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Case Study: Digital Regulatory Monitor Reduces Burden of Regulatory Process for Global Financial Services Firm

Client: A global financial services firm that provides a wide range of financial products and services to institutional investors. The firm operates in approximately 100 geographic markets worldwide and was named by the G-20 as one of the world’s 29 systemically important financial institutions (SIFI) that must meet all conditions of the Basel III accord, among many other federal, state and foreign regulations across the globe.

BUSINESS CHALLENGE:

The bank recognized that its clients spent an inordinate amount of time manually reviewing websites, newsletters, and third-party analysis of different regulatory bodies and associations to track the latest relevant news, rules, and rule changes. It was a massive manual effort which was time consuming and error prone, and did not deliver confidence that all the information was in place to ensure compliance and preparedness to implement any changes required within stipulated timeframes.

Besides lack of confidence in “completeness,” there was no easy way to search, filter and organize the regulatory topics of interest across different regulatory bodies, regions or by publications dates. The bank sought to solve this for clients, and furthermore, to integrate internal documents, analysis, and access to experts through social collaboration tools that enable content rating and knowledge sharing, all within profiles for users based on their access and content preferences.

Bank management quickly recognized the value of integrating external regulatory content with the firm’s related internal documents like whitepapers, recommended products and services and related expertise that could be easily searched and located for within a common tool.

SOLUTION:

The Knowledgent team worked closely with the bank to identify the internal and external sources that needed to be searched and integrated. Three types of external content (News, Rules and Changes to Rules) and four types of internal content (Whitepapers, Solutions, Events and Experts) were selected.

Leveraging Web crawling technology, the regulatory content was extracted from the regulatory websites as a daily feed, while the internal content was extracted and provided from the bank’s internal databases and file systems. Leveraging enterprise search and text analytics technology, all the content was ingested, indexed and tagged in a central, structurable, searchable index.

The search tool’s configuration options allowed the User Interface to display trending topics, geographical concentration, and the structuring of the information by regulator and key term/theme. The Knowledgent team built custom functionality that would suggest relevant internal content when an external rule or news article was selected, based on relevancy of that content to the rule. This provided a holistic view of the regulatory offerings made available by our client for a particular regulatory topic.

RESULTS:

Knowledgent’s Digital Regulatory Monitor Solution was successfully implemented to extract regulatory content from target US regulatory bodies dating back to 2013. Some of the significant features of the solution include:

  • Ability to do an on-demand search with high-performance, “Google-like” query results that include only relevant regulatory information, as well as internal solutions, white papers, experts and events.
  • Automatic and consistent updates of rapidly changing regulatory requirements and guidelines, dramatically reducing the amount of time it previously took to gather all the information and make a business decision.
  • Display of relevant experts, products, and service offerings, in addition to highlighting of upcoming events and thought leadership documents, thus helping the bank increase visibility of their internal assets and offerings.
  • A flexible and scalable framework that provides the ability to quickly add more regulatory bodies, experts, events or any of the internal content with minimal to no changes to the codebase.
  • Satisfied users with enthusiastic endorsements:
    • During the conference session on Liquidity, a recently issued paper from the SEC containing specific graphs was referenced. An attendee came over and asked if we could find the paper. After a few filtering clicks, he was reading it!!
    • He was amazed how quickly he had access to the information. Less than 3 minutes from request to reading! The ability to streamline the information based on the filters and variety of sort options allowed for this rapid identification of the daily updated information.
    • Other attendees that were watching were quoted saying, “Did you see that?! He is now reading that paper! It took no time to find it!”

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