SOLVING COMPLEXITY WITH ROBUST TAXONOMY

R&C: Could you explain the value of tagging within financial services compliance operations? How does the process help to break down the problem of complex regulatory compliance?

MacDonagh: The potential scale and scope of regulatory requirements is vast. A fundamental part of the job of anyone who is concerned with regulatory compliance is to filter out the irrelevant content without missing anything important. Tagging of regulatory updates allows for reduced noise and complexity in regulatory change management by showing users only what is relevant to the enterprises’ locations, products, services and business model, effectively quieting the noise that would take time to filter out manually. Tagging allows a compliance team to easily find the regulatory updates that apply to the business, to integrate applicable regulations into day-to-day processes using workflow tools, and to prove that policies and processes align with all relevant regulatory requirements. Of course, for tagging to be effective for critical compliance purposes, it must be accurate and timely.

Apr-Jun 2022 Issue

Wolters Kluwer

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