Regulatory Change Management
The Challenge
- Understanding the “WHY” of regulations is critical - three “I’s- Intent of the law, interpretation of the law and implementation of the law- This is the number ONE reason why most of the organization fail in operational risk management.
- As regulations / standards change, it warrants to change to policies, procedures, processes and documents
- When the regulations change, financial instructions don’t have a sophisticated system to push the changes in regulations to the rest of the organization so people are not caught off guard.
The Solution
- Regulatory change management software based on Artificial Intelligence (AI) with Regulatory / Standards and Requirements Intelligence Library with common taxonomy and centralized for multiple departments
- Regulatory compliance software based on artificial intelligence technology automates the mapping of sections of policies and procedures with regulations and their internal controls.
- As the regulations change or the policy or procedure changes, the system sends out alerts to the users that there was a change in regulation or the policy as well as assigns a task.
The Value
- Automating the process of mapping regulations to internal controls or operational controls helps build internal consensus around internal controls library and a common taxonomy which is hard to get through manual and disjointed tools such as excel, share point and other home grown non intuitive tools.
- Having a Risk and Compliance management that as a regulatory change management automation with a repeatable governance process can drive operational efficiency, reduce cost of examination and increases quality
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