The unprecedented increase in regulatory and compliance requirements will drive exponential growth in compliance costs.
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. Nor is it scalable – for every instance in which a regulation changes, the organisation repeats the manual process of assessing the impact of the change on policies and procedures.
With a new financial regulation being announced somewhere in the world every 9 minutes – this challenge is here to stay. Manual comparison and analysis are simply not a sustainable solution.
1WordFlow Comply takes a completely different approach – compliance from the “inside out”.
Our unique conversion and enrichment technology standardises all content on a single platform – digital web format – enabling automatic comparison and analysis.
Compliance from the “Inside-Out”
Because 1WordFlow Comply has transformed every policy and regulation into digital webpages and tagged them, the software has effectively classified every page – we now know the content of every page.
1WordFlow Comply takes that same approach with regulation – tagging and classifying every page.
Ascertaining where a regulation applies can now be automated as we simply compare the classification of the regulation with that of the policy.
It is a simple matter for Financial Institutions to align their obligations with their policies and procedures in a fraction of the time of traditional methods.
A major bank was faced with the challenge of ensuring compliance with CRS (Common Reporting Standard) and FATCA (Foreign Account Tax Compliance Act) Reporting requirements. Identifying the impact of this legislation on their policies and procedures using manual comparison and analysis was estimated to take at least 6 months and involve considerable expense.
Further cost would then be incurred reviewing training materials and assessing compliance with these new requirements.
How 1WordFlow Helped
1WordFlow simplified this compliance challenge in a number of simple steps: