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