Regulatory Compliance at Velocious Speed with I3Mation’s Regulatory Compliance as a Service® (RCAAS.ai®) and Legal.ai Solutions
Automate regulatory ingestion, legal interpretation, applicability and mapping, validation, and reporting using artificial intelligence (AI) and digital labor
Every industry -- from financial services to healthcare to cannabis -- is overlooked by some or another form of regulatory agency. Each of these regulatory agencies has hundreds of regulations that apply to different entities to ensure the fairness and stability of the economic system as well as to protect the interests of the common people. To uphold these conditions in the face of rapid change driven primarily by technological evolution, the regulators are passing new regulations or modifying existing ones almost every day. These rapidly changing regulations have led compliance and legal professionals to explore the application of technologies like artificial intelligence, robotic process automation, and analytics in regulatory compliance to ease the burden on all the stakeholders involved. And the need for regulatory technology is only set to increase in the future.Regulatory technology, referred to simply as RegTech, is an emerging application area of digital technology that aims at making regulatory compliance easier and, eventually, even automatic. A failure to comply with regulatory requirements may lead to the businesses subjected to financial penalization, disrepute, and in extreme cases, criminal litigation and imprisonment.
Introducing I3Mation’s Regulatory Compliance As A Service (RCAAS.AI) powered by our proprietary Automated Cognitive Compliance Platform (ACCP). RCAAS.ai, which utilizes proprietary artificial intelligence algorithms, natural language processing models, and robotic process automation technologies, automates key compliance tasks and workflows within the regulatory change process, significantly reducing the time and effort associated with obtaining favorable compliance results. Moreover, with I3Mation;s Legal.ai solutions for corporate counsels and attorneys can be used to decrease workloads and increase financial margins.
Specifically, and from a technical perspective, RCAAS.ai™ and Legal.ai automates:
Ingest and review regulatory requirements
Legal interpretation, applicability, and analysis
The mapping of regulatory requirements to business processes, controls, and policies
Compliance requirements gap analysis and validation
The collection of internal controls evidence and mapping to other regulatory objects
Monitoring and status reporting through AI-based insights and visualizations.