We would like to keep you up to date with the latest news from Digitalisation World by sending you push notifications.
Mphasis has signed a partnership with Be Informed, a digital transformation platform for the intelligent automation of knowledge work and complex decision making.
Mphasis and Be Informed will combine their capabilities to deliver high-end decision-support solutions in regulatory and policy encoding to public and private sector organizations in highly regulated industries, focusing on banking, insurance, travel, logistics, and healthcare. Under the terms of the agreement, Mphasis will provide domain-specific knowledge to enhance the partnership’s software, adding machine-learning capabilities to the combined offerings and helping with the effective implementation of solutions for clients.
With vast amounts of frequently evolving laws and regulations, it is challenging for organizations to keep track of all changes and ensure compliance. In 2020, companies across 190 countries had an average of 257 regulatory alerts per day, and this number is multiplying, given the large pipeline of further regulatory changes for industries to navigate. For instance, following the UK’s exit from the EU, the UK Government has suggested a gradual transition from retained EU law in financial services to requirements more tailored to the UK market. Today’s ecosystem depends on lawyers to interpret regulations, but with many hundreds of interconnected documents required to deliver a complete picture, there was a gap in the market for a solution to streamline and optimize the process.
The partnership will introduce new standards for legal knowledge representation and develop tools, methodologies, and automation capabilities to support the analysis and interpretation of regulations, policies, and contracts. Designed to work together, the tools will include a library comprising legal documents, regulations and policies pulled from numerous sources and standardized; a workbench platform to automate the process of interpreting and validating them and help identify any policy gaps; and a compliance engine for implementing these explicit interpretations of contracts, regulations and policies as rules. The cost and efficiency of compliance will improve dramatically as the policy workbench gains acceptance.
The partnership will initially focus on:
· Contracts as data: encoding contracts into explicit interpretations to help organizations radically reduce the cost of managing and servicing their portfolio of contracts
· Regulations and policies as data: encoding regulations and policies into explicit interpretations that can be implemented in business processes and applications to increase efficiency, agility and transparency of business processes and reduce life-cycle costs for applications
Based in the Netherlands, UK and the US, Be Informed chose to work with Mphasis due to its deep domain expertise across financial services, logistics and other highly regulated industries across the UK, Europe and globally. Mphasis specializes in delivering tailored next-generation solutions to organizations looking to automate knowledge-intensive regulatory and policy encoding work and comply with complex regulations. The Mphasis NextAngles platform, which will
be implemented as part of the partnership, is built on the same semantics-based technology as Be Informed and can deliver massively scalable compliance solutions.
"The relationship between a government and its regulated entities has increasingly become entangled in a maze of rules that no one understands anymore. Understanding this challenge and with the vision to support the knowledge workers, we have been working with our partners and leading researchers to solve this problem since the early days of Be Informed. That we can continue this journey together with Mphasis makes us very excited and proud. Together we will work on a solution that improves regulations, reduces administrative burden, increases citizen participation, and lowers the cost of compliance." said René Louter, Chief Executive Officer, Be Informed.
“We are pleased to partner with Be Informed to create a new type of policy ‘metaverse’ intended to add significant value to the capabilities of highly regulated public and private sector clients in how they monitor - and adhere to - policy changes,” said Srikumar Ramanathan, Chief Solutions Officer, Mphasis. “Mphasis has a strong track record of working with many financial institutions to implement new regulations and addressing consent orders by applying cutting-edge digital technologies, which gives us an edge in understanding exactly what it takes to encode regulations and policies. Our vision is aligned with Be Informed, and together we are bringing our complementary strengths to develop innovative solutions to help organizations in highly regulated domains reduce costs and increase efficiency while delivering superior customer service and ensuring compliance.”
For some of the offerings being brought forward by the partnership, Mphasis and Be Informed will work with the Leibniz Center for Law, a collaboration between independent research organization TNO (Organization for Applied Scientific Research) and the University of Amsterdam, which applies computer science and artificial intelligence to the field of law.