Regulatory Change Management - Mitratech

Regulatory Change Management

As the pace, volume, and management of existing and emerging regulations continues, the stakes have never been higher for organizations of all sizes and industries striving to effectively address higher compliance and monitoring standards. When regulations change, or best practices on meeting regulatory obligation shift, it is not enough to update policies. Project and action plans designed to assess organizational impact must also be initiated. These would include potential product offering revisions, executive management education, compliance risk assessments, audit programs, and other changes required to stay in compliance.

Regulatory Change Management

How regulatory change management solved similar challenges for our clients

The dizzying amount of new regulations – a 25% increase in total regulations since 2000 in the US alone – and struggles to stay compliant with existing regulations have expanded regulatory change management beyond what can be done via manual and paper systems. Every industry, from Energy and Financial Services to Education & Research faces an onslaught of new regulations and changes to existing regulations. Not only have the number of regulations increased, the cost to comply with those regulations has increased as well.

By managing the regulations that impact organizations, compliance teams can be proactive in updating, training, and confirming compliance when a new regulation is passed. This reduces the amount of time the organization is at risk of non-compliance and provides an auditable compliance record which holds all team members responsible for their part in maintaining compliance.

Key stakeholders, including external investors and board members, have a vested interest in an organization’s regulatory change management. A system of record can provide reports to these stakeholders, allowing for full transparency and the best business decisions to be made.