When any business moves into a new region it has to ensure that it complies with all the local laws and regulations. Most businesses can move easily – most industries are not heavily regulated, and thus the business can continue operations with minor changes and considerations in most cases. Things get more complicated when a financial sector business decides to enter a new region. If the new region is in the same state then things are usually simple, but if the new region is located in another state it means complying with a whole new set of state level regulations.
Change Management Process for The New Region
The biggest problem is that the business needs to recheck every document, rule, process, and policy it has against the regulatory requirements of the new region. The business has to assess each and every part of itself to ensure that there are no conflicts in the new region. This is a slow and expensive process. Slow because it takes a considerable amount of time to cross-reference every document the business has with the regulations of the new state. Expensive because this work has to be done by people well-versed in both the company’s policy documents and the regulatory framework of the new region. You thus need highly qualified people with specialized skills to spend a long time to ensure compliance, which is a very costly process.
An Organizational Change Management Plan Powered by GRC
GRC concerns itself with governance, risk, and compliance, thus it is very important when any business is expanding. Expanding to a new region doesn’t just increase compliance related requirements, it also increases the risks that the business faces. GRC’s strongest suite is that it automates compliance and risk management processes that normally take hundreds of labor hours to complete, thus speeding up the whole process while also lowering costs.
The impact that is made by having a GRC solution in place when expanding to a new area cannot be understated. If you have are using a GRC solution that integrates regulations of all states, hours of work can be done with a single click. Our solution, Predict360, has built-in support for regulations across the United States. This means that with just a single click you can change the state laws and regulations that you need to comply with.
Instead of having to pore through every document and manually assessing the changes the whole process is handled by the system. Once you have selected the regulations of the new region, your regulatory compliance framework will be automatically updated. You will have a system in place that will help you detect, monitor, and manage all the changes required in an organized manner.
Businesses usually only focus on what GRC can deliver for compliance and risk management but ignore that it helps in governance as well. GRC doesn’t just improve compliance and risk management, it also allows your business to adapt to changes better and faster because it creates a compliance and risk management framework in place. This helps businesses easily see how their business will be affected by a change in operating regions. Some of the most time-intensive tasks in the change management software are completely automated, including monitoring changes, which reduces hundreds of labor hours from the process. This has a direct financial impact as well. The expenses incurred due to the delay in work and the expert consultation required are dramatically cut down. GRC solutions also do wonders for your regulatory change management process.
See How GRC can Help Your Business Manage Change
If your business is creating plans for the future and you want to assess the changes that will be required to expand to a new region in the future, you need to see how GRC can help your business. There is no need to invest a lot of money into a GRC solution. Instead, get in touch with our team and tell them what your business needs. Our team will assess your needs and then now just tell you but also demonstrate how a GRC solution can help your business create a better change management plan.
About the Company
360factors, Inc. (Austin, TX) helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures management, risks and controls, audit management and inspections, and on-line training and qualifications, in a single cloud-based platform based on artificial intelligence.