Regularity Change Management Software
The secret to optimising regulatory change management with FinregE
Obtain the latest regulatory updates and integrate them into your internal operations and turn regulatory change management into a productive process
Did you know that in the United Kingdom, the Financial Conduct Authority (FCA) imposed fines of around £215 million in 2022 due to regulatory non-compliance issues? This eye-opening statistic highlights the critical importance of Regulatory Change Management.
Looking to turn regulatory change management into a cost-effective, responsive process?
With regulatory institutions in the UK and the EU making significant changes to the rules, it can be difficult to keep pace with these updates and incorporate them into internal processes.
FinregE understands that keeping up with regulatory updates is a costly and a challenging endeavour that can overwhelm your compliance team. We are offering a solution that can automate regulatory change management and turn it into a more efficient, timely process. Keep up with the latest regulatory updates and avoid costly compliance fines while regulatory change management software reduces costs with FinregE!
Benefits
Benefits of optimising regulatory change management with FinregE
Optimising regulatory change management with FinregE will give you the following benefits:
Obtain the latest regulatory updates in real-time directly into your inbox, so you never miss an update from any local, national, regional, or global regulatory authority.
Leverage our FinregE solution and automate the process of obtaining regulatory updates to reduce the cost of regulatory change management while improving productivity.
Automate the process of obtaining regulatory updates instead of relying on your compliance team to do so, improving the response rate while reducing the strain on your team.
Use quick analytics to understand how a regulatory update is connected to existing rules, making it easier to pivot and get the latest regulatory updates.
Keep pace with the latest regulatory updates to ensure that you are always in compliance with all relevant regulatory bodies to stay in compliance with internal operations.
Why Use Finreg-E
FinregE is the first and only ISO-certified, automated compliance solution using powerful AI technology, such as NLP and analytics to break down large volumes of complex regulatory text into easy-to-understand information that can be processed in seconds. Most of our clients who have used the solution have reduced regulatory costs and time taken by over 90%.
Moreover, FinregE is an end-to-end regulatory compliance platform meant to turn regulatory change management into an automated process. This means our regulatory change management software comes with other useful modules that will empower your compliance team to execute powerful functions.
For example, our digital library module can build a digital library for regulatory rulings. Similarly, your compliance team can update internal operations using our impact assessment module to meet regulatory requirements and turn compliance management into an automated, data-driven process.
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By The Numbers
Benefits
- Professional Services Firms
- Regulators and Government Agencies
- Financial Institutions
- Technology Vendors
Why is Regulatory Change Management Vital for Financial Institutions?
Regulatory change management refers to the process by which financial institutions monitor, assess, and respond to regulatory requirements. Financial institutions need to implement such management for three main reasons.
- Regulatory requirements constantly evolve and become more complex, making it easier for institutions to comply through a formalised process.
- Failure to comply can result in significant financial penalties, reputational damage, and legal liability.
- Effective change management can help financial institutions identify and mitigate risks before they become significant issues, promoting stability and resilience.
Five Best Practices for Regulatory Change Management
Optimising regulatory change involves taking a systematic approach to monitor, analyse, and implement changes in regulatory requirements. Here are some tips on how to optimise regulatory change management:
- Establish a formal process. Implementing a proper procedure for regulatory change can help ensure that changes are identified, analysed, and addressed consistently and on time. The management process includes creating a framework for monitoring changes, assessing business impacts, and implementing changes.
- Foster collaboration. Regulatory change involves multiple stakeholders, including compliance, legal, risk management, and business units. Cooperation between these stakeholders can help ensure that changes are addressed comprehensively and effectively.
- Implement training. Effective communication is critical for ensuring that all stakeholders understand the regulatory change management process and their role in it. This includes providing training on regulatory requirements, communication channels, and escalation procedures. Communication programs can also help ensure that all stakeholders are aware of any changes in regulatory requirements and their impact on the business.
- Monitor and measure performance. Measuring the effectiveness of the management process can help identify areas for improvement and ensure ongoing compliance. This includes tracking metrics such as the number of regulatory changes, the time to implement changes, and the number of compliance issues. Monitoring performance can also help identify emerging risks and areas for improvement in the process.
Leverage technology solutions. Technology can help automate and streamline the regulatory change management process. This approach includes using software tools to track regulatory changes, analyse their impact, and monitor compliance. Technology solutions can also help facilitate communication and collaboration among stakeholders.
Book a Call
Want more information on our regulatory change management solution? Book a call with us! Our team can take you through the solution and answer your questions.
The Role of Compliance Technology
Compliance technology is critical in streamlining management processes and increasing efficiency in financial institutions. Here are some ways in which regulatory change management solutions can help:
- Automated Compliance Monitoring. Technology solutions can automatically monitor and track regulatory changes and compliance requirements. This can include automatic monitoring of regulatory agency websites, newsletters, and other sources of regulatory information. Automated monitoring can save time and reduce the risk of missing critical regulatory changes.
- Compliance Reporting. Technology solutions can be used to generate compliance reports, which can help streamline the reporting process. Automated reporting can reduce the time and effort required to prepare reports and ensure accuracy and consistency in reporting.
