Applying Regulation to Policy

The Challenge

By 2020, more than 300 million pages of financial system regulations will
be in effect – with fines for non-compliance likely to rise accordingly.

While the promulgation of new regulations shows no sign of easing, financial institutions persist in their belief that the compliance challenge will be solved by simply adding more people to their compliance teams.

Currently, financial institutions are perpetuating an outside in approach to applying regulation to their policies. They are manually identifying how regulation affects every policy and procedure.

This approach is inefficient and error prone.

And, most importantly, it is not repeatable or scalable – every time a new regulation is announced, or a change implemented – financial institutions follow the same time consuming, costly manual process.

A new approach to aligning regulation to policies and procedures is long overdue.

The Solution

1WordFlow Comply

1WordFlow Comply easily integrates the four elements of regulatory compliance.

  • Regulations
  • Policies and procedures
  • Learning management, and
  • Attestation and Compliance Reporting

How 1WordFlow Comply works

1WordFlow Complex Compliance Management Diagram

1WordFlow Comply aligns policies and procedures with regulation from the “Inside-Out” 

Automatic Transformation

Analogue Word and PDF documents transformed into digital web format at scale.

Automatic Classification

Every page of every policy and regulation automatically classified and tagged.

Fully Integrated with SharePoint

A user friendly interface to SharePoint manages retrieval, workflow and version control.

Fast Results

Automatic comparison of policies, procedures and regulations takes days – not weeks

Cost Effective

No more wasting expensive analysts' time on manual work.

Highly Accurate

No human error can occur in aligning policies to regulatory obligations – all documents are digital and tagged.

Now that financial institutions know what topics are discussed in every policy and regulatory page, they can align their obligations from the Inside Out.

1WordFlow Comply simply conducts a database match and report.

Case Study

Fast, Accurate and Cost-Effective Banking Compliance

In the aftermath of the Banking Royal Commission, a major financial institution wanted to implement a faster, more cost-effective way of assessing how new regulations impacted their lending policies.

Previously, they assigned teams of analysts to manually search through their policies and procedures, comparing each page to new regulatory requirements.

How 1WordFlow Helped

  • Transformed all the relevant policies, procedures and regulation to digital format.
  • Created a simple management console to access and update the digital content .
  • Automatically classified and tagged every page of content.
  • Enabled comparison of m matched terms between policies, procedures and regulation.
  • Automatically identified where changes in regulation would impact the existing policies and procedures.
  • Delivered an accurate assessment of the impact of new regulations on policies in just weeks.

Find out how 1WordFlow Comply can help align your policies with regulatory obligations 

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