Regulatory change management can be described as managing the regulatory, policy and/or procedures set forth by your industry or region that are applicable to your organization.
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; how will they impact their current policies, processes and training sessions?
As changes are implemented, organizations should begin tracking compliance with the updated regulation moving forward. Managing regulatory change should be an ongoing, explicit process facilitated by robust software to maintain adaptability and ensure compliance.
With LogicManager’s Regulatory Change Management solution package, you’ll be equipped with the tools you need to achieve just that.
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. Regulations are constantly changing, put into effect and consequently phased out, making compliance a moving target.
In a chaotic system of spreadsheets and email 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. Before you know it, your organization has fallen out of compliance. The cost of non-compliance is far greater than monetary fines or lawsuits; violations can substantially impact a company’s reputation for years.