By Mary Kopczynski, J.D./Ph.D.
Compliance doesn’t matter, until it does. Believe me. As a Wall Street crisis manager for over a decade, I can’t tell you how many times I have watched institutions get surprised by a fine or a rule, blow millions to address it, only to find that it soon changes and they get fined again for something else that wasn’t on their radar.
Sometimes I feel like Paul Revere, riding my horse through conferences, shouting “RegTech is coming! RegTech is coming!” But for the past ten years, I have been greeted by shuttered windows and closed doors.
Most people expect their compliance department, law firm, or software vendors to keep abreast of changing rules on their behalf. Yet almost every law firm and software vendor we talked to last year admitted that they just wait to hear about new regulation from their customers.
But the wind is changing.
In the past few weeks, our biggest RFPs have actually come from RegTech companies who are wising up to the fact that their customers expect them to have a better ability to stay on top of regulations.
This is a marked difference from our beta in early 2019 where most RegTech companies didn’t use a regulatory alerts tool “because no one else did.”
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.
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.
It was not easy to build, but now that its here, no one can live without it. And now that the first few windows have opened and the house is awake, it’s time to get ready to protect yourself from the army of regulation on its way to your doorstep.