Not all regulatory change management solutions are the same
Regulatory change management is one of the most arduous and time-consuming challenges facing Risk and Compliance teams today. There are plenty of solutions in the market, but it’s critically important to understand the details of their capabilities; what they can (and more importantly, cannot) do to actually solve your challenges.
Feature
AscentAI AscentFocus
Cube RegPlatform Enterprise
Corlytics Change Management
Solution Design
Purpose-built for Change Management
Repurposed horizon scanning
Repurposed horizon scanning
Solution Core Element
Regulatory Obligations
Regulatory Documents
Regulatory Documents
Change Management Data Foundation
Rock-solid, customer-specific Obligations Inventory
Customer taxonomy (requires maintenance)
Customer taxonomy (requires maintenance)
Data Strategy
Obligation data objects (versioned)
Documents with embedded obligations
Documents with embedded obligations
Obligation Extraction
Automatic / Granular
Identify only / Non-specific and embedded
Identify only / Non-specific and embedded
Obligation Change Applicability
Automatic / Identify exactly what applies you
Manual / Requires user to figure out
Partial
Summaries and Comparisons
Automatic
Automatic
Limited
End-to-end Traceability (GRC)
Default
Limited
Configurable or manage within platform
AscentAI does change management differently…and better.
AscentFocus is the only solution in the market that fully automates regulatory change management. Our purpose-built, AI-powered solution is based on your specific obligations, not regulatory documents, enabling a level of automation previously unimaginable.
Purpose-built for change management
When AscentAI set out to create a regulatory change management solution, we began by defining business processes, working with risk and compliance subject matter experts to define the optimal way to do things, and then applying AI to automate each step. That approach led to our belief that granular obligations are “the” critical component for proper change management, and using them to power our change processes would deliver the highly accurate, fully automated solution that financial institutions needed to do their best work.
Other vendors took a different approach, re-purposing their horizon scanning technology for change management. While these solutions can identify and serve documents containing regulatory changes, they lack the ability to focus on granular obligations or fully automate the change management process. In short, a re-purposed horizon scanning tool inherently cannot deliver on the promise of change management powered by obligations like AscentAI.
Obligations, not documents
Obligations are the building blocks of regulatory compliance. AscentAI uses AI to quickly and accurately break down regulatory text and extract obligations into data objects which are versioned over time. Each obligation is therefore unique and contains the actual regulatory text. Our obligation data objects are used to fully automate your change management processes.
Many vendors in the change management space claim to deliver “obligations” – as a quick scan through any of their websites can confirm. But in reality, those obligations are embedded in documents, since horizon scanning based tools can only identify changes at the document – and not granular – obligation level. Because they’re embedded in documents, it’s up to you to manually extract them and assess them for applicability and impact. And, because horizon scanning-based solutions cannot automatically discern obligation applicability, teams can be inundated with irrelevant content that they still have to assess to ensure they don’t miss anything.
Full automation, not half measures
As seen in the side by side comparisons above, AscentAI completely automates your change management processes. From monitoring regulatory sources for rule updates, to extracting obligations, to automatically assessing applicability and impact to your business, we do all the heavy lifting for you so you can focus on taking action. In addition, we provide summaries and highlighted side by side comparisons of every obligation change making it easy for teams to quickly understand changes. Our automation saves countless hours, increases team productivity, and reduces your cost of compliance.
Other vendors’ reliance on horizon scanning technology can only automate the “easy” part of the process; capturing and serving documents containing changes. The “hard” part is still up to you, requiring teams to manually assess applicability and impact. In addition, this process has to be repeated “from scratch” every time, as every updated document containing embedded obligations is a new element.
Supercharge your GRC
AscentAI’s obligations-based approach can greatly enhance the efficiency and accuracy of your GRC. We seamlessly integrate with leading GRCs, keeping your obligations up to date and alerting you when connected policies and controls are impacted by updates. Our obligation data objects stay connected, so you never have to remap them any time something changes.
Other vendors can integrate with GRCs, but because they are passing documents (not obligation data objects like AscentAI), users must deal with irrelevant clutter and often remap rule changes to downstream policies and controls, costing valuable time and creating a potential for error.
The AscentAI difference is clear.
Regulatory change management is a challenge half measures cannot solve. Don’t be left with overpromises and under-delivery. Ensure your investment in a regulatory intelligence solution automates the full regulatory lifecycle, from monitoring regulators and capturing updates, to identifying and isolating your specific obligations, to seamless integration with your GRC.