On Monday, Regology, the regulatory intelligence platform, made waves in the legal tech space with the announcement of its innovative generative artificial intelligence-powered solution called “RegIntel.” This free offering aims to revolutionize regulatory compliance for law firms and companies of all sizes.
The brainchild of Regology’s co-founder and CEO, Mukund Goenka, RegIntel harnesses the power of generative AI to simplify the research process for attorneys, law firms, in-house professionals, and law librarians. Users can pose questions, which train the AI underlying the solution to generate intuitive summaries of laws and regulations spanning the U.S. and global markets, along with their potential consequences.
In a chat-like format on the sidebar, RegIntel operates in a Q&A structure, allowing users to inquire about regulations as they navigate their research journey. The tool’s primary objectives are to help users delve into the nuances of laws, draft policies based on their findings, and analyze how these regulations impact their organization’s compliance activities.
Goenka’s extensive experience in large financial institutions like JPMorgan and PwC inspired the creation of RegIntel. As companies expand into multiple jurisdictions, keeping track of diverse laws and their implications on compliance policies becomes increasingly challenging. RegIntel aims to save legal professionals valuable time while mitigating regulatory risk by providing comprehensive research on specific laws and their relevance to each organization.
Typically, the process of building tasks related to regulatory compliance could take weeks. However, RegIntel empowers users of all expertise levels to swiftly understand the breadth and depth of regulatory impact on their business.
The foundation of RegIntel lies in Regology’s extensive repository of compliance policies, housing over 15 million laws and regulations that compliance professionals need to monitor closely. The generative AI powering RegIntel is a blend of large language models (LLMs), such as OpenAI’s GPT-3.5, and some of Regology’s proprietary LLMs. Each LLM performs a distinct function, carefully selected to suit RegIntel’s specific processes. Importantly, user data remains within Regology’s secure ecosystem.
Furthermore, AI plays a critical role in ensuring the underlying library of laws remains up-to-date in real-time. Regology’s team conducts regular copyright reviews to ensure the AI is trained on language free of copyright issues. Additionally, they harmonize laws and regulations from diverse jurisdictions into a unified database.
While the legal tech landscape boasts several solutions utilizing generative AI and LLMs, RegIntel sets itself apart by not only focusing on research but also analyzing the statute’s effects on organizations’ compliance policies. This holistic approach is what makes RegIntel stand out from the competition, according to Goenka.
In a field where cutting-edge technology drives efficiency and effectiveness, Regology’s RegIntel brings a much-needed free and user-friendly solution to the complex world of regulatory compliance. As AI continues to advance, the possibilities for reshaping legal research and compliance management are truly boundless.
