New regulations are the lifeblood of Waymark Tech’s business. The company’s global clients, from government policymakers and regulators to compliance supervisors, professional services firms, and financial institutions, all depend on Waymark to deliver fast and accurate information about regulatory changes.
Companies in heavily regulated industries, such as financial services, face a particularly daunting challenge of constant regulatory changes in each market where they operate. Complexity multiplies quickly, considering new regulations or updates can be issued by a different state, province, country, or supra-national regulators.
Regulatory announcements can arrive with little time for companies to react. Each new announcement sets off a flurry of activities for affected businesses, which need to identify, assess, and potentially address associated risks, obligations, and other impacts. “Compliance officials need to be able to quickly confirm whether the particulars of a regulatory change may affect their firm, enabling them to start mitigating any reputational and operational liabilities as soon as possible,” says Mark Holmes, CEO, Waymark Tech.
An innovative startup on an impressive growth trajectory, Waymark simplifies regulatory information sharing and compliance operations for its clients with an array of tools on its Wayfinder platform. The platform uses artificial intelligence and machine learning, including natural language processing, to power capabilities for regulatory notifications, searching, and analytics, plus workflow and collaboration tools for regulatory change management.
Adobe PDF Extract API, a web service powered by Adobe Sensei machine learning to unlock the structure and content elements of any PDF, serves as Waymark’s primary engine for extracting information from regulatory announcements and related documentation in PDF. Waymark had tried numerous point products for different segments of the information extraction process, but these created many time-consuming, imperfect steps.
“There are open source options that give you bits of the needed information. One of them might be really good with metadata information about the text, for example, but then it will fail when it encounters a table or an image,” says Sean Gilley, Lead Engineer, Waymark Tech.