- Workflow Automation. Workflow automation can help streamline the management process by automating notifications, approvals, and escalations. This can reduce manual effort, increase efficiency, and ensure consistency in the regulatory change management process.
- Data Analytics. Data analytics can be used to analyse large amounts of regulatory data and identify trends and patterns. This can help financial institutions proactively identify potential compliance risks and take corrective action before they become significant issues.
- Collaboration and Communication. Technology solutions can be used to facilitate cooperation and communication among stakeholders involved in regulatory change management. This includes providing a centralised platform for communication, document sharing, and task management, which can increase efficiency and ensure everyone is on the same page.
Technology can help streamline regulatory change management processes and increase efficiency in financial institutions through automated compliance monitoring and reporting, workflow automation, data analytics, and collaboration and communication tools. By leveraging regulatory change management solutions, financial institutions can stay ahead of regulatory changes, reduce risk, and ensure ongoing compliance.
Frequently Asked Questions
Regulatory Change Management is a structured, systematic process organisations employ to respond effectively to shifts in regulatory requirements. These changes can encompass new laws, regulations, standards, guidelines, and even shifts in enforcement practices.
The primary objective of Regulatory Change Management is to minimise disruptions and risks arising from non-compliance while leveraging regulatory changes as opportunities for improvement.
Effective Regulatory Change Management is essential for several reasons:
- Adaptation to Change: Regulatory environments are constantly in flux due to economic, political, and technological shifts. Organisations must be able to adapt swiftly to these changes to maintain compliance and operational continuity.
- Risk Mitigation: Failure to comply with new regulations can lead to significant financial penalties, reputational damage, legal actions, and operational disruptions. Regulatory Change Management helps mitigate these risks by ensuring timely and accurate compliance.
- Enhanced Planning: By anticipating regulatory changes and their impact, organisations can strategically plan for necessary adjustments to their operations, systems, and processes.
- Operational Efficiency: An organised approach to regulatory changes can help organisations implement necessary modifications in a streamlined manner, minimising disruptions and maintaining operational efficiency.
- Stakeholder Confidence: Demonstrating a commitment to staying compliant and up-to-date with regulations fosters trust and confidence among stakeholders, including customers, investors, and regulators.
The process of Regulatory Change Management involves several key components:
- Identification and Assessment: Organisations must first identify relevant regulatory changes that may impact their operations. This requires monitoring regulatory bodies and industry news and engaging with regulatory intelligence providers.
After identification, the impact of these changes on the organisation’s processes, products, and services is assessed.
- Impact Analysis: A thorough impact analysis involves evaluating how the regulatory changes will affect various aspects of the organisation, such as operations, risk management, technology, compliance programs, and more. This analysis helps determine the scope and depth of the required changes.
- Planning and Implementation: Once the impact is assessed, a detailed plan is developed to implement the necessary changes. This includes defining roles and responsibilities, allocating resources, setting timelines, and creating a roadmap for compliance.
- Communication and Training: Effective communication is crucial during the implementation phase. Employees, stakeholders, and relevant teams must be informed about the upcoming changes and how they will be executed. Training programs may also be necessary to ensure a smooth transition.
- Monitoring and Review: After implementation, continuous monitoring and reviewing of the changes are essential. This involves tracking the effectiveness of the changes, addressing any unforeseen issues, and making adjustments as needed.
- Documentation and Reporting: Comprehensive documentation of the entire process, including assessments, plans, communications, and outcomes, is vital. These records help demonstrate compliance efforts and facilitate audits and reporting.
Yes, our solution comes with a data tagging system that allows you to categorise regulatory changes and highlight relevant ones based on different criteria such as Geography, Country, Publication Date, Regulator/Source, Description, companies, and regulatory permissions, which can help you filter regulatory updates.
We offer a sophisticated configurable metadata system field that captures keywords, tags, and themes (credit risk, conduct) and the source of the update, including web page or rulebook chapters. You can configure the metadata to match your needs, and our topic modelling system captures regulatory topics as they appear and filters based on the metadata field you configured. This helps categorise regulatory updates based on your topic and interest.
You can use a sophisticated dashboard featuring key performance indicators and management information on several changes related to regulators, topics, and regions using easy-to-understand visuals, including charts and tables. Moreover, all the information collected and assessed through the dashboard is real-time data, so you get the latest readings instantly.
Yes, our platform can convert the data into different formats, including spreadsheets and PDF documents, for further analysis. Furthermore, the platform can easily and quickly generate compliance reports that your business users can easily read and understand your organisation’s compliance progress.
Exploring Regulatory Change Management with FinregE's Innovative Solutions
As industries face dynamic shifts driven by economic, political, and technological factors, the need for effective Regulatory Change Management becomes increasingly evident.
FinregE offers a solution for businesses looking to enhance their compliance strategies and harness regulatory changes. Our team specialises in providing automated financial regulatory compliance software solutions. From regulatory change management and governance to risk and compliance controls mapping, FinregE’s advanced technology solutions offer a streamlined way to navigate the intricate landscape of regulatory changes.
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