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Innovative solutions in regulatory technology, or regtech, help improve compliance efficiencies and reduce burdens for industry and government as solutions and tools are applied to work with ever-growing mountains of data. RegTech solutions and tools have transformed processes like tracking amendments through the legislative process, filing corporate and derivative reports with regulators, and identifying legal entities and subsidiaries across jurisdictions. During the RegTech Solutions Showcase, members of the Data Coalition demonstrated how their tools and solutions have worked with the complexities of regulatory reporting to improve data quality, reliability, and usability for industry and government.
Reimagining Data Intelligence via Automated & Actionable Sensitive Data Discovery
The purpose of the presentation is to introduce BigID’s approach and use of AI/ML methods to enhance agencies discovery and classification capabilities. This will enable organizations to get a better understanding of their data for security, privacy and governance use cases.
AI-based Contract Analytics for Government Use Cases
eBrevia by DFIN is a contract analytics tool that uses machine learning technology to analyze and extract data from contracts. Based on research performed in partnership with Columbia University’s Data Science Institute, the software improves accuracy while increasing efficiency 30% – 90%.
eBrevia’s AI has been used in the context of a variety of different projects for the government, including contract review in the context of government leases, banking documentation and MSAs. This presentation will focus on the many ways in which AI can assist those tasked with contract review in more efficiently and accurately conducting such review. It will also describe best practices and lessons learned from real world deployments.
In addition, the presentation will introduce eBrevia’s new QuickPick feature and how it can create substantial value in the context of government use cases. QuickPick helps users make quick decisions about legal concepts – saving substantial time in review. Simply by answering questions in a subset of their contracts, users can train eBrevia’s AI to select options in dropdown menus, multi-select fields, and yes / no fields at machine speed according to their own criteria. QuickPick enables users to optimize efficiency in contract analysis so they can make faster and more informed decisions.
Closing the Feedback Loop in the Policy Lifecycle
Policy is the foundation through which all government workflows originate. This “power of the pen” shapes market forces and can mean the difference between life and death for citizens and businesses. Government agencies have the giant task of creating and administering thousands of regulations and policies every single year across different levels of government: federal, state, and municipal. They have to be nimble in the face of crisis (e.g. COVID) and piece together data and resources to make informed policy decisions.
But, most government agencies are critically understaffed and lack access to modern technology to support their mission-critical work. Policies are created and forgotten, then layered with more policies that contradict or duplicate efforts. Access to data is limited, and time is always of the essence. The lifecycle of a policy never really reaches maturity because there isn’t a system that tracks policies and downstream consequences. The feedback loop never closes, creating a sprawling morass of policy that can be intimidating to tackle.
At Esper, we believe that government agencies can dramatically transform the delivery of services and citizen engagement by shifting their policymaking practice into a modern environment. We want to uplevel the work of our civil servants by recommending technology that can help them create and evaluate policy with data, transparency, and collaboration.
We identified eight key milestones that encompass the policymaking lifecycle, and discuss the challenges and opportunities for improvement in each step. By mapping the policy lifecycle, we diagnose areas where feedback can be strengthened, and recommend tools that can help policymakers accomplish their best work.
Measuring Resilience in the Banking World
Google Cloud recently was recently awarded most creative solution for the FDIC Banking Resilency Techsprint, along with their partner Data Society. Increased digitization and complexity has left financial institutions with an amalgam of technology solutions that generate data, but do not necessarily share it with each other. Even large financial institutions struggle to keep up with this information flow and report on it in a timely manner. Community banks are particularly under-resourced to develop modern, secure data architectures along with risk controls and regulatory reporting capabilities. Google Cloud and Data Society proposed a standardized zero-trust technology architecture that incorporates traditional and non-traditional data feeds into a unified reporting and analytics platform for financial institutions of any size. Our proposal leverages a standardized data model and data architecture, along with non-traditional data sources, to enhance and streamline CAMELS reporting.