The Business Benefits of Regulatory Change Management Tools

There is a lot of confusion in the industry about what regulatory change management models do for an organization. Everyone knows that regulatory change management is important, but how can these tools help organizations manage the changing laws and regulations that govern the industry? Let’s look at how these tools for change management function.

What are Regulatory Change Management Tools?

Regulations are often changed or updated which causes major problems for businesses. There are many types of businesses which are heavily regulated, such as the finance sector and the healthcare sector. The finance sector has to operate by the rules set by regulators and these rules are extensive. Thus all the business processes used in the financial sector by businesses are designed to comply with the current regulatory framework.

The problem is that this regulatory framework is not fixed – it evolves and is sometimes completely overhauled. These changes mean that a business process can become non-compliant and that new business processes can be designed to take advantage of new opportunities presented by the changes. That is why businesses need regulatory change management tools. They need to make sure that their business stays compliant as what they need to comply to changes, and they need to make sure that their business is taking advantages of all the opportunities present in the market.

Both of these things are only possible if the business is aware of all the changes that are expected. Regulatory change management tracking tools tell businesses what regulations have changed and how they may affect the business.

Comparing Regulations to Discover Changes

One of the most important core features of these regulatory change management tools is to compare regulations with their older versions to discover all the changes. If a few lines have been changed among 100 pages, it will take these tools a few seconds to locate all the changes. The same task will take an employee a much longer time.

Intelligent Parsing of Regulations

These tools don’t simply notify your business about upcoming changes – they can also tell you how they will affect you. Creditors can see what changes apply to creditors, lenders can see what applies to them, and so on. Whenever there is a change in regulations businesses need to invest a large amount of time and resources to ensure compliance. These tools cut down the time it takes businesses to discover changes and see what is affected by them. Instead of spending hours or even days tracking all the changes and locating the changes that affect the business, people can go straight to working on compliance strategies.

Discovering Conflicts Caused by Changes

Regulatory change management tools can be used to simply make sure that your organization is aware of all the changes that have occurred but integrating these tools with other GRC tools significantly increases their capabilities. Our Predict360 Regulatory Change Management tool takes this approach. It integrates with our compliance and risk solutions to provide a full view of the effects of regulatory changes. This includes a dashboard which allows management to quickly see all compliance issues.

The Predict360 GRC solutions, in which our regulatory change management tool integrates, maps all the risk relations within the organization. This means that all policies, regulations, rules, processes, and more are connected to each other and the system knows how they are connected. If there is a regulatory change the system will automatically highlight all the rules, processes, policies, and documents that will be affected by the regulatory change.

This means that businesses don’t just get to know what changes are coming – they also immediately know which parts of their business will be affected by the regulatory changes. This allows them to immediately assess the scope of changes and make amendments within the business wherever necessary. This is why regulatory change management tools are becoming more important and popular as the pace of regulatory change increases. Businesses understand that the most efficient way of staying compliance is to automate change management and compliance as much as possible.

If you want to see what a regulatory change management tool can do for your organization then get in touch with our team for a demonstration of all its capabilities as well as the benefits it can provide to your business.

About the Company

360factors, Inc. (Austin, TX) helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures management, risks and controls, audit management and inspections, and on-line training and qualifications, in a single cloud-based platform based on artificial intelligence.

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