Tag Archives: Grc Regulatory Change Management

How Can You Adapt To The Growing Rate Of Regulatory Change With Confidence?

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regulatory-change-management-fca-rules-mapping

How Can You Adapt To The Growing Rate Of

Regulatory Change With Confidence?

Regulatory Change Management
For three years now we have provided a fundamental and key approach to the regulatory change management process, offering clients a clear and transparent understanding of their business lines, referenced against the regulators handbook and effectively mapping operations ensuring that clients can easily and simply identify areas impacted whenever their is a relevant regulatory development.

What We Cover Here

  1. Tracking & Monitoring Regulatory Events
  2. Mapping & Assigning Regulatory Developments
  3. Evaluate and Identify Impact
  4. Demonstrate Compliance

Track and monitor regulatory events
Compliance Consultant Regulatory and Risk Based Footprint Mapping, is a spreadsheet based solution that is created covering all of your operational areas to provide you with comprehensive coverage of legislative and regulatory content “at a glance”.

You can easily identify if changes occur in a specific handbook not only which areas are impacted (Level 0 – Regulation) but also on a level 1 basis for Business Conduct and Business Regulation, right to the chapter level. With handy hyperlinked text, you can go straight to the handbook section that applies to you.

Additionally, for 6 months you will be a member of our “Informer” regulatory awareness service, keeping you up to date with articles and posts by those who know what’s what in financial services.

You can also sign up for our free weekly “Regulatory Specialist” digest newsletter, delivered to your inbox http://paper.li/ComplianceConst/1411645553#/ or from our blog at https://www.complianceconsultant.org/blog/compliance-news/

Map and assign regulatory developments
Regulatory and Risk Based Footprint Mapping provides simplified mapping capabilities and complete taxonomy support, providing clean and effective line of sight for emerging regulatory issues. This ensures relevant information can be sent to the right stakeholders to manage and helps minimise compliance risk.

Through this connected approach, this helps your firm foster a deeper understanding of the regulatory developments affecting day-to-day business processes and reduce your total compliance effort.

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With Compliance Consultant Regulatory and Risk Based Footprint Mapping you have the added assurance that your regulatory requirements are mapped across the entire enterprise. You can set up templated emails to automatically notify business owners each time a regulatory change occurs, and teams can easily assess who is in charge of particular developments, what level of risk is associated with that change, and any key information, without the need for expensive and often intrusive software.

Evaluate and identify impact
Once your organisation has established that the relevant regulatory developments are being tracked, Compliance Consultant Regulatory and Risk Based Footprint Mapping then assists your compliance teams perform impact assessments to determine which business units, controls, policies, and procedures were affected by any change.

Demonstrate Compliance
Added to this, you can also build in as a standalone declaration of all the impacted areas and provide evidence of compliance, suitable for audit or external inspection (such as risk rating agencies, stakeholders or committees by adding in the Compliance Charting Tool. By using this declaration of compliance as a central register and provider of comfort for senior management, you can easily update it as and when the regulations change.

By using version control, this full process ensures you have a complete audit trail to evidence to regulators what steps were taken to remain compliant.

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