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Accountantskantoor KPMG introduceert een nieuw product dat automatisch de juiste wet- en regelgeving koppelt aan projecten van bedrijven. Jeroen schreef over dit product een Engelstalige promotietekst, die als flyer werd uitgereikt aan klanten en relaties. Het resultaat leest u hier.
At financial firms around the world, lots of time and money is lost each day on correcting problems concerning the quality, timeliness and completeness of information regarding laws and regulations. That is why KPMG is introducing RECON, a cloud-based service that identifies, assesses and controls applicable regulation for every company project.
Do we comply with all regulations? What articles are applicable for this specific role? And how do we monitor whether we abide by the rules during the course of the project? Every financial firm, whether in legal, compliance or other, wants to identity and manage regulatory requirements. This important yet painstaking and time-consuming task is usually performed by company jurists with old-fashioned handwork.
This will be unnecessary and outdated soon. The role technology plays in regulatory monitoring, reporting and compliance (also abbreviated as RegTech) has been increasing in recent years and will grow exponentially in the years ahead. For decades, KPMG has accompanied and advised companies about compliance with laws and regulation – a field that has grown ever more complicated due to the increase of both national and international legislation.
These trends of better technology and more regulation have lead us to develop a revolutionary service that will significantly alter and improve the way financial firms research and assess regulation. Our product is called RECON. RECON is a NLP-powered (Natural Language Processing) search & requirements service that informs companies about applicable rules, laws and regulations. This automated, cloud-based service not only identifies regulation for each and every company project, it also assesses these rules and identifies clear regulatory permissions, obligations and prohibitions.
RECON encompasses all existing regulation, whether about the capital market, insurance market, market abuse or any other field, filed in an extensive library that is being automatically kept up-to-date 24/7. After users put their projects into this cognitive and easy-to-use system, RECON provides recommendations for applicable laws and regulation. Users can then navigate through these and find additional info or articles. The responsibility for accepting these recommendations still lies with the company itself. After accepting them, they become requirements that have to be covered by the firm and can be linked to project deliverables.
The great upside of utilizing RECON is that a large swath of regulation will be automatically placed out of scope, which saves lots of time (and thus money) on the analysis part. Because all regulation within RECON is structured along several linked levels, users will automatically receive references to underlying articles after getting recommendations, without having to plow their way through the entire law in question.
Just like you, we at KPMG strongly believe in abiding by the law. That does not mean however that companies have to be rigidly structured like a lawbook. This is why we made RECON flexible. It approaches the law not from the side of the subject, but from the direct object: your company. Requirements can be made to fit the particular structure of your firm and systems. After the recommendations have been accepted, they will be made to fit the mold of the user’s project.
Users are also provided with a valuable view into the future, which comes in handy when working on longer-term projects. The programs tells you what the law is, but also what the law may be in the near future – depending on pending legislation or reviews, or in case of new legislation being implemented in phases.
Our product has proven its worth through rigorous internal testing and improving over the last year. We will soon be ready to get companies introduced to and acquainted with this new way of working.
It stands to no reason RegTech will profoundly change the way the financial industry works. In these times of increasingly complex international legislation, companies cannot afford to spend costly time worrying about the quality, timeliness and completeness of information. RECON is an indispensable tool to not just stay up to date in this fast-changing environment, but to thrive in it.