Organizations are constantly challenged to dynamically manage regulatory change—particularly across multiple jurisdictions. With even more regulatory change possible in 2021, organizations could be challenged more than ever.
Our Point of View, Regulatory change management enhancement and transformation, presents actions that business and risk leaders can take today to:
- Streamline data collection and information curation that drives necessary business intelligence to assess impacts and ground organizational responses
- Capture and organize regulatory change continuously and in real-time by consistently relying on background processes to excavate applicable information quickly and with context
- Identify changes that should be monitored versus acted upon by classifying select business intelligence as fit-for-purpose as opposed to sifting through it
- Map requirements back to relevant points in time and sustain a dynamic lineage of changes across the framework.
- Establish and thread an audit trail of the changes to the business and impacted areas.
- Curate and strategically communicate risk and requirement statements plainly to individuals who are impacted within the organization.