System and methods for generating modularized and taxonomy-based classification of regulatory obligations

Abstract

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.

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 a daily dashboard to users, showing outstanding tasks and alerts. The system also uses a taxonomy to parse regulations as text strings and applies intelligent sorting to identify relevant regulations. Overall, the system improves efficiency and cost savings in legal and compliance workflows by identifying relevant regulations and automatically generating compliance information.

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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