Regulatory change management is the process of identifying, assessing, and responding to changes in regulations that may have an impact on an organization. The goal of regulatory change management is to ensure that an organization remains compliant with all relevant regulations.
When a new regulation is enacted, or when an existing regulation is amended, organizations must identify what impact the change will have on their business. Once the impact has been assessed, the organization can then develop and implement a plan to ensure compliance with the new or amended regulation.
The process of regulatory change management can be challenging, as it requires a deep understanding of all relevant regulations. Furthermore, the process must be continually repeated as Regulations are constantly changing. As a result, organizations must continuously monitor for changes in regulations and adapt their compliance strategies accordingly.
Fortunately, there are a number of tools and technologies that can help organizations with regulatory change management. In particular, Robotic Process Automation (RPA) can be used to automate the identification and assessment of changes in regulations. By automating these processes, organizations can free up resources that can be used to develop and implement compliance strategies. Additionally, RPA can help organizations to rapidly respond to changes in regulations by automatically updating compliance plans as soon as a change is detected.
Regulatory change management is a complex process that requires a deep understanding of all relevant regulations. Additionally, the process must be continually repeated as regulations are constantly changing. As a result, organizations must continuously monitor for changes in regulations and adapt their compliance strategies accordingly. Fortunately, there are a number of tools and technologies that can help organizations with regulatory change management, including Robotic Process Automation (RPA). By automating the process of identifying and assessing changes in regulations, organizations can free up resources that can be used to develop and implement compliance strategies. Additionally, RPA can help organizations to rapidly respond to changes in regulations by automatically updating compliance plans as soon as a change is detected.
Looking to manage your regulatory change in your organisation? Review our Regulatory Change Module for Connected Risk to learn more.
