In-depth gap analysis for regulation documents
Deloitte’s 'Automated Gap Analysis' Regulatory Compliance Tool
Deloitte’s 'Automated Gap Analysis' provides thorough but fast and highly effective regulatory gap analysis using Generative AI
The Need
Collating information, comparing, and analyzing possible gaps, for instance between regulations and company policies, is time intensive and error prone. Especially when it comes to regulations such as DORA (Digital Operational Resilience Act), regular testing and incident reporting beyond general risk management is required. The complex network of EU laws and legal acts, esp. understanding the regulations, directives, amendments, etc. is labor intensive and less accurate.
This means that close collaboration with authorities and institutions is a necessity. Currently, a lot of these processes involve manual labor, indicating a significant need for automation.
Our Solution: Automated Gap Analysis
Deloitte’s 'Automated Gap Analysis' addresses this need, supporting thorough but fast and highly effective regulatory gap analysis using Generative AI. The tool was originally designed to perform gap analyses for DORA regulation versus other regulations or versus internal company policies. It also works with other regulations where it intelligently extracts text while understanding the document layout's context, provides the user with a high-level comparison and the option to ask specific questions about the regulations.
'Automated Gap Analysis' integrates Generative AI and LLMs (Large Language Models) into the existing process of regulatory compliance with a major focus on usability, for instance how it organizes its findings into a structured table, labeling each aspect as a “match” or “gap”. Furthermore, the tool cites the reference locations from the relevant regulations and policy documents for the generated results, highlighting its emphasis on explainability and hallucinations reduction.
Advantages/Benefits
- Speed – five- to ten-fold reduction in time over manual mapping of tables
- Cost – reducing the cost of highly specialized resources required for data migrations, API connections, or data warehousing efforts.
Example Use Cases
- Update company policies to be compliant with regulations such as DORA, EU AI Act, CRR, CRD, PSD, FINMA, BaFin, etc.
- Ensure resilience against an evolving landscape of cyber threats, as financial institutions (banks, insurers, payment institutes, etc.) in the EU are forced to re-examine their cyber-security measures.
- Understand how economic regulations and policies affect across various jurisdictions, sectors, industries, regions, or countries, including any overlaps and inconsistencies.
- Perform compliance audits quickly and efficiently.
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