
The solution has eliminated the tedious task of reviewing all documentation, improving user experience and freeing up time for higher-value activities.
Increased engagement with end users
The solution received excellent feedback from end users and significantly increased traffic to the regulator’s website..
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