Facing down regulatory velocity
Many organizations today struggle with the volume and velocity of regulatory change. More and more resources are spent trying to monitor the external environment and many companies devote hundreds of person-hours to these tasks every year.
Simplifying regulatory change management
Once the need for a regulatory change project is identified, some organizations struggle to ensure that the change process is completed. Often regulatory change is handled on a project basis, supported by spreadsheets and other manual tools. Such an approach is fraught with compliance risk – things can slip through the cracks and evidencing results to key stakeholders, including regulators, senior management and the Board, can prove difficult.
But organizations that adopt a regulatory change management program are able to realize a range of benefits, including reduced compliance risk and improved communication with stakeholders. The time and resources freed up by a simpler, streamlined approach mean that compliance experts can focus on enhancing shareholder value through improved analysis, more thoughtful reporting and working directly with the business to improve strategic planning.
Questions you should ask:
- How much does my organization spend tracking regulatory changes and implementing such changes?
- Has my organization let an important regulatory change event slip through the cracks? What are the associated costs?
- Does my business understand the impact of regulatory change? How can our ability to tackle compliance risk issues be improved?
- How does my organization provide evidence of regulatory change management success to key stakeholders such as the Board, senior management and regulators?