Regulatory change is inevitable. Over the past few years I've seen a colossal change in both the domestic and international levels of regulations as agencies push for a more ethical and responsible regulatory landscape.
What I have noticed is regulators are asking firms three questions which are very important but often are difficult to answer. These questions are as follows:
Are you aware of all the rules and regulations that impact your business across all of your jurisdictions?
Do you have controls in place that make you compliant with those rules and regulations?
Can you prove you are compliant with these regulations?
If your company can answer these questions you are ahead of the curve. If not, your company is living with the very real possibility of government fines and sanctions.
Success in regulatory change management is not an easy task and requires that organizations take a number of steps. The infographic below describes those steps:
There are three main ways in which Capria Solutions can help turn the tide at your company to successfully manage regulatory change:
Providing the right content (laws, regulations, policies, procedures, etc.)
Providing the right technology to provide transparency within your organization and to the regulators and the actual linkages from the regulations, to business lines, to the policies, procedures, and trainings.
Providing the experts to implement a first class Regulatory Change Management program.