Regulatory Change Management
Regulatory compliance is mandatory, but it’s not the end goal; it’s the minimum operating standard.
Adopting a mature Regulatory Change Management program at your organization ensures that you’re always one step ahead. Here’s what you can expect with LogicManager’s Regulatory Change Management solution:
- An out-of-the-box regulatory change management form that provides you with a place to document any regulatory changes or additions. Within the form, you can also document actionable steps for implementing these changes in their respective lines of business.
- Customize your forms so you to gather only the most relevant information behind these regulatory changes. These rules can be built based on characteristics like geography, topic, regulatory body, impacted products or services and more.
- If you’re already a LogicManager customer, leverage the built-out repository of information in LogicManager Taxonomy and link to the impacted areas of your organization.
Intuitive reporting capabilities, including:
- Narrative report: This report provides all information about a specific regulatory change submission in an easy to read format. It can provide a useful overview on the scope of this change, status and target completion.
- Open Tasks Due in the Next 90 Days report: This report helps you stay on top of important due dates to make sure no blocks are holding up your most timely responsibilities.
- Incident Field History report: Track changes over time and receive a full audit trail history on any given incident with this report.
For additional value:
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Improve Your Regulatory Change Management Program with LogicManager
Centralized platform
Collect and manage all regulatory changes across your organization in one centralized platform. Housing everything in one place helps you stay on top of ever-changing requirements.
Intuitive workflow
Leveraging a workflow allows you to route action items and notifications to the appropriate parties instantly. Notifications and reminders help you stay on top of all important timelines and ultimately hold all involved parties accountable and on track so that you never fall out of compliance.
Control access
Your regulatory change management form can be access controlled to ensure that only the right people can see any particular pieces of information and respond accordingly.
Easily identify regulatory changes
LogicManager’s Regulatory Change Management solution helps you identify changes to existing regulations as well as new regulations that impact your organization’s ability to achieve your goals. Tracking these changes also helps you avoid any potential penalties should you not meet a given regulation.
What is Regulatory Change Management?
Regulatory change management can be described as managing the regulatory, policy and/or procedures set forth by your industry or region that are applicable to your organization.
It is important that organizations have the appropriate processes in place to identify changes to existing regulations as well as new regulations that impact the ability of the organization to achieve objectives. It is equally important that organizations are informed of any potential consequences or fines should they not meet the regulation. Once a regulatory change has been made, it is essential for organizations to assess how they will implement the respective changes; how will they impact their current policies, processes and training sessions?
As changes are implemented, organizations should begin tracking compliance with the updated regulation moving forward. Managing regulatory change should be an ongoing, explicit process facilitated by robust software to maintain adaptability and ensure compliance.
With LogicManager’s Regulatory Change Management solution package, you’ll be equipped with the tools you need to achieve just that.
Potential Regulatory Change Management Risks
The number of individual regulatory changes that financial institutions and banks must track on a global scale has tripled since 2011. There are millions of proposed rules and enforcement actions across multiple jurisdictions that organizations must follow. Regulations are constantly changing, put into effect and consequently phased out, making compliance a moving target.
In a chaotic system of spreadsheets and email threads, it can be difficult to stay on top of moving regulations. Scope and deliverables for changes can be difficult to track and get lost in the shuffle. Before you know it, your organization has fallen out of compliance. The cost of non-compliance is far greater than monetary fines or lawsuits; violations can substantially impact a company’s reputation for years.
Request a DemoLearn How LogicManager’s Regulatory Change Management Software Can Transform Your Compliance Management Program
Speak with one of our risk specialists today and discover how you can empower your organization to uphold their reputation, anticipate what’s ahead, and improve business performance through strong governance.
