Regulatory Change Management System for Enterprise Compliance

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Solution Overview

Problem

Enterprises with multiple lines of business face challenges in maintaining compliance with varying regulations, as manual parsing of regulatory changes is resource-intensive and often results in analyzing laws, rules, and regulations that are not applicable to every line of business, necessitating an automated solution for managing regulatory changes across the enterprise.

Innovation Solution

A system and method for enterprise regulatory inventory management and change management, utilizing a computing platform with executable software code that receives regulatory change data from electronic feeds, identifies affected regulatory inventories, communicates changes to user dashboards, provides questionnaires, and creates compliance action plans, leveraging a citation taxonomy to filter and manage regulatory changes relevant to specific lines of business.

Engineering Contradictions & Design Principles

VSEngineering Contradiction Analysis

1Measurement precision

If manual parsing of regulatory changes is used, then comprehensive analysis of regulations can be performed, but resource intensity and time consumption increase significantly

Engineering Contradiction:

Improveregulatory analysis completenessVSAvoidtime consumption

Core Design Contradiction:

Measurement precisionVSLoss of time

Solution Approach 1:

The patent replaces manual mechanical parsing of regulatory changes with an automated computer-based system that uses electronic feeds, databases, and algorithms to identify, filter, and distribute regulatory changes. This substitution dramatically reduces time consumption while maintaining analysis completeness through systematic automated processing of regulatory data.

Inventive Principle:

Principle #28Mechanics substitution (Replace mechanical system)

Solution Approach 2:

The system enables self-service by automatically monitoring regulatory authorities, identifying changes, matching them to affected lines of business, and distributing relevant information without requiring manual intervention. The automated workflow includes electronic feed monitoring, change detection, inventory matching, and dashboard notification, allowing the system to serve itself in managing regulatory compliance.

Inventive Principle:

Principle #25Self-service

2Reliability

If manual parsing of all regulatory changes is performed across the enterprise, then all regulations are analyzed, but resources are wasted on analyzing laws not applicable to every line of business

Engineering Contradiction:

Improveregulatory compliance coverageVSAvoidresource intensity

Core Design Contradiction:

ReliabilityVSLoss of energy

Solution Approach 1:

The patent segments the enterprise into distinct lines of business, each with its own regulatory inventory and compliance requirements. The system creates separate regulatory inventories for different business units and selectively matches regulatory changes to relevant segments only, avoiding the waste of analyzing all regulations across the entire enterprise while maintaining comprehensive coverage for each segment.

Inventive Principle:

Principle #1Segmentation

Solution Approach 2:

The system applies local quality by tailoring regulatory analysis to specific lines of business based on their unique regulatory inventories. Each business unit receives only the regulatory changes relevant to its specific operations, with the system matching changes to affected inventories using citation taxonomy and keyword analysis, thereby optimizing resource allocation while ensuring appropriate compliance coverage.

Inventive Principle:

Principle #3Local quality

3Productivity

If automated systems are implemented to filter regulatory changes, then resource intensity is reduced, but device complexity increases

Engineering Contradiction:

Improvecompliance management efficiencyVSAvoidsystem complexity

Core Design Contradiction:

ProductivityVSDevice complexity

Solution Approach 1:

The patent implements a universal automated system that performs multiple functions: monitoring regulatory authorities, detecting changes, matching changes to regulatory inventories, filtering relevant changes, and distributing notifications. This multi-functional system consolidates what would otherwise require multiple separate tools and processes, managing complexity through integration while significantly improving productivity.

Inventive Principle:

Principle #6Universality (Multi-functionality)

Solution Approach 2:

The system introduces an intermediary automated platform that sits between regulatory authorities and enterprise users. This intermediary handles the complex tasks of electronic feed monitoring, change detection, inventory matching, and selective distribution, shielding users from complexity while improving compliance management efficiency through automated intermediary processing.

Inventive Principle:

Principle #24Intermediary (Mediator)

Data Source

PatentUS9824364B2Regulatory inventory and regulatory change management framework

Publication Date: 2017.11.21 BANK OF AMERICA CORP

AI summary

A computer implemented method, implemented by an enterprise, of receiving regulatory change data from a feed, identifying a regulatory change, and communicating the regulatory change to an affected regulatory inventory associated with the enterprise. The method may also comprise of providing a questionnaire to a user, receiving questionnaire answers from a user, and creating a compliance action plan to assist the enterprise in managing the regulatory change.