System and interface for viewing modularized and taxonomy-based classification of regulatory obligations qualitative data

Abstract

A system is provided for viewing modularized data and taxonomy based classifications of regulatory obligations. The system comprises a plurality of databases storing regulatory compliance data and business operation data for a plurality of businesses, and taxonomy engine circuitry that identifies subsets of the stored regulatory compliance data related to the business operation data for a first business user. A system interface displays a dashboard summary of regulatory compliance data related to the first business user's business operation data when the first business user logs into the system, and the summary contains a plurality of a summary of regulations related to the first business user's business operation data, a summary of business requirements related to the first business user's business operation data, a summary of tasks to be completed in order to comply with one or more regulations.

Description

CROSS-REFERENCE TO RELATED APPLICATIONS[0001]This application is a continuation of and claims the priority benefit of U.S. Provisional Patent Application No. 62 / 167,146, filed May 27, 2015, which is incorporated herein by reference, except that in the event of any inconsistent disclosure or definition from the present specification, the disclosure or definition herein shall be deemed to prevail.BACKGROUND OF THE INVENTION[0002]1. Field of the Invention[0003]The present disclosure relates generally to compliance and legal services field, and more particularly, to systems and methods for intelligent regulatory classification through the creation of an attribute-based classification system of all qualitative data and utilization of an intelligent taxonomy structure to, among other applications, automatically generate regulatory compliance data and related information.[0004]2. Description of the Background of the Invention[0005]There has been an explosion of regulatory law promulgated i...

AI Technical Summary

Benefits of technology

The patent describes a system that uses a graphical user interface to help users identify relevant regulations based on their business operations. The system automatically generates compliance information tailored to the user's business and sends it to them in real-time. The system also includes a dashboard that shows the most recent compliance information and allows users to view and manage tasks related to the regulations. The system uses a natural language processing approach to parse regulations as text strings and applies a taxonomy to them for intelligent sorting. Overall, the system saves time and money by automating the process of identifying and complying with relevant regulations.

Problems solved by technology

The length, quantity, and complexity of all of these laws are increasing rapidly.

Currently, there are no solutions equipped to intelligently classify these obligations in a usable manner.

Current processes (which are distinct from the processes contemplated by the present disclosure) are not capable of analyzing regulatory compliance issues in a similar manner, are inefficient, prone to error, and unable to efficiently respond to the ever-changing regulatory landscape.

Further, current system-based services utilized in other regulatory compliance industry suffer from many further shortcomings, including not providing for dynamic generation of relevant data, alteration of the text itself, and cannot meaningfully support regulatory compliance in a continuously ongoing fashion.

This problem costs companies millions of dollars in research and transaction costs, and spiraling inefficiencies.

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