Every year, Australian financial services businesses are faced with a staggering amount of regulatory change.
Compliance, risk and legal professionals are regularly called on to grapple with an enormous number of regulations, including over 2,500 updates issued by the likes of APRA, ASIC, RBA, OAIC and other regulatory bodies in 2021 alone.
Covid has added to the complexity by permanently changing the way many businesses work. In a post-pandemic world, staying agile is key. Compliance needs to adapt to new realities governing the dynamics between boards, committees, teams and individuals. And in all of this, it’s clear that technology will play a critical role.
The Thomson Reuters “Cost of Compliance 2021” report identified the biggest compliance challenges as keeping up with the volume of regulatory change, meeting the increasing regulatory demands and expectations, and the lack of skilled resources. According to the report, “Compliance functions need to embrace technology and must develop the skills to establish how best to use digital solutions which enable them to do more with less.”
Compliance is critical but time and money are scarce resources
The financial services industry is highly regulated and it’s a constant challenge to balance competitive and compliance pressures.
Staying across all the relevant obligations and guidelines is incredibly time-consuming. Not to mention expensive.
Compliance officers and legal advisers, as well as finance professionals themselves, currently spend significant time finding, downloading and scrolling through lengthy documents stored across multiple regulator websites.
- The cost of compliance is a significant burden for everyone and is disproportionately high for sole traders, smaller firms and startups.
- The cost of non-compliance can be severe – fines imposed on financial institutions both locally and globally are enormous.
Many organisations simply don’t have adequate resources to deal with the vast volume and unrelenting pace of regulatory changes.
RegulationCity changes that.
What if every page of every regulation was just one click away?
An overwhelming number of Australian financial services regulations and guidelines are currently available exclusively as PDF or Word downloads from regulator websites.
Unfortunately PDF and Word documents are the dinosaurs and dodos of modern business communications. They predate the internet and make workflow unnecessarily complex. Even something simple like searching for keywords is clunky. And mapping common obligations across multiple regulations is a nightmare.
With these less than adequate tools, compliance officers are truly behind the eight ball when it comes to staying on top of every little change to regulatory requirements. And yet that’s the expectation and demand that is placed on them on a daily basis.
RegulationCity has emerged as a groundbreaking new way to gain access to Australian financial services regulations from multiple regulators in a single destination. It allows you to stay up to date easily and cost-effectively with comprehensive coverage, continuous updates and personal alerts.
Introducing an affordable, accessible service that will transform the way you manage regulations
RegulationCity’s unique technology imports each regulatory document into our engine and creates a “digital twin” which it delivers as an easy to navigate web page that you can search and bookmark.
Even the lengthiest of PDF and Word documents can be transformed into elegant web pages, and you can navigate to any page with just a single click.
In preparation for our launch in April 2022, we have imported over 750 regulatory documents, totalling around 30,000 pages of content.
Offered on an affordable fixed plan, subscribers can access any Australian financial services regulation and also benefit from the following features:
- Advanced search.
- A single click to related documents.
- Contextual references between related documents.
- Full WCAG 2.0 compliance for accessibility.
- Mobile and tablet optimisation.
- Instant translation into 100 languages.
- Updated daily.
Stop wasting valuable time looking for regulations
With RegulationCity you have every Australian financial services regulation in one location in an easy to navigate format.
We help you put an end to downloading and deciphering a maze of statutes, rules and regulations scattered across multiple websites. Instead you have a convenient platform where you can instantly access any page of any regulatory document at any time and on any device.
Best of all, the vital regulatory information you need no longer demands searching for and downloading a document from a webpage.
Visit our website to learn how a RegulationCity subscription can save you time, cost and risk.