Knowledge Mosaic LLC, a provider of web-based compliance applications for highly regulated industries, released of KM PolicyWatch, a product created in direct response to feedback from the worlds leading investment and banking firms.
The tool aims at what has become a tedious, error-prone, and complicated exercise for compliance professionals: amending their internal policy manuals to reflect the many changes that occur in Agency and SRO rules and regulations. KM PolicyWatch automates this process, linking a companys data to the relevant external rule, and alerting the user when a rule is changed or added.
In recent years, the financial industry has felt the burden of an increasingly complicated regulatory infrastructure, along with federal and state legislation meant to make the industry more accountable for its practices. In such a climate, traditional methods of compliance are proving to be evermore time-consuming and labor-intensive. As a result, the industry has been eager for alternatives that promise improved accuracy, efficiency, and record-keeping ability.
KM PolicyWatch tracks a myriad of proposed rule changessynchronised with the exact sections and manuals that may be affectedand makes the data easily available for necessary updates. The system is also designed to assist with audit requests, as users can preserve snapshots of the status of rulemaking updates for any given time period, and create on-demand reports of essential information.
“Were very optimistic, not only because we are proud of this product, but because it seems so well-suited for its moment. I dont think its an exaggeration to say that KM PolicyWatch has the potential to revolutionise compliance management for banks and brokerage firms, in a way that is comparable to how the internet has revolutionised the way we manage and experience data. The playing field is much narrower, but the idea is the same. In a few years, we will look back on current methods of compliance management in much the way that we now view the electric typewriter,” says Peter Schwartz, founder and president, Knowledge Mosaic LLC.