Regulatory monitoring solution: definition, objectives and operation
Regulatory monitoring is an essential task for any business related to legislation or regulations to manage compliance. On this glossary page, we explain what a regulatory monitoring solution is, its objectives, and the common actions it can facilitate.
What does regulatory monitoring involve?
Regulatory monitoring is also called curation. It involves structuring operations for each stage of the process:
- search for applicable regulatory information ;
- identification and analysis of the new obligations included in the texts and with which an entity must comply ;
- assessing the impact of this information on the structure, in order to steer any regulatory changes that may be necessary.
What types of texts or areas are covered by a regulatory monitoring system?
Regulatory monitoring or curation activities can be found in all fields that are faced with the application of texts, laws, ordinances, etc.
Non-compliance with regulatory requirements puts these entities or organisations at risk.
For example, in the business and financial sectors :
- Health, safety and environment (HSE) activities ;
- Banking and financial institutions, including Swiss FinTechs ;
- the legal sector in the broad sense ;
- health and safety at work ;
- ISO standards.
What is a regulatory monitoring solution?
In 2024, regulatory intelligence requires equipment. It’s unrealistic to think you can achieve effective only using paper sources, PDFs or Excel files. A regulatory monitoring solution is therefore a software that facilitates the task at every stage of the curation process. For regulatory monitoring in finance, a RegTech tool is the perfect solution.
What are the objectives of a regulatory monitoring solution for the finance sector?
Regulatory monitoring in the Swiss banking sector is an intensive activity, given the sheer number of sources and texts to be monitored. The objectives of a monitoring solution are to :
- streamline your curation activity by controlling the sources of information, and therefore save time ;
- avoid negative impacts linked to a lack of knowledge of the regulations (risk of non-compliance) ;
- Anticipate regulatory changes as far as possible and avoid fire-fighting mode ;
- use regulatory intelligence to support the bank’s strategy.
Why do RegTech monitoring solutions make it easier to manage regulatory change?
Professionals responsible for regulatory management in banks, audit firms, law firms, etc., have every interest in adopting a RegTech monitoring solution. They will gain in efficiency and relevance in organising their curation work.
The introduction of computerised processes of this kind provides :
- management of regulatory monitoring in change management mode ;
- simplified online access to current and planned regulatory data, as well as the full context ;
- simplification of the work of experts and lawyers ;
- better collaborative exchanges within the financial services sector.
Why choose a RegTech tool and not a LegalTech solution for your monitoring?
The e-Reg platform is a LegalTech solution in some respects, but it is first and foremost a RegTech solution. Our Regulatory Technology solution aims above all to simplify financial regulation for all those involved, in banks as well as in audit and consultancy firms.
This RegTech solution goes beyond legal texts and ordinances. With its semantic search tools, users can explore all Swiss and international regulations, not just legal texts. Self-regulation, as well asinternal policies and procedures can be added as options. It’s worth noting that the majority of e-Reg customers are not lawyers.
What are the features of our curation solution for banks?
e-Reg software is an ideal solution for online regulatory monitoring. In particular, it offers the following features :
- research into regulations, as wel asinto the financial institution’s internal procedures and directives ;
- analyse texts, add comments and share them with other users ;
- managing projects such as regulatory changes ;
- tracking and transmitting knowledge, with features such as regulatory libraries ;
the ability to carry out consultations and impact analyses in the event of changes to legislation.
👉To discover other definitions around RegTech, we suggest you return to our glossary table of contents.
👉If you’d like to find out more about easyReg, take a look at our RegTech solution.