Month: September 2017

Without a shadow of a doubt, Artificial Intelligence (AI) and Automation are the best things that have happened to the world of technology. By making use of AI, developers have been able to create automated software which has made the tasks a lot easier for organizations. AI embedded in software can help in making decisions which cuts down on the requirements of resources.

Artificial intelligence makes use of “Big Data” and predicts the outcome of scenarios which is vital in the working of a risk management system. The potential of AI software is incredible and they have been used for performing a large number of tasks. Given the wide scope of applications in which they can be used, the incorporation of AI powered software has increased in the recent past. The use of AI in Regulatory Change Management has been quite fruitful for a large number of financial setups like banks.

What is Regulatory Change Management?

Regulatory Change Management (RCM) is a process created for ensuring that the organizational policies, procedures, practices, and controls are always aligned with the changing regulations and standards devised by the relevant regulatory authorities or bodies.

Implementation of Regulatory Changes

Abiding by the rules is critical for coherent operation within the system. When a financial organization like a bank goes through a change, regulatory bodies impose a set of regulations which need to be followed in order to maintain integrity of the system. These rules and regulations frequently change over a period of time with the addition of new operations to the mix. It is not easy to impart knowledge of ever-changing list of policies to the employees.

Bringing in automation to the system via Regulatory Change Management Software that has inbuilt artificial intelligence (AI) is a great way to cope up with the increased rate of rule changes. Automation not only improves day to day operations by making RCM more efficient, it also helps in cutting the cost of compliance and gives businesses the confidence to make better decisions.

Benefits of Automated RCM Software over Other Methods

For a long time, manual methods were used to predict trends by studying data. As a human mind can only think within certain limits, it is almost impossible to create a Regulatory Change Management system that can be both reliable and robust at all times and in every situation. The many advantages of automated Regulatory Change Management software are listed below:

1. Provides Notification for Better Collaboration

By making use of AI powered Regulatory Change Management Software, an organization can track regulatory updates from different sources. This software is also useful in an enterprise like a bank as it facilitates the process of automating impact assessments, triggering alerts, documenting actions taken and setting tasks to take action to process and policy updates.

2. Cost-effective and Time Saving

Automating and streamlining Regulatory Change Management Software processes enables businesses to track regulatory changes in a better way. An automated Regulatory Change Management program powered by AI is a comprehensive tool that not only updates itself with latest changes in the regulations; it also delivers notifications to the affected business units and informs them about the new changes in time. It makes impact analysis simple and keeps itself updated through collaborative workflows. With the deliverance of updates in time to the correct department, it saves time and resources and thereby helps in cutting costs.

Regulatory Change System Software

An independent enterprise or a financial institution like a bank should procure an automated Regulatory Change Management Software for serving the interests of employees and managers.

Predict360’s Regulatory Change Management Software is the perfect tool for managing regulatory changes imposed by a regulatory body. It is licensable as a standalone web-based application and can also be procured as part of an integrated regulatory change management and learning management solution. This software is built on AI technology which helps in creating an automated process. It centralizes regulatory library with consistent taxonomy. It also performs the task of automating the translation of the regulations and creates an applicability of the regulations process which helps an organization to map and apply regulations to location, branch, or asset.

For more information about Regulatory Change Management Software and how it can be further enhanced as part of an integrated risk and compliance management suite, visit http://www.360factors.com/.

Rules and regulations have always been fundamental to the integrity of a system. Whether it is a financial enterprise like a bank or a health care institution like a hospital, following the rules is what makes a system work consistently.

The policies and laws inherent to a system are written and enforced by concerned regulatory bodies. These bodies ensure adherence to laws, regulations, guidelines, and specifications. Some prime examples of regulatory compliance laws and regulations are listed below:

1. Federal Information Security Management Act (FISMA)
2. Dodd-Frank Act
3. BSA/AML Regulations
4. Payment Card Industry Data Security Standard (PCI DSS)
5. Health Insurance Portability and Accountability Act (HIPAA)

Any violation of regulatory compliance regulations can result in legal punishment, which may be imposed in the form of a federal fine. As it is very much possible for employees of an organization to overlook a regulation and flout the rules, there is a clear need for a Regulatory Change Management system that can properly manage and enforce regulations in a particular organization.

Regulatory Change Management and Need for Automation

Regulatory Change Management (RCM) is a process that ensures organizational policies, procedures, practices, and controls are always aligned with the changing regulations and standards devised by the relevant regulatory authorities or bodies.

As the rules and regulations are frequently updated by regulatory bodies, it becomes very difficult to learn, understand and impose the newly created polices. Making use of rudimentary methods for regulatory compliance management just isn’t sufficient anymore. Automation is required for mapping and enforcing the regulations efficiently. You can automate a Regulatory Change Management system by making use of AI powered Regulatory Change Management Software. The Artificial Intelligence (AI) powered software makes use of “Big Data” and analyzes trends in a particular organization. By deciphering patterns, it makes effective decisions which go a long way in minimizing risks for the whole enterprise.

How to Ensure Regulatory Compliance?

