MCO’s Regulatory Change Management software solution provides a regulatory news and horizon scanning tool that enables compliance to easily understand what regulators are communicating and how that might apply to their specific business operations.
With Regulatory Change Manager, compliance teams save time and manual effort in the “first mile” of regulatory change. Firms maximize efficiency and minimize the risk of missing important regulatory updates by:
- Understanding regulatory news and obligations
- Identifying what is relevant
- Coordinating impact assessment
- Triggering change to policies and procedures
Understand the Impact of Regulatory Change
Regulatory Change Manager’s regulatory change management software solution automates the extraction & classification of information from regulatory texts & other data sources. Regulatory Change Manager uses AI to review and categorize sources, including regulatory updates, legal documents and enforcement actions and provide automatic regulatory insight.
Regulatory Change Manager provides firms with:
- Daily regulatory alerts and updates
- Wide range of global regulatory coverage
- Access to a regulatory reference library
- Ability to set custom rules and preferences
- Links to internal rules and policies
Automated workflows ensure that the right regulatory news and obligations get to the right internal stakeholders at the right time. With Regulatory Change Manager, compliance teams can focus on strategic activities and business requirements knowing that they have an integrated solution that ensures they are up-to-date on the latest regulatory obligations.
Streamline the Regulatory Change Management Process
Financial services firms are dealing with a rapid pace of regulatory change and development. In such an active regulatory landscape, not every piece of regulatory news is going to impact an organization’s compliance obligations. Firms need a way to quickly and easily identify, understand and track regulatory news and obligations to be able to hone in on the areas most relevant to their business.
With regulations evolving at breakneck speed, organizations need to be constantly horizon scanning, looking out for the regulatory news that matters to their business. Without technology to manage regulatory change, compliance teams can get bogged down in the volume and complexity of regulatory developments, failing to efficiently map obligations to the right internal policies and procedures, or missing important information entirely.
And manual processes that involve spreadsheets, word documents and emails just leave more opportunity for critical regulatory news and obligations to fall through the cracks of the organization. An automated and coordinated approach to regulatory change management increases insight, oversight and efficiency across the organization, and reduces the risk of fines and reputational damage from regulatory violations.
Keep up with a complex regulatory environment
The global regulatory landscape is complex and evolving. Compliance executives need to understand what’s going on in the regulatory environment along with the implications for their business. With evolving global priorities including cryptocurrency and digital assets, ESG, consumer well-being and protection and standards of conduct just to name a few, ongoing change can make it difficult to navigate the regulatory environment without the help of compliance technology.
Firms that operate in more than one country face an even more complicated regulatory landscape. Firms that operate internationally are required to comply with the regulatory frameworks and requirements of each country that they operate in.
It’s a daunting scenario to try and keep with the volume using manual processes or systems that do not work across jurisdictions. And it’s not just the volume of change that firms need to worry about. If regulatory obligations are missed the threat of aggressive, expensive and reputation-damaging enforcement looms large.
Firms need regulatory change management software to keep up.
Know Your Obligations
Regulatory Change Manager is part of MCO’s Know Your Obligations (KYO) solution suite. Firms of all sizes choose KYO to streamline oversight of obligations and develop a complete picture of compliance assurance over time. KYO offers firms a structured and integrated solution that clearly links external obligations and regulations to internal policies, procedures and controls.
Contact us today to find out how we can help your organization meet evolving regulatory needs and ensure compliance oversight quickly and affordably.