As we are seeing a growing number of organizations that suffer damaged reputations and harsh fines, a regulatory management system has become a very essential board-level priority. However, for most organizations, complying with hundreds of global regulatory agencies is complex, large manual, and is made up of a decentralized series of activities. In the end, the approach exposes you to risk and forces you to escrow large quantities of capital against future fines.
With a quality regulatory management system, you can dramatically simplify regulatory compliances with the use of an automated, closed-loop process that will let your company monitor all regulatory changes, link such changes to your affected company policies, trigger revisions and publication of changes, and readily give management visibility with a full audit trial.
A reputable regulatory management system should be a regulatory change management solution for any company looking to transform their compliance process to increase efficiency and quickly reduce risk. By acquiring a regulatory management system, you can enjoy two main benefits.
Streamlined and automated regulatory compliance process
- Centralization and integration of internal information resources, like procedures, policies and other controls with external regulator rule changes and news of potential changes.
- Creation of relationships and tailored workflows to quickly route potential risk exposure to the right people in your organization via automated alerts.
- Status report of compliance tasks and gives audit details in the regulatory management system.
- Presentation of your organization with one, unified view into relevant information to achieve and document compliance.
Reduction of costs and gaining control of the compliance process
- Reduction of regulatory fines and penalties, and required cash reserves, freeing up working capital via the regulatory management system.
- Improvement productivity and decrease cost by automating the monitoring of regulatory agency and news sites, and the delivery of information and role-based notifications.
- Assurance of transparency, accountability and oversight via role-based dashboards that centralize information in the regulatory management system.
- Detailed tracking of policy revision status for the understanding of your compliance posture and give a full audit trail.