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:
- Federal Information Security Management Act (FISMA)
- Dodd-Frank Act
- BSA/AML Regulations
- Payment Card Industry Data Security Standard (PCI DSS)
- 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/.
