Regulation implementation is M🚫RE than documentation, reporting, and adding signs and audit reviews.
💣The landscape of #regulation changes a lot, and implementing them in organizations is very difficult not only because of constant changes but also because of their breadth and depth in running processes and procedures.
💢There are many use cases in #bfsi #banking, #financialservices, #insurance, #government, and #health that require compliance at operational and policy levels. This level of compliance is significantly more complex than if it were just for documentation and recordkeeping. It requires constant monitoring of live systems and processes, flagging issues, and identifying resolutions based on specific requirements.
There are many use cases across different industries, such as:
🔹Permits and Certifications
🔹Anti-Money Laundering #AML
🔹Know your customer #KYC
🔹Customer onboarding
🔹Payment and transaction screening
🔹Customer screening and profiling
💡Across all of these are several key capabilities you need to empower teams across organizations to implement the regulation properly. This means they have to be updated regularly outside of IT and Software development teams. #regtech
🔸Policy implementation using business rules
🔸Data and services integration
🔸Audit and logging for each application of regulation
🔸Explainability and Traceability at the core
🔸Composite techniques to allow integration of algorithms, machine learning
✨The most important part is to ensure that non-technical staff in operations and SMEs are able to model, execute, and manage compliance and policies in their day-to-day decision-making processes and operations and procedures.
Here is an example of how to implement Permit Eligibility without relying on IT and Software Development teams https://lnkd.in/gyS_3MZY
Posted here.
Published May 9th, 2024 at 07:30 am
