Automated monitoring of regulatory changes with "RegMonitoring by Deloitte"

Extensive compliance requirements for today's companies

Many legal departments worldwide must filter, process and evaluate legally relevant developments from a wide variety of information sources. Particularly in internationally operating companies, this leads to enormously large volumes of data that are difficult to manage. The resulting challenges are manifold:

•  Unclear data situation: The different ways of obtaining information result in information asymmetries and extensive steering and structuring efforts.
• Lack of standardization: In the absence of standardized processes, it is often not possible to allocate information correctly and delegate implementation tasks efficiently. Valuable findings do not benefit the optimization and learning processes.
• Difficulty in tracking individual actions: There is no system for following up on context-specific measures taken. This makes it difficult to monitor implementation and prevents the provision of conclusive reports on activities and results in the area of legal risk management.
   

Legal Managed Service for worldwide monitoring of legal developments

With "RegMonitoring by Deloitte" we offer you a service that automatically detects changes in the legal topics of your interest and in the jurisdictions of your choice. To this end, "RegMonitoring by Deloitte" monitors the URLs of various legal sources and publications through web scraping technology. Deloitte Legal validates the content for relevance, summarizes it and evaluates the impact. The evaluated data sets are transferred to your company's workflow via the customer interface of your ServiceNow instance, enabling you via integration and implementation supported by us to precisely initiate and continuously track the concrete implementation of legal requirements according to your existing compliance management systems and decision-making processes.

How "RegMonitoring by Deloitte" works

Our Legal Managed Service combines everything required for this in an end-to-end solution:

• Legal expertise from Deloitte Legal
• A scalable IT architecture
• Cross-functional implementation know-how
• With Service Now, an established technology platform that can be integrated into any system landscape.

By automatically identifying and processing changes in legal situations, we create unique added value for our customers. The following factors are decisive here:

1. Identification: Automated identification of changes is performed through web scraping. The structured data is imported into the Deloitte database via a REST API interface and an RSS feed.
2. Validation and enrichment: The quality and accuracy of the raw data provided is checked. Validated data is enriched with a summary and keywords ("tagging") by Deloitte Legal teams in the relevant jurisdiction, the impact is assessed indicatively and transferred via the client interface.
3. Integration and implementation: A customized dashboard in the customer ServiceNow instance creates the required transparency of reporting and enables workflow initiation. In addition, at the customer's request, there is cross-functional Deloitte support for the necessary implementation of legal, technical and organizational requirements.
    

Further advantages of "RegMonitoring by Deloitte”

The scope of our solution can be expanded individually for new legal areas and jurisdictions. The benefits also include proactive compliance management in the sense of picking up on potential legislative and regulatory changes at an early stage. In addition, by drawing on the global Deloitte Legal network, you obtain a comprehensive and continuously updated jurisdiction-specific foundation. In addition, ServiceNow's integrated dashboard gives you a real-time overview of tasks and regulatory alerts in each jurisdiction and provides robust management reporting.

Do you have further questions about our Legal Managed Service "RegMonitoring by Deloitte"? Please feel free to contact us.

_{Published: March 2023}