Understanding Regulatory Change Management

“Transparency and compliance with the law are factors of further development,” – Christian Wolff

As the global GRC – Governance Risk Compliance – market grows each year, companies leverage GRC, if implemented properly, as a way to help companies become more successful. One of the components of GRC is regulatory change management. Regulatory Change Management in its simplest definition is “Managing regulatory policy, and or procedure changes that apply to your organization for your industry.”

We have discussed in detail regarding Why do we need GRC Technology?

Leading GRC Analyst – Michael Rasmussen – states that regulatory change management is one of the biggest increasing pain points. The regulatory ecosystem is getting more complex as the government and industry bodies change laws, regulations and industry requirements constantly. Being on top of the rapidly changing regulations is one of the problems many organizations face today.Noncompliance with the regulations has devastating results; compliance violations are very costly for the business and worse, result to negative impacts. There is a need to establish processes in order to solve these underlying problems and to make companies more attentive of the improvement that has to be made in today’s highly regulated market.

Check out our recent post Why Flexibility is Needed to Face Banking Regulations in 2019.

The Top Pain Points of Regulatory Change Management:

• Manual Documentation and Process Management opens more door to human error
• Passing audits
• There is no sophisticated and scalable way to manage regulations, the tracking of updates to ensure compliance with the latest standards and regulations, and understanding the changes
• Process and workflow management
• Policy and procedures management – content such as policies and procedures are not efficiently disseminated and communicated across the enterprise

To get more knowledge take a look at Policy and Procedure Workflow Management Simplified.

Given these problems, organizations nowadays are finding ways to address these problems for GRC to improve business value. The integration of GRC processes calls for automation in a form of GRC software that promotes communication, collaboration, accountability, transparency, accuracy, efficiency, reduce man-days, productive workplace and flexible internal processes that will help build more business value. The need for automated solutions is highly imperative to cope with regulatory changes and to have a strong compliance culture. Addressing the Regulatory Change Management Pain Points through SaaS Platform: PREDICT360 is an integrated regulatory change management software solution on the cloud that can automate your processes, reduce man-days, increase accuracy and ensure compliance with surveys, history reports, tracking and training. PREDICT360 tracks the regulatory changes related to your industry, provides notification of the change, and assists your staff members in mapping the changes to your documentation and internal controls. It’s a revolutionary integrated platform that has the following capabilities to address the pain points in Regulatory Change Management:

• Regulatory Change Management – Our Regulatory Change Management Solution allows you to dynamically manage your regulatory changes with PREDICT360. Keep the standards updated and eliminate ambiguity by providing interpretation and application of the standards for your industry.

• Risk and Audit Management – Our Risk Management software is a configurable Enterprise Risk Management (ERM) software that enables you to better manage risks related to regulatory changes, standards or internal goals & objectives and identify deviations from the standards.
• Advisory Management – Our Compliance 360Expert Services helps you improve compliance best practices while connecting you to the most relevant insights.
• Case Management – Our Case Management software is a comprehensive case management software that can streamline your ability to trace back corrective and preventive action ( CAPA) through managing a wide variety of issues such as fraud hotline tips, workplace investigation, quality management, incident management, task management , whistle blowing, legal case management through customizable and configurable workflow forms that will help you achieve Compliance.

PREDICT360 is technology at its best with a simple platform that integrates your regulatory Change Management processes; with multiple modules and a fully customizable dashboard that lets you see all the information that you need. PREDICT360 is the ultimate solution to the problems of Regulatory Change Management; a pervasive technology that will shape the future of the industry.

What are regulatory changes?

What are regulatory changes? The answer is simple; regulatory bodies often update the rules that businesses must abide by. The updates made to laws and regulations are regulatory changes. There are industries in which regulatory changes are very rare and businesses do not have to worry about them too much while there are other heavily regulated industries which see regular updates and changes made to regulations. Such businesses need to have a mechanism in place that allows them to quickly adapt to upcoming changes and ensure compliance not with just the current regulatory framework but also the upcoming regulatory framework.