Regulatory Change Management | Wolters Kluwer Financial Services OneSumX
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OneSumX for Regulatory Change Management

  • Today’s financial services organizations continue to be challenged with a seemingly never ending flow of changes to regulations impacting how they do business. Failing to fully appreciate the scope of the change or the impact to operations presents real compliance risks. Solving these challenges while maintaining compliance and providing required transparency for regulators and the business alike is essential to a solid compliance program.

    An integral part of your compliance risk program

    When regulations change, or best practices on meeting regulatory obligation shifts, it is not enough to update policies. You must also initiate project and action plans designed to assess organizational impact. These would include potential product offering revisions, executive management education, compliance risk assessments, audit program and other changes required to stay in compliance.

    Increased attention to risk exposures by regulators means they are looking to understand if organizations like yours can:

    1. Catalog all laws and regulations they are beholden to across all relevant business lines and jurisdictions
    2. Manage these obligations in an appropriate manner
    3. Evidence at the point of examination, or to investors, that they have fully implemented and fulfilled all regulatory requirements

    Does your organization effectively manage regulatory change? Are you confident your organization can deliver in all three of areas?

    A centralized approach drives greater control, efficiency and certainty

    Our Regulatory Change Management solution treats compliance holistically as a program rather than as individual projects, so that organizations can reap savings from more efficient governance and processes, decreased testing and documentation costs, and reduced capital allocations through the rationalization of infrastructure that supports regulated activities.

    Track regulatory developments

    With over 400 full-time content sourcing and analysis employees and an extensive network of partners and contractors, we can deliver rules and regulatory changes from any line of business and jurisdiction on a global basis. Additionally, our content sets include policies & procedures, risk and control libraries, and compliance monitoring tests.

    Assess the impact

    Once you have a continuously updated regulatory library, you will need to manage the process of reviewing regulatory and legislative developments throughout the organization to ensure appropriate implementation plans are executed.

    OneSumX GRC provides a sophisticated platform that can:

    • Assign regulatory or legislative development cases to business unit owners for review and action
    • Assess developments against existing policies and procedures, identified risks, controls and test programs to ensure appropriate implementation actions are taken across the business
    • Directly references letter of law, expert analysis, and regulatory guidance
    • Automate follow‐ups
    • Workflow and assignment and tracking of tasks
    • Automate task distribution and management of action items
    • Establish a centralized and holistic approach to compliance change management with full audit trail capabilities

    Gain transparency into your compliance management program

    Finally, you need visibility into the current state of your regulatory management program. Through the consolidated reporting and dashboards that you provide to senior management, better business decisions are made. Using its powerful reporting capabilities, OneSumX for Regulatory Change Management:

    • Aggregates real time reports into dashboards for senior management, individual lines of business, and regulatory agencies concerning the current state of your compliance management program
    • Creates user defined reports to track regulatory developments or create ad hoc status reports as required by senior management or regulators
    • Provides immediate visibility into development trends that can provide critical insights to compliance and risk management committees

    Today, every financial services organization needs a defined regulatory change management process—to assimilate the intake of relevant information, track accountability on who needs to perform what actions, model the potential impact on the organization, establish priorities, and determine if the organization’s policies, procedures, and controls need to be adjusted to address the change.