What Businesses Need to for Regulatory Change Management in 2021

Regulatory change management is a continuous challenge for many businesses across the country. Changes in regulations are always a bit difficult to manage for businesses, but the year 2021 is promising to be more eventful than before. A change in government, coupled with steps that the government will have to take to ensure a smooth transition for the economy as it recovers from the effects of the pandemic may impact regulatory activity.

In light of the above, it is important for businesses to ensure that they are prepared for whatever changes may arise. Some of the regulatory change management functions and processes that businesses need to efficiently manage regulatory changes include:

• Better Regulatory Intelligence
• Risk Mapping
• Automated Change Assessments
• Activity Management
• Automated Notifications
• A.I. Efficiencies

Better Regulatory Intelligence

Regulatory intelligence is the first step of regulatory change management – an organization can only manage the changes well, if it has enough advance knowledge about upcoming regulatory changes. Regulatory intelligence is startlingly easy to get through services that provide automated and customized regulatory intelligence. These services deliver regulatory intelligence feeds that can be integrated with regulatory change management software.

Risk Mapping

Risk mapping is an essential tool for any organization that wants quickly assess regulatory changes and their effect on the business itself. Risk and compliance platforms map all the risks to different regulations, internal documents, metrics, and business processes. This is a very powerful tool to manage regulatory change. Whenever there is a change in regulations, the risk and compliance platform will parse the changes, so it can identify what is affected by the change in regulations.

Automated Change Assessments

Regulatory change managers can immediately be notified about all the documents, policies, and processes which may potentially be affected by the regulatory changes by using the risk map. Such automated change assessments have two major benefits. The first benefit is that this increases the speed at which regulatory changes can be managed; being able to immediately understand the effects of the changes allows the change management team to immediately begin working on a plan to implement. The other major benefit is that there are fewer chances of something being missed due to human error since the assessment is being done by a computer.

Regulatory intelligence is the first step of regulatory change management – an organization can only manage the changes well, if it has enough advance knowledge about upcoming regulatory changes. Click To Tweet

Activity Management

Ensuring that the actual implementation of the changes goes smoothly and completed within the allotted time will require businesses to have visibility and control over the activities being undertaken to manage changes. Activity management functionality built into regulatory change management solutions provides management with visibility into all activities being carried out throughout the organization. Management can assign tasks and then follow-up in real-time by looking at the latest updates posted within each task. This simplifies the management of regulatory change-related activities and gives management the ability to proactively intervene in areas where there is a risk of falling behind.

Notifications

Information that is pushed will always be more effective than the same information being pulled. Instead of being provided with real-time intel about regulatory changes, RCM experts must first do their own research to understand the changes. Modern regulatory change management solutions automate such discoveries and notify the RCM team about areas of interest.
This has a profound effect on change management workflows. It helps to keep the entire team updated about important issues and allows management to quickly alert employees using the built-in activity management system. Users are also sent emails for important notifications, ensuring that any important update will not be missed.

Efficiency through A.I.

Most of the tools that businesses will need for effective regulatory change management in 2021 involve the use of the intelligence of different types, including artificial intelligence (A.I.) where needed. As A.I. technology advances, businesses can offload routine tasks to the software. A.I. powered solutions can deliver much better results than any alternatives at a lower cost and at higher efficiencies. The business world already depends on computers for a lot of financial modeling and record-keeping, and A.I. will enable the use of computers in even more avenues.

This is the right time for businesses to start using A.I. powered regulatory change management solutions. Using A.I. powered solutions is a competitive benefit right now, but it will soon be a competitive necessity.

If your organization is interested in discovering how A.I. powered solutions can help with regulatory change, risk, and compliance management then get in touch with our regulatory experts for a demonstration of Predict360. Predict360 is a risk and compliance intelligence platform that helps automate and streamline regulatory change management.