3 Keys to Managing Regulatory Change
Around the globe, organizations in every industry are facing the growing burden of regulatory change—continuous, dynamic, disruptive change. Every company has a responsibility to identify existing and emerging regulations and ensure that potential risks are understood by the board and management.
In 2022 and beyond, successful organizations will implement a simplified process of overseeing variances in regulations. Our white paper highlights three keys to developing an effective regulatory change and compliance strategy:
- Understand the Scope of Change in Various Environments
Regulatory compliance and reporting are increasingly complex to maintain, especially with the new regulations, changes to existing regulations, enforcement actions, and other developments that occur each year. Change has a compounding effect, and it impacts risk, business, and regulatory environments. Each element is difficult to monitor and manage individually, even before accounting for their interactions.
- Evaluate the Maturity of Your Regulatory Change Management
A clear understanding of your organization’s regulatory change management maturity is crucial for a successful path forward. According to GRC 20/20 Research, a leading provider of governance, risk management, and compliance solutions and strategies, there are five levels of maturity in regulatory change management for organizations. Our white paper can help you pinpoint where your company lands.
- Implement a Regulatory Change Management Solution Tailored to Your Organization
To maintain compliance, your organization must have a constant flow of information to understand the latest updates. You should also have standardized processes and policies in place to make sure no critical actions fall through the cracks.
These practices, and others, can help your business make informed decisions on regulatory change. Read our white paper to see how your organization can achieve an accurate understanding of organizational compliance and awareness of related risks.