Automation toolkit

Jira-based setup (leveraging its popularity in finance for GRC—governance, risk, and compliance) and low-cost API integrations for smaller budgets

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Inspiration

Smaller banks struggle to keep up with ever-changing regulations and compliance demands, lacking the big budgets and teams of large banks.

What it does

Create a platform that helps compliance teams stay updated on new regulations (KYC, AML, local, international), automates policy updates, and provides guided workflows/checklists for reviews and audits. It could integrate with existing core banking systems via APIs

How we built it

Create a Jira Project: Log into Jira and go to "Projects" > "Create project." Choose "Company-managed" > "Kanban" template (simple for compliance flows; switch to Scrum if you prefer sprints). Name it "Compliance Toolkit." Add custom issue types: Go to Project Settings > Issue Types. Create: "Regulation Update" (for new regs like KYC changes). "Audit Task" (for reviews/checklists).

Add custom fields: In Project Settings > Fields, create: "Regulation Type" (dropdown: KYC, AML, Local, International). "Due Date" (date picker). "Risk Level" (select: Low, Medium, High).

Set Up a Basic Workflow: In Project Settings > Workflows, edit the default scheme. Add statuses: "New," "In Review," "Implemented," "Audited," "Closed." Transitions: From "New" to "In Review" (auto-trigger on creation for high-risk issues).

Configure Automation Rule (The "Hello World" Core): Go to Project Settings > Automation (or global via System > Automation rules). Create a new rule: Trigger: "Issue created" (when a "Regulation Update" issue is made). Condition: If "Regulation Type" is not empty (to ensure it's relevant). Actions: Branch: For related issues, create sub-tasks (e.g., "Review Policy," "Update Training," "Test Integration"). Send email or Slack notification: "New regulation detected: {{issue.summary}}. Assign to compliance team." Add comment: "Automated log: Regulation tracked on {{now}}." Transition issue to "In Review."

Enable the rule and test by creating a sample issue: Summary = "New AML Rule Update," Regulation Type = "AML."

This automates policy updates and checklists—your core idea in action. For guided workflows, use Jira's checklists in sub-tasks (or add apps like Checklist for Jira).

Add Basic Integration (For Core Banking Systems): For a minimal API touch: Use Jira's webhook automation to post to an external system. In the automation rule, add "Send web request" action.

Challenges we ran into

Jira's automation rules, custom fields, and API can handle policy updates, workflows, and notifications without needing a full custom app. It's scalable for small teams and integrates with tools like Slack for alerts or external APIs for banking systems

Accomplishments that we're proud of

Reduces compliance fatigue, lowers risk of fines, and makes audits far less stressful for staff

What we learned

a Jira project with a simple automation rule that detects a "new regulation" issue, auto-creates checklist sub-tasks, notifies the team, and logs it for audits

What's next for Automation toolkit

Regulatory Monitoring: Integrate RSS feeds or APIs from sources like Thomson Reuters or RegTech tools for auto-issue creation on new regs. Checklists and Audits: Use Jira add-ons like Issue Checklist or Structure for nested workflows. Scaling: For international regs, add multi-language support via custom fields. For security, enable Jira's audit logs. Cost/Risks: Jira starts free for small teams; paid plans (~$8/user/month) add advanced automation. Watch for data privacy—ensure GDPR compliance in your setup.

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