Aptus.AI ENDORSEs the RegTech Data Management
2021 European Data Conference on Reference Data and Semantic
At Aptus.AI we believe that R&D activities are essential for a hi-tech start-up like us. This is why our team members never miss the opportunity to take part in national and international events, like ENDORSE 2021 - the first European Data Conference on Reference Data and Semantic. We take knowledge and inspiration from these happenings for our daily work - and also for our blog posts.
ENDORSE 2021: the challenge of information sharing and data connection
Within the scope of European Institutions (public administrations, governments and more), knowledge, experience and technology sharing have become a real challenge. The amount of information that these institutions produce, disseminate and reuse every day is considerable. However, despite the efforts made over the past few years, individual European organizations still work differently, making both communications and information retrieval complicated. These were the central topics of ENDORSE 2021. For the Publications Office of the European Union, this conference has been a great opportunity to bring together academic researchers, European Institutions experts and private sectors professionals who, while working in different fields, have a common goal: find ways to interconnect data and access reliable information easier and faster than ever. The goal of ENDORSE 2021 has been therefore to promote the sharing of knowledge, ideas and experiences in order to allow public administrations, businesses and also citizens coming from many EU countries to interact, even if they are part of different systems.
Unity is strength! Interoperability and knowledge management
The concept of interoperability has become one of the hottest political issues in the EU because it allows to create common European spaces. But to promote interoperability, the reference data need to be reachable, accessible and reusable, otherwise it is not possible to take advantage of their incredible value for governance activities. However, we need to consider the problem of interoperability both from a technical and from a cultural point of view. Starting from the latter, when we talk about semantic interoperability, we refer to data and information that are understood in the same way by all the communicating parties, and a good strategy for achieving this condition is to perceive data and information as a valuable public resource. Turning to a more technical point of view, it is necessary to consider some aspects related to data integration services, secure communication protocols, interconnection services, data presentation and exchange, interface specifications, and so on. All these aspects are often faced by the applications and information systems of public administrations in a bottom-up way, trying to solve domain-specific and local problems. Instead they should be managed, whenever possible, by using formal technical specifications, in order to guarantee the technical interoperability.
The way to interoperability is… standardisation
Another very important aspect that has emerged during the ENDORSE 2021 conference is the need to follow the standards, especially when we talk about regulatory operations. In particular, there are two big limitations in the world of standardisation. First of all, those who deal with the modeling of the entire legal information chain have to choose between a multiplicity of standards. Obviously this choice can be very confusing. Furthermore, it may happen that the available standards are not entirely satisfactory with respect to a specific domain. These two aspects often cause the fact that anyone tends to create their own specifications, consequently inhibiting communication and interoperability between different systems.
The Regulatory Data Management at Aptus.AI is called Daitomic
At Aptus.AI we often ask ourselves about these issues. Our goal is to understand how to promote innovation and achieve a digital transformation in the world of textual contents, starting from RegTech. Our main objective is in fact to make banking and finance regulations more accessible and reliable, aiming to increase the quality of RegOps, also reducing time and costs currently needed for compliance regulatory activities. One of our priorities is the interoperability between regulatory sources, making them related through a single format and providing an optimized regulatory change management. Daitomic is our compliance management system, which exploits AI to provide an electronic and machine readable representation - a topic which we have already faced in our blog - of legal documents, also taking into account current internationally recognized specifications and adapting them to each customer's needs. Get in touch with us to learn more about this Artificial Intelligence platform, created to feed the GRC (Governance, risk management, and compliance) systems with digital accessible regulations!
