Cambridge Semantics unveiled its Compliance Information Management Solution Accelerator, designed to help organizations automate and integrate compliance systems, on March 13th at theSemantics in Financial Services Conference hosted by Object Management Group (OMG). Also at the event, Lee Feigenbaum, Vice President Technology & Client Services, was featured on a panel discussing the broader impact of semantic technologies on the financial services industry. For more information on this event view our blog post, “Semantics in Financial Services.”
As regulation in the financial industry continues to increase, financial service institutions are required to comply with a dynamic set of rules and directives. Frequently, off-the-shelf compliance solutions address parts of the problem, but do not deal well with legacy systems, new requirements and unanticipated reporting requests. Companies that cannot automate and integrate compliance systems in a timely manner are burdened with excessive regulatory management expenditures, incomplete data and inefficient processes.
“A common thread in reacting to enterprise risk—and guaranteeing compliance to regulations—is modeling how individual transactions impact a multitude of risk and compliance measures,” said Suresh Nair, Vice President and Chief Architect, Financial Services at MphasiS. “Cambridge Semantics has one of the best solutions we have seen to achieving this; in a way no other solution has been able to. It reduces the effort to build models, allows for multiple models to co-exist, and allows individual teams to change models in reaction to changing regulations or business models. We are excited to be partners of Cambridge Semantics in taking this solution to market, and helping customers manage through the change of adopting Semantic Web methodologies”.
With Cambridge Semantics’ new Compliance Information Management Solution Accelerator, financial services organizations can rapidly customize and deploy a holistic compliance solution that can work within existing infrastructure, solutions and workflow. By providing critical self-service capabilities, financial services customers have the ability to automate, systematize, and integrate existing manual and automated compliance and testing processes.
Solution highlights include:
- Monitoring Regulatory Information Sources: Monitor unstructured and structured sources including websites, RSS feeds, data services and databases for new and updated rules and regulations.
- Policy & Procedure Management: Collaboratively develop procedures manuals, policy documents and business conduct guidelines including existing document management systems.
- Policy Dissemination and Attestation: Targeted policy information dissemination and attestation workflows (with reporting on what is complete / outstanding).
- Control Management: Manage the control documents describing what is necessary to enforce policy at different areas and levels of the business and what reports are needed to ascertain compliance. Link control documentation to relevant policy documents and compliance report dashboards for holistic reporting across an organization.
- Compliance Reporting: Report and manage reporting on various parameters including risk reporting and periodic control evaluations.
- Compliance Project Management: Compliance project documentation and scheduling.
- Compliance Program Dashboards: Produce compliance program reports and up-to-date online compliance reporting dashboards for executives and compliance team members.
“Over the past 12 months, financial services organizations have begun taking a closer look at semantic technology to help them tackle their most pressing data management challenges. The interplay between semantics and Big Data, the use of semantic models to enable business interoperability between multiple financial services organizations, and the increasing role of the Chief Data Officer has brought semtech to the forefront of the industry discussion,” said Lee Feigenbaum of Cambridge Semantics. “OMG has been on the leading edge of developing enterprise integration standards that are both innovative and practical. We are proud to be a part of this event and highlight the role semantic technology can play in today’s complex compliance environment.”
About Cambridge Semantics
Cambridge Semantics is the leading provider of semantic data management software for the enterprise that is designed to bridge the gap between business processes and data-driven business intelligence. Enterprises face an increasing need to quickly combine diverse data that crosses organizational boundaries in order to make better decisions and improve process efficiencies every day. Our Anzo software lets business users search for, virtualize, analyze, act on, and make decisions with any internal or external, structured or unstructured data. Based on the revolutionary flexibility of Semantic Web technologies, Anzo provides unprecedented ease-of-use, speed of implementation, and operational business process integration for just about any formal or informal business activity.
To learn more about Cambridge Semantics visit http://www.cambridgesemantics.com and check out our blog “Enterprise Semantics” or follow us on Twitter @CamSemantics.