Regulatory Management Tool Unveiled by Vixio: A New Transformative Approach
In a significant move, Vixio, a leading provider of regulatory intelligence solutions, has launched a new regulatory management tool called Vixio Workspace. Designed by compliance professionals, for compliance professionals, this innovative platform aims to revolutionise the way compliance teams manage regulatory changes.
Vixio Workspace is an intuitive workflow tool that seamlessly integrates regulatory intelligence with task management, eliminating the need for cumbersome copy/paste processes and tracking with spreadsheets. The tool is designed to empower compliance teams with precision-driven regulatory intelligence tailored to their needs.
One of the key challenges faced by compliance teams in managing actions resulting from regulatory change is the centralised management of obligations and changes. Vixio Workspace addresses this issue by offering a centralised platform where teams can track and respond efficiently to regulatory updates.
Another challenge is the time spent on monitoring and interpreting evolving rules. Vixio Workspace streamlines access to up-to-date regulatory intelligence, reducing the time spent on these tasks. The tool also improves operational efficiency, allowing compliance teams to allocate resources more effectively without manually sifting through multiple sources and documents.
Vixio Workspace is particularly beneficial for industries like gambling, where requirements vary widely between jurisdictions. The tool supports handling complex and dynamic regulatory environments, making it an invaluable asset for compliance teams in these industries.
Checklists in Vixio Workspace, integrated with regulatory intelligence, serve as a single source of truth for compliance initiatives. Users can create and allocate tasks easily, manage compliance team priorities, and track progress to implementation. Vixio Workspace doesn't require any IT integration, allowing instantaneous adoption.
Mike Woolfrey, chief executive officer of Vixio, stated that Vixio Workspace aims to address the challenges faced by compliance teams by fusing regulatory intelligence and workflow capability together. The tool provides world-class regulatory intelligence with unparalleled precision through AI capability and a global team of expert regulatory analysts.
Vixio Workspace also offers a real-time dashboard that provides a single panoramic view of everything in one place and provides real-time status of tasks and projects. The tool also includes a chat function to speed up communication within compliance teams and the wider business, and an audit trail that tracks discussions between collaborators, minimising the need for confusing email trails.
In addition, Vixio Workspace allows for easy file uploads for evidence submission and serves as a single repository for supporting documents. The average compliance professional spends 70% of their time on reactionary administrative tasks, and Vixio Workspace is designed to reduce this burden, allowing compliance professionals to focus on more strategic tasks.
Recent studies have shown that 85% of compliance leaders report that compliance requirements have become more complex in the past three years, and 77% of compliance leaders report that compliance complexity has negatively affected company growth drivers. These statistics highlight the need for a tool like Vixio Workspace, which can help compliance teams manage these complexities more effectively.
In some sectors, the percentage of compliance professionals spending more than 95% of their time on reactionary administrative tasks can be as high as 95%. Vixio Workspace offers a solution to this problem by providing a platform that streamlines regulatory intelligence and task management, allowing compliance professionals to focus on more strategic tasks and improve compliance outcomes in a complex and fast-changing regulatory landscape.
- The global finance industry will benefit greatly from Vixio Workspace, as the tool provides a centralized platform for compliance teams to manage and efficiently respond to regulatory updates, assisting in open banking and other business transactions.
- The innovative Vixio Workspace platform addresses common challenges in the compliance sector, such as the time spent monitoring and interpreting evolving rules, by streamlining access to up-to-date regulatory intelligence, reducing manual efforts, and improving operational efficiency.
- Compliance teams in various business sectors, including data-sensitive industries like technology and global finance, can leverage Vixio Workspace's precision-driven regulatory intelligence tailored to their needs, ensuring security and adherence to ever-changing regulations.
- The launch of Vixio Workspace at the upcoming global expo will showcase its integrated workflow capabilities, allowing compliance professionals to manage tasks, prioritize initiatives, and track progress more effectively, ultimately leading to improved compliance and reduced administrative burdens.
