25 Jun 2019

FLOW: Forensics, technology and the future of legal services 05: REMI

Is your organisation faced with a barrage of notices from Australian regulators? The process of responding can often be decentralised, with no visibility of the overall engagement with regulators. Our Forensic & Technology Services group's Regulatory Engagement Management Interface, or REMI, creates a centralised, consistent, flexible, scalable and efficient way of engaging with regulators and providing senior management with real time organisation wide intelligence regarding all regulatory engagement activity.

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Clayton Utz communications are intended to provide commentary and general information. They should not be relied upon as legal advice. Formal legal advice should be sought in particular transactions or on matters of interest arising from this communication. Persons listed may not be admitted in all States and Territories.

Transcript

What clients are seeing in this post Royal Commission age is a lot more activity from the Regulators and a lot more engagement with the Regulators.  The challenge that this creates for our clients is that they need to respond on a number of fronts, perhaps a number of different business units or a number of different geographies all at the same time.  Traditionally our clients have been responding to the Regulators in a very decentralised fashion.  The problem that this creates for our clients is that they don't have an overall picture of their engagement with the Regulator.  The REMI dashboard provides our clients with real time information about their overall engagement with the Regulators.  They can see what notices are on foot, which ones are due imminently, which ones are overdue and that helps them manage their overall relationship with the Regulator.  Underpinning the REMI dashboard are a number of additional smart technologies.  For example we use continuous active learning which is a form of artificial intelligence to improve both the consistency and the timeliness of the document review process.  The feedback that we're getting from our clients is that REMI provides them with a lot of valuable real time information on their overall engagement with the Regulators.  This is helping them improve their relationship with the Regulators across a number of fronts.