RegScale Recognized in the 2024 Gartner® Market Guide for Regulatory Intelligence Solutions

We’re pleased to announce that RegScale has been named as a Representative Vendor in the 2024 Gartner® Market Guide for Regulatory Intelligence Solutions! In the Market Guide by Lauren Kornutick and Lexi VerVelde, 15 October 2024,  RegScale recognized as a Representative Vendor for Regulatory Intelligence solutions.  

 “Assurance leaders are grappling with increased frequency and complexity of regulatory activity, impacting their regulatory compliance. Leading legal, risk and compliance teams are reassessing their resource portfolios, with many seeking solutions from the regulatory intelligence marketplace.” 

Although only Gartner subscribers can access the complete Market Guide, we’ve put together some of our key takeaways from the Gartner report.   

Challenges Facing Assurance Leaders Today

Because of the increasing volume and complexity of global regulatory oversight, renewed geopolitical uncertainty, and rising demands from stakeholders, assurance leaders face increased pressure to demonstrate the effectiveness of their regulatory intelligence programs. This is leading assurance teams to shift to centralized processes and implement regulatory intelligence technology solutions.

Unfortunately, most individual solutions cannot reliably encompass tracking and change management for all risk terrains that assurance teams are responsible for overseeing. As a result, teams are adopting a portfolio of regulatory intelligence tools to manage risk effectively. Because of the costliness and inefficiency of this approach, there is a real appetite for holistic technology solutions that can offer dynamic, defensible, data-driven support for near-real-time decision-making. 

Overseeing the Oceans of Change

Assurance leaders are seeking ways to improve efficiency and reduce costs around operationalizing regulatory change in their organizations. Luckily, there are several key steps they can take to better manage the rapidly expanding regulatory landscape. 

• To strengthen a regulatory intelligence program, assurance leaders must start by assessing legal and compliance risk and defining a risk appetite statement. This will help prepare the team to prioritize the right actions to track and operationalize regulatory change. 
• To improve oversight, assurance leaders should build a centralized repository of regulations and document how they plan to operationalize them into business processes — including how they will integrate new technology from the regulatory intelligence solutions marketplace. 
• There is no single technology solution that can track and mitigate all regulatory obligations, so assurance leaders need to prioritize solutions that align to their highest-priority regulatory risks. 

Implementing a modern, extensible, and complete solution like RegScale gives customers the ability to start where they are and grow their program as they mature, reducing the number of different technologies that assurance leaders need to manage the breadth of today’s regulatory requirements. 

State of the Regulatory Intelligence Market

 According to Gartner, “products in this market have the following mandatory capabilities that assist organizations in tracking and contextualizing regulatory change across two categories: 

• Content provision: Curation of regulatory content, content aggregation, tracking of saved topics, dashboard and reporting.
• Mapping and implementing regulatory change: Regulatory change management.:” 
  
  
  • Regulatory change tracking —  having key features:  curating regulatory content, aggregating content aggregation, and providing expert assistance.
  • Regulatory risk assessment — having key features:  dashboards and reporting, regulatory change management, and regulatory impact assessments. 
  • Policy management —  having key features:  change management, content aggregation, and machine learning/generative AI.

According to the report, “products in this market have the following mandatory capabilities that assist organizations in tracking and contextualizing regulatory change across two categories: (1) content provision (e.g., curation of regulatory content, content aggregation, tracking of saved topics, dashboard and reporting) and (2) mapping and implementing regulatory change (e.g., regulatory change management).

Products may also be differentiated by optional features across the same two categories: (1) content provision (e.g., expert assistance, API integration) and (2) mapping and implementing regulatory change (e.g., workflow integration, machine learning [ML] or generative AI [GenAI] reading of regulations and laws, regulatory impact assessment, regulatory filing, and external notifications).” 

Gartner expects, “sixty-four percent of legal departments and 47% of compliance departments expect to increase their spend on technology, while 33% of ERM departments intend to spend more on risk technology.” 

At the end of the day, assurance leaders often run resource-starved teams, yet they can represent some of the most critical factors in business decisions. Historically, assurance groups have been slow to adopt new technologies, but the rapid rate of change is forcing them to speed up just to keep their head above water. With additional pressures from other parts of the organization like the CISO and CIO, assurance leaders are under even more pressure to be efficient and adapt quickly. 

Regulatory Intelligence Vendor Characteristics

Regulatory intelligence solutions are differentiated by the risk terrains that they support, and they typically focus narrowly on specific risk terrains. According to Gartner, “to qualify for this market, products must have all mandatory capabilities in the aforementioned definition and demonstrate support of at least three separate risk terrains for inclusion.” 

In our opinion, with robust AI features, RegScale’s platform allows organizations to balance speed and risk, enforce policy, produce real-time reporting, and continuously identify and remediate issues as regulations evolve. Our commitment to innovation means that we are continuously evolving our capabilities to meet security, risk, and compliance needs for modern enterprises — both now and in the future. 

Ready to learn more? Schedule a demo to see how RegScale can help you overcome the challenges of regulatory change. 

Gartner, Market Guide for Regulatory Intelligence Solutions, 15 October 2024.

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