Regulatory watch tool: definition, objectives and usage
Regulatory monitoring is an essential part of compliance management in any business that has to comply with legislation. On this glossary page, we explain what a regulatory watch solution is, what its objectives are, and the common actions it enables.
What does a regulatory watch entail?
Regulatory watch is also sometimes 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;
- assessment of the impact of this information on the structure, in order to steer any regulatory changes that may be necessary.
What types of texts or fields are covered by a regulatory watch system?
Regulatory monitoring or curation activities are found in all fields where the application of texts, laws, ordinances, etc., is required. Non-compliance or non-compliance with regulatory requirements puts these entities or organizations at risk.
For example, in the corporate and financial sectors:
- Health, safety and environment (HSE) activities;
- banking and financial institutions, including Swiss FinTechs;
- the legal sector in the broadest sense ;
- health and safety at work ;
- ISO standards.
What is a regulatory watch solution?
In 2024, regulatory intelligence requires equipment. It’s illusory to think you can achieve the objectives of good curation by making do with paper sources, PDFs or Excel files. A regulatory intelligence solution is a software package that facilitates all phases 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 volume of sources and texts to be monitored. The objectives of a monitoring solution are to :
- streamline curation activities by controlling information sources, thus saving time;
- avoid negative impacts linked to a lack of knowledge of regulations (risk of non-compliance);
- Anticipate regulatory changes as far as possible and avoid firefighter mode;
- use regulatory intelligence to support the bank’s strategy.
Why do RegTech monitoring solutions make it easier to manage regulatory change?
Professionals in charge of regulatory management in banks, audit firms, law firms, etc., have every interest in adopting a RegTech watch solution. They gain in efficiency and relevance in the organization of their curation work.
The implementation of such computerized processes brings :
- regulatory monitoring in change management mode;
- simplified online access to current and planned regulatory data, as well as to the full context ;
- simplification of the work of experts and lawyers;
- better collaborative exchanges within the financial services sector.
Why choose a RegTech tool rather than a LegalTech solution for your business intelligence?
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 auditing and consulting 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 and even internal policies and procedures can be added as an option. Note that the majority of e-Reg customers are not lawyers.
What are the features of our curation solution for banks?
e-Reg software is the perfect online regulatory watch solution. It offers you the following features
- research into regulations and the financial institution’s internal procedures and guidelines;
- analyze 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 in legislation.
👉To discover other definitions around RegTech, we suggest you return to the table of contents of our glossary.
👉If you’d like to find out more about easyReg, take a look at our RegTech solution.