Regulatory compliance management
The collective governance of risk and regulatory compliance management is a requirement for any effective compliance management program paired with the training of employees on the laws, regulations, and policies that apply to their job responsibilities. The service focuses on a management system that simplifies and streamlines the management process allowing for resources and time to be freed so experts can enhance shareholder value through improved analysis, in depth reporting, and working directly with the business to improve strategic planning.
Regulatory compliance management software is vital as many businesses struggle with the volume and velocity of regulatory change. Due to this, resource is spent trying to monitor the external environment, and many companies devote hundreds of person hours to these tasks every year further stressing the need for an effective regulatory compliance management software.
Simplifying regulatory change management
Once the need for a regulatory change project is identified, some organizations have difficulty implementing and completing the process. Usually regulatory change is managed on a project basis via spreadsheets and other manual tools.
Questions to assess your level of compliance management need include:
- How much time and money does my organization spend tracking regulatory changes and implementing these changes?
- Has my organization let an important regulatory change event slip through the cracks? What were 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?