What is

SmaRT is a standards-based RegTech application that helps lawyers and legal SMEs to unpack regulations into both human-readable and machine-computable formats. It also enables regulators to publish regulations in a machine readable format that enables the machine execution of regulations.

The Mercury methodology and core semantic technologies in SmaRT are based on:

Financial institutions and legal firms are struggling to keep pace with the volume, velocity, variety and complexity of regulations in recent years. This struggle appears to be as eternal as that of Sisyphus, the King of Ephyra, who was condemned by Zeus to repeat the same task over and over for all eternity. The problem for financial institutions is the huge cost of compliance. Lawyers are the beneficiaries of such inefficiencies, but they too are burdened by the costs of organizational amnesia, as their knowledge is not being captured systematically in an organizational memory. The latter is also a huge cost for financial institutions.

The purpose of this application is to make laws and regulations Smart using RegTech (SmaRT). The application was designed to enable legal and financial industry experts to transform complex legislation, related regulatory rules, and other texts containing standards and guidelines into a regulatory natural language (RNL). This standards-based RNL is captured by SmaRT using a combination of human knowledge and expertise augmented by Artificial Intelligence and Machine learning technologies. SmaRT may also be applied by regulators to make rules and vocabularies machine readable.

The Mercury Methodology underpinning SmaRT provides a standardized, scalable, systematic approach that overcomes the limitations of current ad-hoc proprietary solutions, which see financial institutions effectively ‘reinventing the wheel’ in terms of understanding regulatory imperatives and developing related governance policies, procedures, risk management strategies, and compliance reporting solutions, whenever new legislation is published or regulations applied to industry.

Thus SmaRT may be deployed to ‘unpack regulations’ systematically using standards-based regulatory and semantic technologies that create, process and store legal knowledge cumulatively, in concert with tried and tested AI and machine learning technologies, into a knowledge base based on semantic technologies.