SYSTEM AND METHODS FOR GENERATING A REGULATORY ALERT INDEX USING MODULARIZED AND TAXONOMY-BASED CLASSIFICATION OF REGULATORY OBLIGATIONS
A system is provided for generating a regulatory alert index using modularized data and taxonomy-based classifications of regulatory obligations. The system comprises a plurality of databases storing regulatory compliance data and a plurality of processors that process the regulatory compliance data to generate business requirements for complying with regulatory obligations. The plurality of processors are further configured to identify new regulatory compliance data published by regulating entities and update the corresponding stored regulatory compliance data when new information is identified. A taxonomy engine is also provided that determines a regulatory alert index score for each of the generated business requirements based on how often the plurality of processors identify new regulatory compliance data related to the generated business requirement.
1 . A system for generating a regulatory alert index using modularized data and taxonomy-based classifications of regulatory obligations, the system comprising:
a plurality of databases storing regulatory compliance data;
a plurality of processors that process the regulatory compliance data to generate business requirements for complying with regulatory obligations;
wherein the plurality of processors are further configured to identify new regulatory compliance data published by regulating entities and update the corresponding stored regulatory compliance data when new information is identified; and
a taxonomy engine that determines a regulatory alert index score for each of the generated business requirements based on how often the plurality of processors identify new regulatory compliance data related to the generated business requirement.
2 . The system of claim 1 , wherein the regulatory compliance data comprises rules published by regulatory bodies, and the regulatory alert index score is based on how often the regulatory bodies update the corresponding rules.
3 . The system of claim 1 , wherein the regulatory compliance data comprises market data including a plurality of enforcement actions, speeches, market commentary, rule publications, and advisory notices related to rules published by regulatory bodies, and the regulatory alert index score is based on how often new market data is identified.
4 . The system of claim 1 , wherein the regulatory alert index score for each of the generated business requirements is displayed on a graphical user interface alongside a task related to the corresponding business requirement.
5 . The system of claim 4 , wherein the task comprises an action that the first business user must complete to comply with regulatory obligations related to the corresponding business requirement.
6 . The system of claim 4 , wherein the task is related to two or more corresponding business requirements, and the regulatory alert index score displayed alongside the task is a weighted sum of the regulatory alert index scores for the two or more corresponding business requirements.
7 . The system of claim 1 , wherein the plurality of processors are further configured to parse the regulatory compliance data to generate a hierarchy of categories, modules, subjects, and distinct rules within the regulatory compliance data.
8 . The system of claim 7 , wherein each of the categories in the hierarchy have a default multiplier, and the regulatory alert index score for any business requirements generated from a rule falling under the category is multiplied by the corresponding default multiplier.
9 . The system of claim 1 , wherein the regulatory alert index score is computed on a standardized scale.
10 . The system of claim 1 , wherein the taxonomy engine is further configured to receiving operational data for a business and identify a subset of the generated business requirements related the business's operational data.
11 . The system of claim 10 , wherein plurality of processors are further configured to notify the business when the stored regulatory compliance data corresponding to subset of generated business requirements is updated, and wherein the notification to the business includes the regulatory alert index scores.
12 . A computer-implemented method for generating a regulatory alert index, comprising:
storing regulatory compliance data for a plurality of businesses in a plurality of databases;
generating, by one or more processors, business requirements related to regulatory rules from the stored regulatory compliance data;
identifying, by the one or more processors, new regulatory compliance data published by regulating entities;
updating, by the one or more processors, the corresponding stored regulatory compliance data when the new regulatory compliance data is identified;
generating a regulatory alert index score for each of the generated business requirements based on how often the new regulatory compliance data related to the generated business requirement is identified.
13 . The method of claim 12 , wherein the regulatory compliance data comprises rules published by regulatory bodies, and the regulatory alert index score is based on how often the regulatory bodies update the corresponding rules.
14 . The method of claim 12 , wherein the regulatory compliance data comprises market data including a plurality of enforcement actions, speeches, market commentary, rule publications, and advisory notices related to rules published by regulatory bodies, and the regulatory alert index score is based on how often new market data is identified.
15 . The method of claim 12 , further comprising:
parsing the regulatory compliance data to generate a hierarchy of categories, modules, subjects, and distinct rules within the regulatory compliance data.
16 . The method of claim 15 , wherein each of the categories in the hierarchy have a default multiplier, and the regulatory alert index score for any business requirements generated from a rule falling under the category is multiplied by the corresponding default multiplier.
17 . The method of claim 12 , further comprising:
receiving, by the one or more processors, operational data for a business, and
identifying, by the one or more processors, a subset of the generated business requirements related the business's operational data.
18 . The method of claim 17 , further comprising notifying, by the one or more processors, the business when the stored regulatory compliance data corresponding to subset of generated business requirements is updated, and wherein the notification to the business includes the regulatory alert index scores.
19 . The method of claim 12 , wherein the regulatory alert index score for each of the generated business requirements is displayed on a graphical user interface alongside a task related to the corresponding business requirement.
20 . A system for generating a regulatory alert index using modularized data and taxonomy-based classifications of regulatory obligations, the system comprising:
a means for storing regulatory compliance data for a plurality of businesses;
a means for generating business requirements related to regulatory rules from the stored regulatory compliance data;
a means for identifying new regulatory compliance data published by regulating entities;
a means for updating the corresponding stored regulatory compliance data when the new regulatory compliance data is identified;
a means for generating a regulatory alert index score for each of the generated business requirements based on how often the new regulatory compliance data related to the generated business requirement is identified.