Why Implement a Regulatory Change Management System?

Today’s business climate is more complex and more challenging than ever before. New regulations increase ambiguity and inherent risk thus increasing the probability of operational breakdowns. The impact and probability of the risks that the regulations represent depends on how well you understand the intent of the law, how well you interpret the law, how you implement the law and how well regulatory change management is institutionalized within your firm.

The risks that stems from non-compliance with key regulatory requirements can be very costly and damaging to a firm and the custodians of governance within the firm. The consequences of non-compliance range from penalties and fines, to imprisonment, withdrawal of licenses, lawsuits and reputational risk which may individually and or collectively have a fundamental impact on the firm’s sustainability as a going concern; as well as the impact that a lack of good corporate governance at board and business levels can have on the business. The residual risk will also be high until the firm is able to implement measures or controls that effectively mitigate the new risks arising out of compliance requirements for the new regulations.

It is critical that  firms implement a regulatory change management system to effectively manage and monitor the compliance process to ensure that these are institutionalized in a way that compliance becomes part of the “culture”.

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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