Toward Automated Change Impact Analysis of Financial Regulations

Regulation changes over time due to amending or repealing existing legal provisions as well as introducing new ones. The finance field provides a concrete example of heavily regulated area which has seen continuous regulatory changes in the aftermath of the 2008 crisis. Software financial services like online banking or trading must constantly comply with the regulations. Monitoring and analyzing the regulatory change is essential to ensure that such services remain compliant. Regulatory changes can significantly affect existing software systems that were compliant at a certain point in time. However, tracing the regulatory changes entirely manually is time consuming and error-prone. In this position paper, we introduce our vision for automated financial regulations change impact
analysis. We aim at characterizing the regulatory changes pertinent
to financial regulations, and further providing automated support
for both identifying and classifying the regulatory changes as well
as analyzing the impact of such changes on existing (potentially
compliant) software systems.