In today's complex and highly regulated business environment, organizations across various industries face the ongoing challenge of maintaining regulatory compliance. While regulatory teams remain lean, having mostly between one and seven employees in their department according to the 2023 Regology State of Regulatory Compliance Survey, the influx of regulatory change increases exponentially every year. More laws and regulations around topics like Data Privacy and Environmental, Social, and Governance (ESG) are being introduced, and it’s getting harder to keep up with the volume. However, with the advent of advanced technologies, there is a new and powerful tool available—Large Language Models (LLMs). These sophisticated AI systems revolutionize the way organizations approach regulatory compliance.
In this blog post, we will explore the capabilities of LLMs and how they can be harnessed to streamline compliance processes.
Leveraging LLM for Regulatory Compliance
Large Language Models, or LLMs, are advanced AI systems designed to understand and generate natural (human) language. These models are trained on vast amounts of data and can perform a range of language-related tasks with impressive accuracy. LLMs have garnered attention for their ability to generate coherent and contextually appropriate responses, making them valuable tools in numerous industries. LLM solutions for regulatory compliance need to ensure the accuracy and reliability of generated information, so that the responses are citable, like Regology’s Reggi. Reggi is built on top of Regology’s existing regulatory intelligence platform with 15M+ laws and regulations, providing source accuracy.
Reggi's LLMs are trained on various skills that assist users in:
- Discovering regulatory content
- Extracting and summarizing requirements
- Drafting compliance policies and controls
- Answering general compliance questions
A purpose-built LLM solution simplifies regulatory compliance by allowing users to ask natural language questions about their regulatory requirements and product lines. It enables users to navigate regulatory complexity with generative AI and save thousands of hours discovering, organizing, and synthesizing all applicable legal and regulatory content.
The primary uses of the LLM-powered solution, Reggi, revolve around finding answers pertaining to laws and regulations and synthesizing applicable requirements. It helps compliance teams with the following:
Navigate the Vast and Complex Regulatory Landscape
The volume of laws and regulations to keep track of continuously expands and becomes increasingly complex. Identifying and keeping track of those requirements that are relevant to a business can be overwhelming and time-consuming. Using an LLM-powered solution simplifies this discovery process by enabling users to ask natural language questions about applicable laws and regulations across various industries.
Clarify Ambiguous Regulatory Information
Regulatory content is rarely presented in a clear and concise manner. There is a lot of jargon that varies by jurisdiction, making it challenging to fully understand and interpret requirements. Lack of clarity can lead to misinterpretation and potential non-compliance. An LLM-based solution can help synthesize and better understand regulatory jargon, as well as identify, interpret, and integrate relevant regulatory compliance requirements for your unique situation or use case.
Automate Manual Review and Analysis
Traditionally, compliance professionals have relied on manual review and analysis of regulatory documents side by side to extract relevant legal requirements or changes to the existing requirements for their organization. This process is labor-intensive, prone to human error, and time-consuming. It can hinder efficiency and limit the ability to stay up-to-date with regulatory changes. Reggi can be used to find specific requirements and clauses within a particular document and extract core information like who the requirement applies to, what the exemptions are, and what the penalties of non-compliance entail.
Improve Timely Identification of Regulatory Updates
Regulatory frameworks undergo frequent updates, and compliance professionals must be aware of these changes to ensure ongoing compliance. However, identifying and tracking relevant updates across multiple regulatory bodies can be a daunting task. Failure to stay updated can result in non-compliance and associated risks. LLM-powered Reggi helps provide the latest regulatory information because it is built on top of Regology’s continuously updated regulatory platform. This means that you get reliable, up-to-date information.These capabilities, provided by an LLM-powered solution, not only shorten the time to result but also let the compliance team stay ahead of the curve versus constantly playing catch up. It allows for a more proactive compliance program versus a reactive one.
Looking ahead, LLM technology is poised to evolve rapidly, offering even more advanced capabilities for regulatory compliance. As organizations embrace these innovations, they can unlock greater efficiencies, improve compliance outcomes, and gain a competitive edge. However, it is crucial to proceed with caution, ensuring that LLMs are used responsibly and in alignment with legal and ethical considerations. It is important to have a reliable provider that is highly experienced in regulatory compliance management.
If you would like to try Reggi, Regology’s LLM-powered solution for free, please visit https://www.regology.com/reggi