Providing Regulators across the globe with intelligent regulatory handbooks, mapping the regulator’s taxonomy to its regulatory content.
Q. What are your regulatory challenges?
Regulators recognise that the financial services industry is increasingly reliant on technology and new operational models supported by this technology. To better support industry change and better regulatory compliance, regulators are seeking ways to help their users access a digital, machine-readable and, importantly, searchable regulatory content repository. This has become known as a ‘digital handbook’ or ‘intelligent digital handbook’.
Q. What makes Corlytics a unique solution?
The Corlytics taxonomy mapping, that structures or classifies data combined with metadata or tagging, means that the user has a searchable regulatory universe, specific to the needs of the regulator.
Q. How does it work and why it’s needed?
Corlytics taxonomy manager for regulators visualises all regulatory content and by implementing taxonomy and tagging relationships it provides a business centric overlay on top of a regulatory authority’s electronic copy of regulations. It also allows multiple users create, update and delete data. For security and oversight, the solution supports a ‘4-eyes’ workflow and approval process.
Having a digital framework makes it easier for the industry to understand and comply with, as well as benefit from a reduced compliance effort of, regulatory requirements. Risk reduction is enjoyed by both the regulator and market participants.