Understanding the “WHY” of regulations is critical - three “I’s- Intent of the law, interpretation of the law and implementation of the law- This is the number ONE reason why most of the organization fail in operational risk management.
As regulations / standards change, it warrants to change to policies, procedures, processes and documents
When the regulations change, financial instructions don’t have a sophisticated system to push the changes in regulations to the rest of the organization so people are not caught off guard.
Regulatory change management software based on Artificial Intelligence (AI) with Regulatory / Standards and Requirements Intelligence Library with common taxonomy and centralized for multiple departments
Regulatory compliance software based on artificial intelligence technology automates the mapping of sections of policies and procedures with regulations and their internal controls.
As the regulations change or the policy or procedure changes, the system sends out alerts to the users that there was a change in regulation or the policy as well as assigns a task.
Automating the process of mapping regulations to internal controls or operational controls helps build internal consensus around internal controls library and a common taxonomy which is hard to get through manual and disjointed tools such as excel, share point and other home grown non intuitive tools.
Having a Risk and Compliance management that as a regulatory change management automation with a repeatable governance process can drive operational efficiency, reduce cost of examination and increases quality