Key Elements of an Effective Regulatory Change Management Program

Due to the increasing number of regulations and the constant changes to those regulations, the cost and complexity of doing business is increasing. In order to stay ahead with changing regulations, organizations require an effective automated and integrated regulatory change management program.

An effective regulatory change management program ensures value, agility and efficiency for the organization. It possesses the following key elements:

1. A defined regulatory taxonomy and repository centralized for multiple departments.
2. Ability to automatically compare older versions of regulations and other content with the latest changes to compare the differences and enable updates to applicable tasks, documents, risks, inspections, surveys, etc.
3. Ability to notify and send alerts to individual(s) or group(s) on changes to regulations.
4. Ability to associate regulations and requirements with one or many business units, sites, asset types and assets.
5. Ability to associate requirements with compliance actions and workflows, learning management and training plans, risks, risk surveys and inspections, and policy & procedures.
6. Ability to monitor metrics and reports on the process to determine process adherence, risk/performance indicators, and issues.

Does your regulatory change management program possesses the aforementioned key elements? If not, perhaps the time for change is now.

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.

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

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