Let start with a brief introduction, what can you tell us about Single Rulebook and your RegTech offering?
Single Rulebook is an integrated software solution that enables you to search, share and manage regulatory rules on one digital platform.
What are some of the biggest challenges your solutions you solve for your clients?
- Challenge – Ever Changing Regulation
Global regulation is continually evolving. Not only are new rules introduced but existing rules are tweaked and updated constantly. It can be time consuming trying to locate a specific piece of regulation and ensuring it’s the most recent version.
Single Rulebook provides one digital source for regulatory research, making make life much easier for legal and compliance teams, with employees able to retrieve regulatory text and rules quickly and efficiently.
- Challenge – Sharing & Collaborating on Regulation
Interpretations of regulatory rules need to be kept up to date, shared and communicated across large organisations which can become unmanageable. New regulation is continually introduced and views can change.
With technology improving many workflows and processes, regulatory opinion and interpretations can be shared and accessed digitally on one common platform. Single Rulebook provides the functionality to annotate regulation so that the company’s stance can be viewed by all team members.
- Challenge – Traceability
Firms must demonstrate compliance with each applicable rule and their pathway to regulatory compliance. Whereas some leeway was provided in the initial period after implementation, expectations are now more stringent and it’s important to be able to demonstrate immediate compliance.
Spreadsheets and email chains are not effective tools for showcasing a firm’s regulatory interpretations followed by the changes to workflows and operational processes that were made to achieve regulatory compliance. It’s important to demonstrate operational change and regulatory compliance in real-time.
Could you give us a use case of why a client came to you and how they are using your solution to solve their particular challenge?
A client was using a spreadsheet as their regulatory obligations register which quickly became out of date and unmanageable. It also didn’t provide adequate governance, contextual auditability or ease of navigation.
How we helped
Single Rulebook uploaded the functionality indexed to the client’s existing obligations spreadsheet in a few seconds.
The system now automatically maintains the obligations register for the client and hosts an easy to use compliance monitoring programme (CMP) framework. The completed CMP can be accessed and presented to regulators or other departments within the context of the firm’s obligations and reports can be extracted whenever needed.
How would you describe the differences between your offering from others in your RegTech category?
Single Rulebook is more than just a search or horizon scanning tool; using literal or semantic search, you can easily find the information you’re looking for, annotate, share and manage the regulation while establishing a full audit trail at the same time.
But beyond this, Single Rulebook’s innovative and unique rule mapping system provides visual guidance on interdependent regulations for every single article. With thousands of Q&As linked to the regulation, rule maps help you understand correlations and relationships between regulatory rules without leaving the platform.
What advice would you give to decision makers when choosing a RegTech solution such as the ones your offer?
Each firm’s individual requirements will differ when choosing a RegTech solution to meet their needs, however it’s vital that they consider the technology and team behind the solution to ensure credibility and trust. Secondly, connecting regulatory rules through functionality such as rule mapping is especially important when working with EU regulation where multiple documents, Q&As and advice cam be linked to one single article.
Due to the global pandemic a lot has changed in the world in the last year. How has your company changed in the in the last 12 months?
Single Rulebook was formed in 2019 and acquired by Kaizen Reporting Ltd in November 2020. We rebranded Single Rulebook at the end of last year and since the acquisition by Kaizen, we have been working extensively to expand the team and launch new content and functionality to the platform.
Can you tell us about some of your most recent achievements or milestones you’ve reached?
One significant milestone was the launch of all UK financial rules on the platform post Brexit. Single Rulebook provides access and functionality to research, annotate and manage the new FCA handbook alongside the existing EU regulation. It also provides visual and dynamic rulemaps which match each new UK rule in the FCA Handbook with the corresponding EU regulation.
What is drives you as company & what is Single Rulebook long term vision?
Single Rulebook aims to make working with regulation manageable.
Developed by regulatory and technology specialists, we are using machine learning technology to bring forward the digitisation of compliance and working with regulation.
What are some of the important developments you are seeing in the RegTech industry?
In a constantly evolving world where technology is part of every aspect of our lives, regulation is no exception. RegTech is expanding all the time and while many systems are currently isolated, going forward we will see RegTech systems interacting with one another in an automated fashion. Ultimately, RegTech will help provide a more efficient way of working that increases accuracy and confidence in the compliance function.
What’s next for Single Rulebook?
As a RegTech start up leading the way in bringing digitisation and automation to the regulatory and compliance industry, we will continue to develop new content and technical functionality to improve ways of working with regulation.
As part of Kaizen Reporting, we will continue to work with our clients and the industry more broadly to provide an integrated platform that is embedded with systems, policies and controls so that regulatory interpretations and processes can be retained and managed efficiently across the organisation.
What’s the best way for potential clients or investors to get in touch with you?
We would love to hear from you to show you how Single Rulebook can help you manage regulation:
+44 (0) 203 912 3300