New RegTech Product Quickly Creates Implementation Plans Ahead of Regulatory Change
In a competitive and ever-changing regulatory environment, financial professionals have to proactively anticipate what developments are coming and react quickly. Reg-Impact is an easy-to-use technology solution to help companies monitor rule and regulatory changes, allowing them to assess the impact on their organizations and create implementation plans and reports.
Reg-Impact helps to manage rules and regulatory assessments and compliance for an organization on a real-time basis. It creates a forward-looking calendar and implementation plan for rules that require internal action to ensure effective compliance. The rules are easily searchable by keyword or multiple filters including regulator, country, region, date-range and by type of legal entity, financial product or firm function.
Reg-Impact enables company administrators to quickly and easily assign the rules and regulations that impact a business. Administrators can select which rules their company needs to assess for compliance as soon as they are published. It facilitates requests to subject matter experts to perform impact-assessments on rules. Newly proposed rules are added to the system daily, as well as any rules that have been finalized or substantially modified.
With over 25 years of experience working in regulatory and financial functions for major financial firms and regulators, Nick Paraskeva, founder of Reg-Room, created Reg-Impact as part of a growing suite of global regulatory monitoring services to assist financial services organizations meet the increasing need for regulatory content and related monitoring services in a secure environment.
Mr. Paraskeva explains, “We created Reg-Impact to build upon the strengths of our existing Reg-Track system, which is used by leading firms to identify new rules. In response to client demand, Reg-Impact expands our tracking service to create a process-flow around implementation. This allows enterprises to assess how new rules affect them, and the actions they need to take to comply.”