By Mary Kopczynski (J.D./Ph.D.)
As a regulatory expert with a law degree and a Ph.D., I thought I knew everything about regulation.
But when RegAlytics launched our beta in early 2019, we discovered two very shocking things about the regulatory compliance industry. First, there are way more regulators than people realize. Did you know, for example, that there are over 500 financial regulators in the United States alone?
The best products out there (other than RegAlytics) cover 70-100 US regulators and are prohibitively expensive, cumbersome to use, and full of duplication and noise.
Second, we learned that while large financial service customers are often required by their regulators to have a plan for monitoring regulatory change, there is so much more a comprehensive regulatory inventory can offer them.
By our estimates, there are over 25,000 regulators in the U.S. and over 5 million globally. Now that I finally have the tool that I have always wanted in RegAlytics, I am able to read every single alert that comes out of the now 1400 US regulators that we cover. I feel powerful. I feel in control. I feel relaxed that I am missing NOTHING.
But what’s even better is I feel free to change my mind. With the pandemic, we watched as the language changed so quickly. First it was coronavirus, then COVID-19, then the CARES Act, then the Paycheck Protection Program. It only takes me a few clicks of a button to feel confident that I have the MOST up to date information EVERYWHERE in the United States. From the CDC to the Alabama Board of Education to the Alaskan Governor to the SEC, I am able to discover very quickly, what I want, when I want it.
It was not easy to build, but now that its here, no one can live without it. But the ways we can leverage this kind of knowledge at our fingertips will allow us to do more than just regulatory compliance. We can spot trends, we can manage risks, we can make better business decisions.