Thomson Reuters helps business with
Compliance Manager, a platform designed to help firms manage regulatory requirements, Advanced Trading reports.
The news and data provider says the platform will connect to users' internal compliance systems, and allow them to track, monitor and better understand new regulations.
The solution provides information from more than 230 regulators and exchanges around the world, Reuters states.
It can be deployed within an organisation to manage the lifecycle of the compliance process, from the notification of a new regulation, through responding to regulatory audits.
"The compliance manager's workflow has reached saturation point. Our customers are hit with thousands of regulatory developments each year and traditional manual approaches are no longer viable," said Andrew Neblett, SVP, compliance, audit and risk, Thomson Reuters Governance, Risk and Compliance.
Thomson Reuters Governance, Risk and Compliance found that 84% of respondents expect to handle more regulatory information this year, and that more than one-third of respondents spend an entire workday each week keeping up with changes, The Wall Street Journal says.
According to the company, costs are rising for compliance as demand increases for experienced compliance professionals. But only 11% of companies expect to increase their compliance budgets.
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