Regulatory Change Management Software with unique mapping and cognitive technologies to send alerts and provide valuable insight for effective risk management and sustainable compliance.
What is Regulatory Change Management?
Regulatory Change Management is the process of ensuring that organizational policies, procedures, practices and controls are consistently aligned with the ever-changing regulations and standards put forth by the relevant regulatory bodies/authorities. The Regulatory Change Management process integrates accountability and transparency reviews within the organization. Effective Regulatory Change Management reduces the reputational and monetary costs of compliance violations for the business.
Predict360’s Regulatory Change Management Software is licensable as a standalone web-based application or as part of an integrated regulatory change management, audit, incident, policy, procedures, competency and learning management solution.
It enables organizations to track changing regulatory requirements and update all compliance-related activities and documents accordingly. With its unique mapping abilities, Predict360 automates the process of determining the effects of changed requirements.
Predict360 modules are flexible and adaptable enough to align risk management with business strategy and create industry specific compliance work flows. They provide:
Try incorporating the following five elements of the Regulatory Change Management Process for success at your organization.
FIVE ELEMENTS OF SUCCESSFUL REGULATORY CHANGE MANAGEMENT
1. Repository of Regulations and Standards
Identify the regulatory bodies relevant to your organization and industry. Maintain a repository of the standards and regulations applicable to the products and services of your company. Regularly update the repository with regulatory changes, and new standards and regulations that impact your organization.
2. Impact Analysis Methodology and Process
Evaluate regulatory changes to ascertain the extent of the impact of the change on the organization. If the impact is significant and causes inefficiency or reputational/monetary costs, identify gaps between current and required policies, procedures, controls and practices. Based on the evaluation, prioritize action items.
3. Corrective and Preventive Plan of Action
Create, document and implement new/updated policies and procedures in accordance to regulatory changes. Ensure appropriate and required controls are in place. Communicate these policies and procedures across the organization; educate and train employees to ensure compliance.
4. Management and Employees’ Involvement
Assign roles and responsibilities to Management and Employees, thus creating a sense of ownership and establishing accountability. Devise workflows and use task management systems to ensure implementation of the regulatory change management process.
5. Testing, Monitoring, Evaluating and Reporting
In anticipation of audits and investigations conducted by relevant regulatory bodies, it is necessary to test internal controls, monitor compliance, evaluate regulatory compliance in accordance to change, and use metrics to maintain comprehensive reports on progress made in managing regulatory change.