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Obtaining content from financial regulators may be a large endeavor and a significant barrier to expansion for application and regulation technology companies (Regtechs). Regtechs are often formed to create cutting-edge technical solutions. As a result, locating and updating content from every industry and location of the world and populating programs with it takes time and diverts them from their primary purpose. Then, there’s the added pressure of keeping up with advances in cryptocurrencies, cybersecurity, anti-money laundering (AML), and environmental, social, and governance (ESG).
RegGenome aims to address these problems by organizing and arranging content from the world’s regulators around a single, universally applicable set of regulatory requirements that can be traced back to the Cambridge Regulatory Genome. This could potentially save regtech firms a lot of time and money when it comes to obtaining and organizing data all across the world.
The company claims to provide dynamic, granular, and interoperable machine-readable regulatory content powered by AI-based textual information extraction tools. This allows regulatory bodies to make regulatory information more accessible and widely disseminated and organizations to improve their regulatory intelligence and digitize their compliance and risk management procedures.
The Regulatory Genome Project (RGP) at the University of Cambridge is developing an open information structure for expressing financial regulation across jurisdictions and business functions and a root ontology of regulatory requirements that can be made publicly available.
RegGenome, which is a founding member of the RGP, provides regulated enterprises and third-party applications with structured content through its RegGenome Services. RegGenome content is easier to map to a firm’s operations and other vendors’ ontologies because its underlying ontology is claimed to be vendor-neutral and jurisdiction-agnostic; once mapped, the content plugs into whatever application or system companies use and enables the operation of an efficient ecosystem – all powered by and speaking the same language.
RegGenome also claims to provide a developer platform that will allow for easy testing and integration of its data. The first cohort of developers to join will have a substantial first-mover advantage thanks to early mapping to the RegGenome.
The organization recently raised around $4 million in the seed funding round. With this, RegGenome plans to provide a developer platform that will allow for easy testing and integration of its data.
Amreen Bawa is a consulting intern at MarktechPost. Along with pursuing BA Hons in Social Sciences from Panjab University, Chandigarh, she is also a keen learner and writer, having special interest in the application and scope of artificial intelligence in various facets of life.