Regology, an AI-based regulatory compliance platform, announces the launch of its global legal management and alerts system to help regulatory professionals remain updated with local regulations around the world.
The Regology platform now actively tracks laws from 20 countries and their government agencies, including the US, Canada, France, Germany and others. It covers 89 million requirements from 7 million sections of laws across 7 languages.
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While access to laws and regulations via the internet has improved over the last 20 years, professionals across industries still spend a significant amount of time identifying and comprehending the latest legal developments in their fields. Large businesses in the U.S. on average spent $10,000 per employee on U.S. Federal regulatory costs. For smaller businesses, the time burden associated with this effort is even more.
Regology provides a regulatory compliance platform for companies by bringing digitized laws from multiple countries onto a single platform. Users can identify the laws they need to follow, set up how they follow those laws, and then prove that they are following those laws. The automation brought by this platform reduces the risk and cost for companies of all sizes.
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“We are on a mission to build the largest collection of laws and make it easily accessible to all,” said Mukund Goenka, co-founders and CEO of Regology, “Our world-class team and network of experts in international law, algorithms and linguistics are pushing this mission forward every day. One such example is year-long research in AI-based context-awareness in laws that we conducted in conjunction with experts from the University of Illinois Urbana Champaign. We opened this research to the public domain by presenting it at the esteemed KDD NLLP conference in August 2020”. Paul Bruin, the Chief Product Officer added, “Applying technological innovations to legal systems provides a wide range of efficiencies and opportunities for anyone dealing with laws and regulations”.
As this platform can be applied to all industries, it has benefitted finance, technology, telecommunications, healthcare; in topics as broad as banking, cryptocurrency, physical security, digital security, antitrust, and corporate ethics. From a jurisdictional coverage standpoint, Regology continues to expand across six continents.