How Regtech Helps in Making a Regulatory Change Management Plan

Our previous blog covered the first step of the RCM (regulatory change management) process – understanding upcoming regulatory challenges and their impacts on the organization. Once that step is complete the risk teams, compliance teams, and regulatory experts within the organization need to collaborate to create a regulatory change management plan. These plans ensure that the regulatory change management process works effectively and efficiently throughout the enterprise.

Understanding the changes that will be required to be compliant with the new regulations is just the first step of regulatory change management. Creating a plan that can effectively deal with the new requirements in the updated regulations is a very complicated project. It requires a lot of resources – a lot of time, effort, people, and funding – if there are major regulatory updates on the horizon.

The Difficulties Faced in Creating a Regulatory Change Management Plan

As we discussed in our previous blog post, understanding the true extent of how the organization is affected by regulatory changes is a complicated task that requires a lot of time and other resources. Once the organization understands what needs to be changed, it is time to do something even more difficult – create a plan that accounts for all the changes that need to be implemented. Here is why this process is so much more complicated and difficult – in the first step the change management team simply needed to understand what will be affected by the regulatory changes and how it will be affected by the changes. In this step, however, the team must come up with a plan that actually implements the changes that are required.

This means that instead of simply looking at the processes and policies that need to be changed, the change management team needs to create a plan that allow them to incorporate the changes required. This entails collaborating with stakeholders in every department of the organization to understand their processes. The team must then look at the changes that are required and the consequences of those changes. Once that is clear, the team must look at the retraining requirements across departments – because every employee will need to be made aware of what they need to do differently now, in light of the updated regulations.

It is easy to see how the process gets so hard to manage for businesses. The change management plan must account for the business processes of the whole organization, implement the changes required, retrain employees if needed, and much more. The most difficult part of the process is the fact that all of this needs to happen without causing any major disruptions in the business activities currently taking place across the different departments.

The change management plan must account for the business processes of the whole organization, implement the changes required, retrain employees if needed, and much more. Click To Tweet

Lack of Visibility

Another major problem with regulatory change management plans is the lack of visibility into their progress. There is no way for management to keep track of the overall progress being made without asking each department to make reports on each activity taking place. These reports take a lot of efforts and time to create for the information, but the long creation time of the report is already created a delay in rapidly change environment. Another problem is that each department is implementing its own changes without being able to see the changes occurring in other departments. This can result in conflicting processes and objectives.

How Regtech Simplifies Regulatory Action Plans

Regtech tackles the biggest problems in regulatory change management plans to ensure that businesses can implement the required changes painlessly and with a clarity of vision. It becomes easier to manage all the activities requires because they can be managed within the RCM platform. Each task can be assigned to the relevant employee within the platform and all updates about task progression are also posted on the same platform.

Instead of manually keeping track of all activities taking place, the change management team simply needs to look at the RCM platform for all the updates they need. They get notifications whenever there is an update to an activity they are monitoring.

Things become much easier for the board as well. They can utilize an executive dashboard that shows the progression status of the overall regulatory change management activities across the organization. There is no need for them to rely on manual reporting – they can see the work being done in real time. This ensures that the whole progress runs smoothly – because management can intervene in any parts of the project that are falling behind or are at risk.

Such profound changes enable businesses to manage regulatory action plans without losing sight of the big picture. RCM platforms are designed according to the RCM workflows common in businesses, which is why businesses can easily implement within their regulatory framework and start benefiting from Regtech. Interested in seeing how Regtech can help your organization to manage RCM plans betterly? Get in touch with our regulatory experts to see a demonstration of the Predict360 Regulatory Change Management solution.