Regulatory Management Tool Introduced by Vixio Transformation
Vixio Launches Revolutionary Regulatory Management Tool: Vixio Workspace
Vixio, a leading provider of regulatory intelligence, has unveiled its latest innovation - Vixio Workspace. This regulatory management tool is designed to help compliance teams navigate the complexities of regulatory changes more efficiently.
The key features of Vixio Workspace include centralized access to regulatory content, automated alerts for updates, and an intuitive workflow capability. It also offers collaboration tools, a chat function, user management, an audit trail, and easy file uploads.
One of the main challenges faced by compliance teams is managing actions from regulatory changes, often requiring the use of multiple disparate systems. Vixio Workspace addresses this issue by providing a single repository for supporting documents and evidence submissions.
The tool is designed by compliance professionals for compliance professionals, aiming to reduce manual effort, minimise errors, and streamline the assessment and implementation of compliance actions. This integrated approach reduces the risk of missing critical updates, thereby enhancing regulatory risk management.
Compliance professionals spend a significant portion of their time on reactionary administrative tasks. By leveraging Vixio Workspace, they can proactively monitor regulatory developments and respond faster, improving their overall regulatory governance and reducing operational risks associated with compliance failures.
Mike Woolfrey, CEO of Vixio, stated that Vixio Workspace aims to address the challenges faced by compliance teams. He further added that the tool introduces an intuitive workflow capability into Vixio's regulatory intelligence platform.
Notably, Vixio Workspace doesn't require IT integration, allowing instantaneous adoption. It provides a digital audit trail which tracks discussions between collaborators and minimises the need for confusing email trails. Users can see global regulatory updates, track their progress to implementation, and document everything for easier attestation.
For more information about Vixio and Vixio Workspace, visit them at Stand 9 in the Expo Hall at Open Banking Expo USA on June 26, at the Hilton Midtown in New York. They are an Event Partner of Open Banking Expo USA.
According to a report, 85% of compliance leaders report that compliance requirements have become more complex in the past three years. This complexity can lead to errors, team misalignment, missed actions, and critical regulatory updates. With Vixio Workspace, compliance teams can stay ahead of these evolving rules and maintain regulatory compliance more effectively.
Furthermore, 77% of compliance leaders report that compliance complexity has negatively affected company growth drivers. By simplifying the process of tracking and interpreting complex regulatory updates, Vixio Workspace aims to help businesses grow while maintaining regulatory compliance.
In some sectors, the average compliance professional spends as much as 95% of their time on reactionary administrative tasks. Vixio Workspace combines regulatory intelligence with task management, eliminating cumbersome copy/paste processes and tracking with spreadsheets. This allows compliance professionals to focus on strategic tasks and contribute more effectively to their organisations.
Vixio Workspace provides world-class regulatory intelligence with unparalleled precision through AI capability and a global team of expert regulatory analysts. This ensures that the information provided is accurate, timely, and relevant, helping compliance teams to make informed decisions and stay ahead of regulatory changes.
In conclusion, Vixio Workspace is a game-changer for compliance teams. By offering a centralised, intuitive, and automated platform for regulatory management, it simplifies the process of tracking and interpreting complex regulatory updates, enabling compliance professionals to stay ahead of evolving rules and maintain regulatory compliance more effectively.
[1] Source: Vixio Internal Research, 2021
- Vixio Workspace, a regulatory management tool, offers centralized access to global regulatory updates, enhancing the ability of compliance teams to stay ahead of evolving rules.
- With Vixio Workspace, compliance professionals can proactively monitor complex regulatory developments, allowing them to respond faster and improve their overall regulatory governance.
- By providing a digital audit trail, Vixio Workspace minimizes the need for confusing email trails, offering a more streamlined approach to regulatory risk management.
- Vixio Workspace's AI capability and global team of expert regulatory analysts ensure that the information provided is accurate, timely, and relevant, aiding compliance teams in making informed decisions and staying ahead of regulatory changes.
