Most compliance tools rely on a document-based, top-down approach. They begin with the regulatory document, providing you with the raw text. It’s then up to you to spend hours reading through it, working your way down to identify your specific obligations under the rule and how they impact your business.
AscentAI takes an obligations-based, bottom-up approach. This begins with a bulletproof inventory of your regulatory obligations. We then use AI to examine rule changes in the context of your current inventory. This allows automation of the full regulatory lifecycle. You effectively remove cumbersome manual processes from multiple tasks, including:
- Accessing new rules
- Identifying your obligations thereunder
- Identifying how new rules impact your business
- Integrating with the policies and procedures through your GRC platform.
AscentAI hands you the obligations relevant to your firm, broken down in granular detail so you know exactly what you need to do to stay compliant.
Let’s examine how AscentAI automates regulatory change management.
First, AscentHorizon, AscentAI’s horizon scanning tool, surfaces rule additions or amendments relevant to your firm.
Then, AscentFocus, AscentAI’s automation engine takes over, using purpose-built AI to identify your specific obligations under any relevant rule, even providing side-by-side comparison of the old and new versions of the rule with the differences highlighted. This helps ensure you never miss an obligation, regardless of the pace of change, while eliminating the time and expense of wading through irrelevant material to find what matters.
Impacted Obligations
With every rule change, AscentFocus indicates the impact to your obligations inventory, showing new obligations, deleted obligations, or changed obligations.
Every obligation is presented at a granular level, providing the individual action your firm must take (or refrain from taking) to comply. Each obligation is accompanied by crucial data such as the original rule number and the effective date to maximize transparency and traceability.
Narrow your regulatory universe with automation
At every step of the change management process, AscentAI provides only relevant information that ensures you know how a rule change impacts your business. The automated identification of content that’s relevant to your business dramatically shrinks the regulatory universe you have to cover, freeing your risk and compliance teams for the strategic work of implementing and executing the policies, procedures, and controls that actually keep your firm compliant.
AscentAI provides:
- All regulatory documents containing rule changes relevant to your firm
- A synthesis of how each individual rule has changed
- Your specific obligations under the new rule and how they compare to your previous obligations
- Seamless integration with leading GRC tools
When it comes to identifying your specific obligations under rule changes, most organizations are still mired in chaotic, time-consuming, and expensive manual processes. AscentAI ends those. Instead of dropping a regulatory tome at your doorstep and walking away, AscentAI wades through the tome for you, identifies changes relevant to you, and how they impact your business—a new paradigm in regulatory change management.
Interested in learning more about how Ascent can help you manage regulatory change more effectively?
Contact us to schedule a demo.
