17th November 2021
LexisNexis Regulatory Compliance Recognized As “Overall RegTech Solution of the Year” in 2021 LegalTech Breakthrough Awards Program
17 November 2021 00:00
Prestigious Annual Awards Program Recognizes Innovative Companies, Products, and Services Supporting the Legal and RegTech Fields
LexisNexis Regulatory Compliance is a legal obligation register and alerting solution that combines regulatory content with technology to empower users to take control of their compliance obligations. LexisNexis Regulatory Compliance provides customers with a register that can convert long lists of legislation, codes, and standards into a concise list of core obligations for each module covered. The solution also sequences obligations into business processes and has core obligations aligned to a series of sub-obligations.
The solution also contains “action-oriented” content showing users what they need to do in addition to practical guidance notes, links to sources, remedial actions, and consequences of non-compliance. Importantly, the solution is dynamic and updated when laws or regulatory expectations change.
LexisNexis can import their content into existing GRC / ERM systems via their API. The register also includes an online portal and Excel Register.
Additionally, SourceData is a new product within the Regulatory Compliance solution, providing users with an innovative way of viewing and using existing compliance content. By adding new data points on regulators to the existing content set of compliance sources, obligations, and alerts, SourceData gives customers an unprecedented level of flexibility to analyze compliance content.
“Since its launch in 2016, there have been over 25,000 new or amending legislative instruments, resulting in thousands more legislative changes. LexisNexis Regulatory Compliance has enabled governance, risk and compliance professionals to manage their company’s regulatory risk by enabling them to meet the demands of an increasingly complex environment,” said Myfanwy Wallwork, Executive General Manager, Regulatory Compliance Global. “In addition, due to strong customer demand, we’ve launched Regulatory Compliance in countries across the globe. Our international content covers key compliance areas across 7 international jurisdictions, and we’re committed to expanding this content set for other industries and across new jurisdictions too.”
In conjunction with global legal experts, LexisNexis has launched 28 new modules across 7 countries.
Their international compliance modules are related to financial crime, privacy, and cybersecurity legislation.
The mission of the annual LegalTech Breakthrough Awards program is to conduct the industry’s most comprehensive analysis and evaluation of the top technology companies, solutions, and products in the legal technology industry today. This year’s program attracted more than 1,300 nominations from over 12 different countries throughout the world.
“Traditional legal obligations registers are generally made of long lists of legislation and regulations, written in legalise and covering only one area of law. This may be appropriate for a qualified In-House Counsel, but a Compliance or Risk Manager may have trouble understanding this content,” said Bryan Vaughn, Managing Director of LegalTech Breakthrough Awards. “With LexisNexis Regulatory Compliance, firms of all sizes and in multiple countries, can save valuable time while ensuring they stay compliant. Congratulations to LexisNexis on being our choice for ‘Overall RegTech Solution of the Year.’”
LexisNexis Regulatory Compliance is tailored to their diverse customer set where customers can choose to access content via a variety of multi-format options. There were over 6500 alerts sent in 2021 alone.
“Winning the category of Overall RegTech Solution of the Year is a culmination of many years of ongoing development and refinement of our Regulatory Compliance solution,” said Greg Dickason, Managing Director Pacific, LexisNexis Pacific. “Our focus on the content side - being the ‘Reg’ of ‘RegTech’ has enabled us to work with many partners to enable compelling compliance solutions. Winning the award is humbling and a vote for the whole ecosystem of our content and our partners' solutions.”
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