Compliance can get quite technical. Before I begin sharing my experience in the creation of RegXperience, it is important to understand the building blocks of a compliance workflow.

1. Planning: Establishing strategies and protocols to ensure adherence to regulations and standards.

2. Documentation: Recording and organizing crucial information, such as policies, procedures, and regulatory requirements.

3. Risk Assessment: Identifying potential risks and vulnerabilities within processes and systems to mitigate compliance failures.

4. Training and Education: Providing ongoing education and training to personnel to enhance understanding and adherence to compliance standards.

5. Monitoring and Surveillance: Continuously monitoring activities and transactions to detect and prevent violations of regulations.

6. Auditing and Reporting: Conducting regular audits to assess compliance levels and generating reports for stakeholders and regulatory bodies.

7. Incident Management: Developing protocols to handle compliance breaches or incidents promptly and effectively.

8. Continuous Improvement: Iteratively refining processes and procedures based on feedback, changes in regulations, and emerging best practices.

In our talks, we felt for compliance officers buried in planning and paperwork, prone to mistakes. We decided to focus on the Planning and Documentation Phases. Imagine AI-powered software that simplifies by analysing client docs to match regulations, easing the daunting start of compliance workflows and outlining the scope of work for you.