RTS - an integrated analytic solution for managing regulation changes and their impact on business compliance

Abstract

Governance, Risk Management and Compliance are key success factors for corporations. Every company worldwide must ensure a proper compliance level with current and future laws and regulations, but managing the dynamic nature of the regulatory environment is a challenge, for both small and medium business as well as large corporations. Specifically the challenge is knowing and interpreting which regulations impact a particular business. Governments and standard bodies keep producing new, revised legislation, and businesses today rely on employees and consultants for tracking and understanding impact on their operations. This paper introduces a novel prototype solution that addresses these concerns through the use of advanced text analytics. In particular the system is able to discover sources of regulatory content on the world wide web, track the changes to these regulations, extract metadata and semantic information and use these to provide a semantically guided comparison of regulation versions. Moreover, by leveraging the IBM DeepQA architecture, the solution is able to cross reference business objectives with the regulatory database and provide insights about the impact of new and revised laws on a company's business.