How to Overcome Key Challenges in Regulatory Change Management?

Typically firms having a complex organization with multiple branches, in multiple states and countries lack an integrated system that enables them to figure out which regulations apply to which branch office, which type of activity and which internal controls. Furthermore, the use of different tools across multiple departments increases cost, creates silos and mistrust in data which prohibits risk and compliance executives to make intelligent decisions in a timely manner.

Compliance professionals around the world are struggling to keep up with the growing demands of regulation. A combination of rapidly growing regulations and increasing responsibilities for compliance professionals coupled with limited resources and constrained budgets are raising concerns that compliance teams have plateaued in their ability to successfully manage compliance.

Also, the regulatory environment for organizations has almost ‘zero tolerance’ for errors and omissions while at the same time consumers continue to demand a faster, simpler, and more transparent experience in both originating and servicing activities.

The solution to all the aforementioned challenges lies in automating Regulatory Change Management and making it part of organization’s integrated platform strategy.

Predict360’s Regulatory Change Management Software is built on artificial intelligence (AI) technology, which centralizes regulatory library with consistent taxonomy and automates the translation of the regulations as well as create an applicability of regulations process as to which regulations apply to which location, branch or even an asset.

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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