SYSTEM AND METHODS FOR GENERATING MODULARIZED AND TAXONOMY-BASED CLASSIFICATION OF REGULATORY OBLIGATIONS
A system for generating modularized data and taxonomy based classifications of regulatory obligations. The system comprises a server arrangement comprising one or more crawlers in operative communication with a plurality of databases, wherein the one or more crawlers are configured to retrieve regulatory compliance data from one or more regulatory institutions, and a plurality of processors that process the regulatory compliance data to generate business requirements for complying with regulatory obligations and corresponding compliance information related to the business requirements. The system also comprises a taxonomy engine that processes the business requirements and generates a plurality of taxonomy questions related to the business requirements. The taxonomy engine further receives answers to the plurality of taxonomy questions from a first business via a graphical user interface and processes the answers to identify business operating parameters of the first business and utilizes the identified business operating parameters to determine which of the business requirements are applicable to the first business.
1 . A system for generating modularized data and taxonomy based classifications of regulatory obligations, the system comprising:
a server arrangement comprising one or more crawlers in operative communication with a plurality of databases, wherein the one or more crawlers are configured to retrieve regulatory compliance data from one or more regulatory institutions;
a plurality of processors that process the regulatory compliance data to generate business requirements for complying with regulatory obligations and corresponding compliance information related to the business requirements;
a taxonomy engine that processes the business requirements and generates a plurality of taxonomy questions related to the business requirements;
wherein the taxonomy engine further receives answers to the plurality of taxonomy questions from a first business via a graphical user interface and processes the answers to identify business operating parameters of the first business;
wherein the taxonomy engine further utilizes the identified business operating parameters to determine which of the business requirements are applicable to the first business.
2 . The system of claim 1 , wherein the processing the regulatory compliance data to generate business requirements further comprises:
classifying the retrieved regulatory compliance data to identify a hierarchy of relationships between the regulatory compliance data;
parsing the hierarchy of relationships to identify rule strings relating to a regulatory compliance obligation; and
generating additional business requirement data describing a task for complying with the regulatory compliance obligation.
3 . The system of claim 2 , wherein the hierarchy of relationships comprises a plurality of links between each of the generated business requirements and at least one of:
a regulatory jurisdiction, a regulatory body type within a given jurisdiction, a category of regulation by a given regulatory body, a module of regulatory authorities within a given category, a subject area with a given module, or a regulatory rule within a given subject area.
4 . The system of claim 2 , wherein the generating additional business requirement data comprises using natural language processing to convert regulatory text into plain English summaries of the task for complying with the regulatory compliance obligation.
5 . The system of claim 1 , wherein the plurality of taxonomy questions generated based on a number of distinct business operations that affect the generated business requirements.
6 . The system of claim 1 , wherein the plurality of taxonomy questions elicit business operational data from the first business.
7 . The system of claim 1 , wherein the taxonomy engine further processes the business requirements to generate compliance manual text comprising text other than the business requirements that was extracted from the regulatory compliance data.
8 . The system of claim 1 , wherein the taxonomy engine further processes the business requirements to generate instructional text comprising information describing tasks and formal requirements for complying with the subset of business requirements
9 . The system of claim 1 , wherein the taxonomy engine further processes the corresponding compliance information related to the business requirements to generate clarification data generated that provides additional information in assisting the first business to understand the generated business requirements that are applicable to the first business.
10 . The system of claim 1 , wherein the one or more crawlers are configured to retrieve updated regulatory compliance data from the one or more regulatory institutions.
11 . The system of claim 10 , wherein, upon receiving the updated regulatory compliance data, the plurality of processors further process the updated regulatory compliance data to generate updated business requirements for complying with regulatory obligations; and updated corresponding compliance information related to the updated business requirements; and
the taxonomy engine further processes the updated business requirements and generates updated taxonomy questions related to the updated business requirements.
12 . The system of claim 1 , wherein the graphical user interface further is further configured to display a dashboard summary of regulatory compliance data related to the identified business operating parameters of the first business.
13 . A computer-implemented method for generating modularized data and taxonomy based classifications of regulatory obligations, the system comprising:
retrieving, by one or more crawlers, regulatory compliance data from one or more regulatory institutions;
storing the regulatory compliance data in a plurality of databases;
generating, by one or more processors, business requirements for complying with regulatory obligations from the regulatory compliance data;
processing, by the one or more processors, the business requirements to generate a plurality of taxonomy questions related to the business requirements;
receiving, via a graphical user interface, answers to the plurality of taxonomy questions from a first business and processes the answers to identify business operating parameters of the first business;
determining, by the one or more processors, which of the business requirements are applicable to the first business using the identified operating business parameters.
14 . The method of claim 13 , wherein the generating business requirements from the regulatory compliance data further comprises:
classifying the retrieved regulatory compliance data to identify a hierarchy of relationships between the regulatory compliance data;
parsing the hierarchy of relationships to identify rule strings relating to a regulatory compliance obligation; and
generating additional business requirement data describing a task for complying with the regulatory compliance obligation
15 . The method of claim 14 , wherein the hierarchy of relationships comprises a plurality of links between each of the generated business requirements and one or more of:
a regulatory jurisdiction, a regulatory body type within a given jurisdiction, a category of regulation by a given regulatory body, a module of regulatory authorities within a given category, a subject area with a given module, or a regulatory rule within a given subject area.
16 . The method of claim 15 , wherein the generating additional business requirement data comprises using natural language processing to convert regulatory text into plain English summaries of the task for complying with the regulatory compliance obligation.
17 . The method of claim 13 , wherein the plurality of taxonomy questions generated based on a number of distinct business operations that affect the generated business requirements.
18 . The method of claim 13 , further comprising:
receiving updated regulatory compliance data from the one or more regulatory institutions;
generating updated business requirements for complying with regulatory obligations; and
generating updated taxonomy questions related to the updated business requirements.
19 . The method of claim 13 , further comprising, displaying a dashboard summary of regulatory compliance data related to the identified business operating parameters of the first business on the graphical user interface.
20 . A system for generating modularized data and taxonomy based classifications of regulatory obligations, the system comprising
a means for retrieving regulatory compliance data from one or more regulatory institutions;
a means for storing the regulatory compliance data in a plurality of databases;
a means for generating business requirements for complying with regulatory obligations from the regulatory compliance data;
a means for processing the business requirements to generate a plurality of taxonomy questions related to the business requirements;
a means for receiving answers to the plurality of taxonomy questions from a first business;
a means for processing the answers to identify business operating parameters of the first business; and
a means for determining which of the business requirements are applicable to the first business using the identified operating business parameters.