Regulatory Change Management Software
What is Regulatory Change Management?
The number of individual regulatory changes that financial institutions and banks must track on a global scale has tripled since 2011. There are millions of proposed rules and enforcement actions across multiple jurisdictions that organizations must follow. Regulatory change management can be described in simplest terms as “managing regulatory, policy, and or procedures applicable to your organization for your industry.” Regulatory compliance can be a burdensome and costly task for financial institutions.
It is important that organizations have the appropriate processes in place to identify changes to existing regulations as well as new regulations that impact the ability of the organization to achieve objectives. It is equally important that organizations are informed of any potential consequences or fines should they not meet the regulation.
Once a regulatory change has been made, it is essential for organizations to assess how they will implement the respective changes to their current policies, processes, and training sessions. As changes are implemented, organizations should begin tracking compliance with the updated regulation going forward.
What Are the Benefits of Automating and Centralizing Regulatory Change Management?
Regulations are constantly changing, put into effect and consequently phased out, making compliance a moving target. Centralizing regulatory change management serves as the source of truth for these changes.
In a chaotic system of spreadsheets and e-mail threads, it can be difficult to stay on top of moving regulations. Scope and deliverables for changes can be difficult to track and get lost in the shuffle. This can be prevented through a centralized approach as it ensures the right people are notified and held accountable.
LogicManager’s Regulatory Change Management Software:
- Standardized Change Management Forms: Create customized forms that can be directly connected to regulatory sources and third party content providers. LogicManager’s change-tracking forms allow you to control the form’s permissions and grant the right people access to the appropriate information to respond to the notice.
- Visibility Rules: Expand response fields with LogicManager’s automated and configurable visibility rules. The customized form allows companies to gather more relevant and accurate information about a regulatory notice based on characteristics such as geography, impacted products/services, regulatory body, and topic of change.
- Automated Workflows: Route tasks to the appropriate parties instantly and avoid losing notices in the shuffle. LogicManager advances regulatory change management with automated risk management tools, such as alerts, reminders, and notifications that require a simple one-time set-up.
- Centralized Platform: Collect and manage all changes in one centralized repository of compliance requirements and internal policies. LogicManager’s taxonomy technology enables any relevant party to identify how a regulation will impact the enterprise across all departments.
- API Integration: Seamlessly integrate with e-mail, user management tools such as LDAP and SSO technology, and other regulatory change tracking platforms like Compliance.ai. Our integrated risk management software and data upload functionality allows customers to incorporate all aspects of their business when managing compliance changes.
- Reporting Engine: Report on regulatory changes, their trends, and response status within LogicManager’s business intelligence reporting engine. Pull specific changes from a master list to compile reports ranging from a narrative report of a particular notice to a broader scope report outlining overall compliance program status and initiatives.
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If you’re already a LogicManager customer, you can contact your advisory analyst to activate this plugin! If you’re new to LogicManager, you can request a personalized demo to take an overall look at our compliance management software in action.
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