Predict360 Regulatory Change Management
Managing regulatory affairs is of crucial importance in heavily regulated industries. Most of our clients are focused on ensuring the highest level of regulatory compliance possible, because most of our coins in the financial sector, Healthcare sector, and the oil and gas industry.
Let’s look at the role of the regulatory affairs manager, and how Technology can help them do their job better.
What are Regulatory Affairs?
Businesses operating in heavily regulated industries don’t just have to worry about adhering to the existing regulation. They also must worry about regular changes in the regulatory framework. This is especially true for fields where Technology advances at a rapid pace. 20 Industries have a dedicated who looks at regulatory affairs.
The person I am looking at regulatory affairs focus on how the regulations may change in the future. They don’t just look at the current loss or even the laws being written – they also look at the general trends in society and the industry to predict where regulations are headed.
Becoming a regulatory affairs manager requires an in-depth understanding of laws and regulations. The personnel managing regulatory affairs also need to stay abreast of latest developments and news related to their industry. A good regulatory affairs manager will know what new ideas in the industry or in politics may end up going mainstream. It is also important to know how the upcoming leaders of regulatory bodies think. It is a job that combines knowledge of the law, political Acumen, research, and analysis.
How Technology helps Regulatory Affairs Managers
A lot of the work that regulatory affairs managers do is based on perception, observations, and analysis. Technology cannot tell you who is going to be the next governor in the Federal Reserve, or which political ideas may turn into the regulations and laws of tomorrow, and how the Overton window has been shifted. This part of the job is almost completely dependent on the intelligence and dedication of the regulatory affairs manager. However, there are other parts of the job which can be completely automated and streamlined with the help of technology.
Monitoring regulatory changes is one area where technology can play a major role. Regulate re change management solutions automatically detect all the changes in regulations that occur. This can save hours of work being done manually. Why is this so important? Because it allows businesses to use their resources efficiently. Consider this – the person who is working as the regulatory affairs manager is a highly qualified and experienced resource. In other words, it is an expensive resource. It is in the best interest of the business to make sure that expensive resources are used where they provide the highest benefits.
Have a look at how our automation based regulatory change management tools help your organization achieve better compliance levels at a faster pace across the organization.
Monitoring regulatory changes is not the best use of qualified personnel. It is a slow process which can be done much more efficiently by computers. It may take a person a full day or even more just to find a highlight all the changes between the old and the new regulations. Computer can do the same job in seconds. Computers don’t just find the differences between the text; the new regulatory change management systems also attempt to parse and understand the changes and how they may affect the business. Regulatory change management systems that integrate with other GRC solutions can provide even more functionality. Integrated GRC systems can map regulations to specific documents and processes. If there is a change in these regulations, then the system will automatically detect which process is documents and workflows may be affected by the changes and highlight them for management. This allows businesses to quickly see how regulatory changes affect them and take the necessary steps.
If you want to see what regulatory change management system can do for your regulatory affairs management, then get in touch with our team. We will understand your needs and then demonstrate our solution can help your business achieve its regulatory change management goals. Our cloud based solution is quick and easy to implement and can be set up within the matter of a few days.