Process mining shows what happened. Process context shows how it should run.
Observed behaviour is useful. A regulatory process also has to be measured against its objective, its rules and its owners.
Process mining is valuable because it shows how work actually moved through systems. It reveals bottlenecks, rework, exceptions and variants that leaders did not know existed.
For a regulatory process, and for any agent that will run inside one, that is half the picture. The process also has to be measured against how it should run: the objective it serves, the approved definitions, the rules, the controls, the owners and the evidence each step must leave.
Observed is not approved
A process can have run the same way a thousand times and still not be the one the institution told the regulator it runs. Event logs show the path. They do not show the rule applied inside the code, the judgement made in a spreadsheet, or whether either matches policy.
Where process context fits
Process context joins the documented process to the way it actually runs: the code, data, domain knowledge and manual steps behind each step. It shows where the two part company, who owns each gap and what a change will affect.
Mining tells you where the work went. Process context tells you whether it went where it should, and gives an agent a tested process to follow next time.