Achieving complete regulatory compliance is quite difficult as it requires an organization to be rigorous in the planning and execution of policies laid down by a regulatory body. Making use of AI powered software like Predict360’s Regulatory Change Management Software can be the first step in making sure that your organization is always compliant with the updated regulations. AI powered software can help an organization in the following five ways for ensuring compliance:

1. Triggering Alerts and Automating Impact Assessments for Better Collaboration

The Automated Regulatory Change Management Software can help an organization in tracking regulatory updates from multiple sources. It is also useful in an enterprise as it facilitates the process of triggering alerts, automating impact assessments, and setting tasks to take action on process and policy updates.

2. Disseminating Information to Different Departments with Automatic Notifications

Automating and streamlining Regulatory Change Management processes enable businesses to track regulatory changes in a better way. It sends automatic notifications to the affected business units and informs them about the new changes in time. The simplified impact analysis and updates through collaborative workflows and effective task management makes Regulatory Change System Software makes this software really useful for the whole enterprise.

3. Analyzing Trends and Patterns for Making Better Decisions

Automation not only improves day to day operations by making Regulatory Change Management more efficient, it also helps in making better decisions. AI powered software analyzes trends and patterns, and makes much better decisions than a human mind.

4. Mapping of Tasks and Determining the Effects of Changed Requirements

Automated RCM software can easily map regulations to different departments and ensure that the employees are kept abreast of all the relevant information. As employees have the required information, they are less likely to oversee a regulation and flout the rules. This functionality is critical for an organization when it comes to minimizing risks. It also performs the task of automating the translation of the regulations and creates an applicability of regulation process which helps an organization to map and apply the regulations to location, branch, or asset.

5. Providing Valuable Insight for Effective Risk Management in Future

The Regulation Change Management Software is not only good for managing risks in the present; it also offers insights that can be used for proactively minimizing risks for the future.

Predict360’s Regulatory Change Management Software is the perfect tool for ensuring regulatory compliance in an organization. It is licensable as a standalone web-based application and can also be procured as part of an integrated regulatory change management and learning management solution. It uses Artificial intelligence (AI) technology, which centralizes regulatory library with consistent taxonomy.

For more information about Regulatory Change Management Software and how it can be further enhanced as part of an integrated risk and compliance management suite, visit http://www.360factors.com/.

Understanding the risks that exist when using a vendor’s product or service is crucial for proper operation of an organization. The risks become even graver when a vendor starts handling your core business functions that include access to customer data. In these scenarios, it becomes the job of the concerned organization to ensure that the vendors follow expected quality standards without causing any risks to the company.

Regulatory Compliances and Vendor Risks

Regulatory bodies create and enforce compliances for the systematic operation of an organization. When rules are not followed by enterprises, regulatory bodies punish them with fines. The risk of a fine and the fact that a vendor’s infraction may tarnish your company’s name is just too much to bear. Rudimentary methods like filling up checklists are just not sufficient anymore and there is an urgent need for a better solution. Hence, a Vendor Management System has become extremely important for organizations.

How Risks Can Creep into a System Without a Vendor Management System?

When dealing with vendors, first impressions can sometimes be deceiving. Initially, they may look like good prospects, but after prolonged dealings you may find them to be lacking in some aspects. The moment you hire a vendor, from that moment onwards your organization is susceptible to risks. Any kind of failing on the part of a vendor can directly impact the operations and prestige of your organization. Vendors may offer good services in the beginning, but after regular dealings they may become complacent and start taking your business for granted. Without a Vendor Management System, it is highly likely that a vendor may break rules and create problems for your organization. Making use of an AI powered Vendor Management Software can be the perfect solution for this problem.

The Reasons Why You Should Use Vendor Management Software for Eliminating Risks

AI Powered software for managing vendors like Predict360’s Vendor Management System can go a long way in eliminating risks from a system. Artificial Intelligence (AI) analyzes trends and predicts patterns. This allows an organization to be proactive in their approach while selecting vendors. By analyzing vendor data, it helps you in making the right choice, every single time. The many reasons why you should select a Vendor Management System are listed below:

1. Allows you to Distribute Access Rights and Centralizes Vendor Information: The AI powered Vendor Management System allows you to assign access rights and roles to different users in the system depending on their respective responsibility. This software can be used for accessing all the information on suppliers, procurements, contracts, and reviews at one place. It can also be used for tracking and monitoring your contracts and other important vendor documents.
2. Allows you to Compare Client Relationship with Risk Index: This software can manage risks and also analyze the effects of vendor relationships on your organization’s risk index.
3. Helps in Streamlining the Process of Vendor Risk Assessment: Making use of AI, this automated software executes corrective and preventative actions directly from the results. This helps in better assessment risks in all regulatory compliance functional areas such as finance, operations, and quality management.
4. Reduces Risks Effectively by Making the Process Simple: By looking at vendors as a total portfolio, the Vendor Management Software provides an effective way to manage vendor resources. You are able to view and analyze vendor resources as a single segment which takes away the complexity of monitoring a large number of individual vendors.
5. Makes Use of Artificial Intelligence and Cuts Down on the Number of Resources Required: Using obsolete methods for managing vendors like spreadsheets and checklist are not very effective in managing risks within an organization. These methods require you to have sufficient manpower to complete the tasks. As this tool is powered by AI, it performs all the functions without any requirement of additional human resources. This helps in cutting down the number of resources required for managing risks effectively.

The AI powered Automated Predict360’s Vendor Management System is the ideal tool for managing vendors in today’s world. For more information on Vendor Management Software and how it can be further enhanced as part of an integrated risk and compliance management suite, visit http://www.360factors.com/.