Wolters Kluwer: Global Tier 1 Bank Implements Regulatory Change Management Program To Satisfy Regulator Requirements
Posted: 1 September 2015 | Source: Wolters Kluwer
After facing heightened regulatory challenges, a global Tier 1 financial institution implemented OneSumX® GRC for Regulatory Change Management, a robust change management solution from Wolters Kluwer Financial Services consisting of automated regulatory content feeds and comprehensive workflow for tracking regulations through implementation. The solution enables the bank to connect all applicable rules and regulations to lines of business, products, operations, policies, and processes of the business and track regulatory developments with meaningful interpretation, giving them the capability to properly assess the impact of a new rule or change, route the obligation to the appropriate areas for implementation, and ultimately, demonstrate mastery of compliance to regulatory obligation to their regulators.
Regulatory Challenges Lead to Change Management
With the complexities of today’s regulatory environment, it can be difficult to remember life before the financial crisis—when financial institutions managed their regulatory risk by simply monitoring regulators’ websites for any changes. Now, the regulations that govern financial institutions are constantly in flux. Whether it is new regulations coming into play or existing regulations being updated, compliance is a never-ending journey where the manual, ad hoc processes of yester-year no longer pass muster.
To keep up with this level of activity, financial services organizations are dedicating significant expert resources to the low value work of monitoring a variety of sources, including news sites, regulator websites, feeds and association alerts, to identify what regulatory activities are going to require change within their organization. Typically, this results in inefficient non-standardized output, redundancy in effort, and an overload of information without any audit trail or automation. There are also no assurances that full coverage has been achieved or that the right people have received the appropriate information.