The initiative of Typejust is rooted in Eli5’s collaboration with ING, where a deep and effective collaboration was started between our team and the product team of the global bank. After leading ING Sparq from napkin sketch to a product used by the global bank in more than 35 countries, the urge to solve regulatory compliance at a larger scale was born among the participants. This partnership, built on a shared vision for innovation in regulatory compliance, leveraged our vast amount of combined product and regulatory expertise to solve regulatory change management on a larger scale. Recognizing the universal hurdles faced by banks and financial service companies in regulatory change management, the collaboration sought to expand the impact beyond a single organization. Typejust was born out of this ambition and with a far reaching aim: to help banks and financial service companies of all sizes deal with the constant growing regulatory pressure. This venture resembles a commitment to transforming regulatory compliance from a burdensome task to a streamlined, efficient process, empowering organizations to navigate the complexities of regulation with unprecedented ease and confidence.
Pain points and breakthroughs
Eli5's approach to product development is rooted in understanding the problems of the product’s users, a philosophy where empathy for user needs intersects with technological innovation. We dive deep into identification of the problems that need to be solved, uncovering not just the superficial pain points but also the underlying complexities. This thorough understanding forms the input for ideating solutions, ensuring we come up with effective solutions that are built in the right direction. For Typejust’s target audience, certain approaches and ways of working were deeply rooted in the organizations, making it harder to present solutions that enforced a new way of working. However, solving these problems has an incredible impact on Typejust’s customers, resulting in tens of millions of dollars in cost savings for a single organization.
Pain Points:
- No Single Source of Truth: Organizations struggled with scattered documentation, making cohesive management challenging.
- No Audit Trail: The road from regulations to policy documents lacked clear documentation, leading to oversight and control issues.
- Missing Regulatory Updates: Financial institutions frequently missed critical regulatory updates, affecting compliance.
- Double Work: Siloed working environments led to repeated efforts, highlighting a need for increased transparency and collaboration.
- Governance Variability: The diversity in governance models and processes within regulatory change cycles pointed to a lack of uniformity and control.
Breakthroughs:
- Centralized Regulatory Data: Typejust introduced a unified platform for all regulatory information, enhancing organization-wide accessibility.
- Collaborative Working Environment: By fostering collaboration, Typejust reduced redundant efforts, leveraging shared work across teams.
- Dynamic Governance and Control Flows: The system's adaptability allowed for customization to specific organizational governance needs, promoting efficiency.
- Automated Policy Updates: Typejust automated the updating of policy documents, ensuring current compliance.
- Dedicated Audit View: Auditors gained a comprehensive tool to inspect policies and their development trails, improving transparency and accountability.
These elements collectively represent a significant improvement in regulatory compliance management, where Typejust not only addressed existing inefficiencies but also set a new standard for operational excellence in the sector.
Designing for efficiency and effectiveness
The design process behind Typejust shows our commitment to creating user-centric experiences that enhance efficiency and stimulate collaboration. Central to this philosophy is ensuring that Typejust integrates flawlessly into the daily workflows of its users, offering a platform that is not only intuitive but also pleasant to use. Designed specifically for desktop devices, Typejust facilitates real-time collaboration, allowing users to access and share necessary regulatory documents with a single click. This seamless interaction ensures that all regulatory references are easily and instantly available, streamlining the compliance process and making collaboration natural and effortless. Through user-centric design, Typejust addresses the needs of its users, simplifying complex regulatory tasks and transforming them into manageable, collaborative efforts.
Comprehensive Features for Comprehensive Compliance
Typejust's architecture is engineered for comprehensive regulatory compliance, seamlessly integrating key features designed to tackle the multifaceted challenges of regulatory change management.
Horizon Scanning systematically monitors and identifies new regulations, ensuring organizations are always ahead, prepared for compliance requirements. This proactive feature is crucial for maintaining agility in regulatory landscapes.
Regulatory Assessment deep dives into documents, allowing for detailed risk analysis. It equips teams with the insights needed to make informed compliance decisions, turning complexity into actionable intelligence.
Smart Suggestions, leveraging AI, offer predictive recommendations based on historical data, optimizing efficiency and enhancing decision-making processes.
Collaborative Working eradicates silos, fostering a unified environment where expertise and responsibilities are transparent, promoting shared efforts and reducing redundant tasks.
Document Builder streamlines the creation of policy documents with dynamic templates and collaborative editing tools, ensuring consistency and adaptability in document formats.
Data Connections bridge regulatory information with company-specific interpretations, aligning compliance obligations directly with organizational policies, simplifying the compliance process.
Implementation Oversight tracks the application of regulations and policies within the organization, providing clear, up-to-date insights into compliance statuses.
Audit Trail maintains detailed records of decisions and actions within all regulatory compliance trajectories, offering auditors comprehensive visibility into the regulatory change journey.
Policy Portal serves as a dynamic repository for the latest policy documents, ensuring all stakeholders have access to current information.
Each feature is intricately designed to ensure that Typejust not only meets but surpasses the requirements for effective regulatory change management, embodying a holistic approach that is both intuitive and thorough.
Typejust's Impact and User Acclaim
The impact of Typejust on regulatory compliance, efficiency, and user satisfaction is profoundly positive, underscored by the experiences shared by users and project leads from a large European bank. Typejust has significantly revolutionized the Global Horizon Scanning process, enhancing efficiency and user experience across 30 countries. It has successfully co-created a tailored and user-friendly process, eliminating repetitive tasks and reducing errors, which in turn ensures an efficient audit trail. Additionally, its innovative approach to policy creation has been praised for its user-friendly interface and the facilitation of global, standardized workflows. Quantitatively, Typejust boasts impressive scores from users: a recommendation score of 9.3, look and feel score of 8.3, and policy transparency score of 9.0, alongside an average gain in efficiency of 20%. These testimonials and scores reflect Typejust's substantial role in streamlining regulatory compliance processes, showcasing its effectiveness and the tangible benefits it brings to organizations.
Setting a New Standard in RegTech
Typejust has set a new benchmark in the RegTech industry, transforming the approach to regulatory compliance with its innovative solutions. By focusing on user-centric design and leveraging advanced technology, Typejust has not only addressed but surpassed the traditional challenges faced by banks and financial institutions. The platform's success, as reflected in user testimonials and quantifiable impacts, underscores its effectiveness in streamlining compliance processes, enhancing collaboration, and ensuring a dynamic response to regulatory changes. Looking forward, Typejust is committed to continuous innovation and customer-focused development, aiming to further refine its offerings and expand its impact. The vision for Typejust is clear: to lead the way in regulatory technology, driving effectiveness and efficiency, and setting new standards for the future of regulatory change management.
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