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.