Regulatory Knowledge Base
Regulatory compliance knowledge in a central repository.
Your compliance department operates simultaneously under overlapping regulations and complex business rules and procedures. And because they change all the time, coding these rules directly into the software makes application maintenance challenging and expensive. Usually, by the time an update is released, the rules have changed again or new procedures have been added. To solve this problem, we’ve separated the regulatory and business rules from the application logic.
Our Regulatory Knowledge Base (RKB) is a standalone repository of relevant regulations, company policies, alert analysis procedures, industry best practices, and the relationships between them all, expressed in a carefully organized and operational manner that both humans and computers can understand.
Instead of being compiled throughout the software code base, the rules and facts that drive your compliance department—your knowledge—are accessible in one place. Not only can you read and refer to these rules, using a spreadsheet you can edit and add to them too. Instead of involving the IT department every time you want to try a different analysis, you or other non-technical personnel can make changes yourself.
Key Advantages:
- Introduce new reasoning capabilities to handle new classes of cases in days, not months
- Reduced reliance on IT departments for changes in definitions of regulations, policies, business procedures and decision rules.
- Encode best practices for all analysts to use
- Empower business users by allowing them to create and edit procedures and analyses using a spreadsheet-like tool
- Accelerate compliance analyst training
- Externalization of business rules allows end users to modify the rules frequently without the need of IT intervention
- Central repository, consistent, natural language that both human and computer can understand
- Modularized knowledge bases
- Regulatory Knowledge Engineering, not Software Engineering ™
The process of codifying a subject matter expert’s knowledge into a machine-readable operational format is called knowledge engineering. With our Regulatory Knowledge Base (RKB) we’ve captured the expertise of a compliance analyst. The rules and their interrelationships are represented in a highly structured and consistent manner, unlike the rules from regulatory bodies, which are written in the language of law, and company policies and procedures, which may involve an idiosyncratic vocabulary.
The rules and procedures encoded in the RKB, the expert “know how”, are made operational when combined with a rules (or reasoning) engine. We’ve created our own engine, the RCA, but our knowledge bases also work with popular rules engines from vendors that use Rule Intechange Format (WWW RIF), like FICO, IBM, Corticon, or others.
When presented with a particular compliance case, this system will run the case facts through a matching algorithm that determines which rules need to be run and in which order. The consequence of one rule becomes a fact and the input into another rule; some new rules are run or cancelled, depending on the outcome. When it is complete, the RKB will propose a resolution—to either close the case or to escalate it to manual review.
Learn more about our Regulatory Knowledge Bases.