Financial services firms are dealing with a rapid pace of regulatory change and development. But not every piece of regulatory news is going to impact an organization’s business and regulatory obligations. Firms need a way to quickly and easily identify, understand and track regulatory changes and regulatory obligations to be able to hone in on the areas most relevant to their business.
Regulatory Change Manager (RCM) 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 RCM, 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 obligations
- Identifying what is relevant
- Coordinating impact assessment
- Triggering change to policies and procedures
Understand the Impact of Regulatory Change
RCM’s regulatory change management system automates the extraction & classification of information from regulatory texts & other data sources. RCM uses AI to review and categorize sources including regulatory news, legal documents and enforcement actions and provide automatic regulatory insight. RSM provides firms with:
- Daily regulatory alerts and updates
- 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 gets 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 to they are up-to-date on the latest regulatory obligations.
Streamline the Regulatory Change Management Process
With regulatory change developing 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 changes 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 to fall through the cracks of the organization. An automated and coordinated approach to managing regulatory change increases insight, oversight and efficiency across the organization, and reduces the risk of fines and reputational damage from regulatory violations.
Know Your Risk
Regulatory Change Manager is part of MCO’s Know Your Risk (KYR) solution suite. With KYR, firms gain a holistic and aggregate view of their risk profile that helps compliance teams set regulatory priorities, identify gaps in policies and procedures and streamline operations.
Contact us today to find out how we can help your organization meet evolving regulatory needs and ensure compliance oversight quickly and affordably.