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The solution should meet the following criteria

• Intelligent policy and regulatory mapping: Ability to crawl, ingest and analyse data from different sources including internal policies, external regulatory databases and documents on best practices. Provide alerts and recommendations for policy updates based on new or revised regulations. 

• Automated policy mapping and gap analysis: Ability to automatically map internal banking policies and procedures against relevant regulatory requirements so that potential gaps or inconsistencies can be identified. 

• Customisable compliance matrices: The solution should enable the generation of customized compliance matrices based on different regulatory, business unit requirements and risk appetites. 

• Proactive risk insights and mitigation: The solution should suggest actionable mitigation steps to address identified gaps and insights into how policy changes may potentially affect operations, regulatory compliance and the risks involved. 

OVERALL PERFORMANCE REQUIREMENTS 

• Accurate: The solution should demonstrate accuracy in mapping internal policies to relevant regulations so as to identify potential gaps and flag compliance issues accordingly. 

• Adaptable: As financial regulations are dynamic, the solution should be capable of staying up to date through continuous crawling or pushing of regulatory feeds without the need for manual intervention. 

• Streamlined collaboration: Centralise policies, risk assessments and audit findings to provide a single source of truth. The solution should streamline collaboration between compliance, legal, risk and other business units involved in policy making. 

• Scalable: The solution should also be scalable to handle regulatory requirements across different jurisdictions and geographical locations as the business grows and expands their customer base overseas. 

• System reliability and audit trail: Ensure high availability of the system with failover mechanisms. System logs should be available to keep track of updates and version histories for each compliance matrix generated. 

• Security and data privacy: Ensure that sensitive policy and compliance data in handled securely, in line with local data protection regulations (e.g. PDPA)

There are no restrictions on the geographical location of the problem solvers who may choose to apply to this challenge. However, the prototype must be demonstrated in Singapore.