European tech: University of Luxembourg and Linklaters collaborate to develop EU RegTech compliance tool
The University of Luxembourg has entered what it describes as a first of its kind collaboration with Linklaters, with the two organisations working together to create a tool that will improve organisations’ ability to interpret and implement EU legislation.
Computer scientists from the University’s Interdisciplinary Centre for Security, Reliability and Trust are working with lawyers or legal experts at Linklaters to develop a compliance tool as regards certain EU regulations. Many of these regulations are developing and have been opened to interpretations and organisations are struggling to understand their vast implications for their activities. This project will address the issue by converting the legal texts into an intuitive and machine-analysable format, opening the way for computer-assisted compliance analysis.
The tool – built by the university – will overlay the regulatory requirements onto a company’s policies and using automated processes, it will identify risks and gaps. It will identify areas where evidence of compliance is lacking, and automated risk-based analysis will quantify the risks that remain and their implications for overall compliance.
Dr. Mike Sabetzadeh, senior research scientist at University of Luxembourg says: “Our ultimate objective is to build an integrated environment for defining compliance goals, elaborating them into actionable processes, and collecting and managing evidence to demonstrate compliance.”
While collaborating with law firms is now fairly common practice for universities in the UK, SnT director Björn Ottersten explains: “The partnership with Linklaters is a milestone for us. We are delighted to be working with their legal experts to bring more automation and scalable solutions to this important sector and maintain Luxembourg’s position as a leader in secure and compliant data management.”
Patrick Geortay, Linklaters Luxembourg Managing Partner, says: “This is a game-changing innovation, using technology in a way that we haven’t seen before. The challenge for corporations across Europe as they ensure compliance with EU regulations is huge and so this tool could have a significant time and cost-saving impact.”