Due to recent events in Europe, there have been significant disruptions to the financial landscape, prompting a series of amendments to financial regulations. Amidst this turbulent financial environment, you need to devise a solution that would help them keep pace with regulatory updates to ensure compliance.
Considering these challenges, organisations need to deploy a reg tracker solution to keep up with the latest updates. However, while the solution can help financial institutions keep pace with the latest updates, it must be deployed with appropriate support systems to help organisations navigate a turbulent financial environment and keep pace with stringent regulatory changes.
Deploying a reg tracker to navigate an ever-changing financial environment
Navigating the financial environment requires organisations to execute the following mechanisms and processes. Here are some things you should do.
Set team procedures for categorising new regulations
Establishing internal procedures for updating compliance operations is critical for introducing regulatory updates to an organisation.
While a reg tracker can capture updates as soon as they are passed, there needs to be a process in place for every regulatory member to follow if they are to turn updates from the regulatory tracker into adjusted internal operations.
This could mean setting up procedures to determine the category where regulation falls under, an organisation’s stance on updates, their priority level, and what must be done to adjust internal operations to meet these new updates.
Having a process in place ensures that everyone understands protocol, which means that regulatory updates are sufficiently incorporated into business operations and that regulatory teams are in a position to respond appropriately to a regulatory update.
Set up relevant search terms
With a steady stream of regulatory updates, it can be difficult to determine which update is relevant to an organisation and which is not.
Regulatory tracker platforms can make the process easier, but the responsibility lies with regulatory teams to ensure that the platform is used effectively to capture the latest updates that are most relevant to their organisation.
This is a challenging task considering that most organisations are large bodies that fall under the jurisdiction of several regulatory bodies.
However, one method that can help streamline the process is focusing on specific search terms relevant to your organisation.
This will help you find the updates most relevant to your organisation and provide focus to regulatory updates.
Establish a regulatory tracking repository
A regulatory tracking repository is a central source for relevant regulatory content where your compliance team can organise all relevant content in a format that is easy to understand and follow.
A repository allows your organisation to capture, track, and store updates in a single source, making overall compliance management easier.
Furthermore, it ensures that your organisation can effortlessly follow relevant regulatory rulings, streamlining the process, and helping you make the most out of the regulatory tracking platform.
However, most organisations track regulations using rather dated methods, such as spreadsheets, to establish a repository, which is not the most efficient platform, given the volume of content organisations are most likely to work with.
Instead, organisations should consider using a more advanced platform that leverages automation to establish a regulatory tracking repository, such as a RegTech platform.
Consider using legislative tracking software
Legislative tracking software can perfectly complement reg alerts software. A regulatory tracking platform can capture and highlight regulatory updates.
However, regulations don’t exist in a vacuum; they are informed by legislation and activity from local and national governments, along with international regulatory bodies.
Legislative tracking is the perfect complement to regulatory tracking software because it can help you track a regulatory update through all the stages of the policymaking process. This would allow organisations to track potential updates while they are still formed, making it easier to respond to the latest updates.
Hence, using legislative tracking allows your organisation to understand what motivated a regulatory update, which could help when establishing new regulatory policies and aid policymaking within your organisation.
Navigating a shifting financial environment with regulatory tracking
Considering the turbulent situation of Europe’s financial industry, a reg tracker platform could be crucial for keeping pace with the latest regulatory updates.
As the industry grows or contracts, we can expect regulatory institutions to release new updates regularly to guide it in a specific direction. This places added pressure on your organisation to meet these new updates.
Regulatory tracking can help organisations incorporate these updates into internal operations while reducing the cost of compliance and turning it into a more efficient, streamlined process.