Regulatory change management in financial services is anything but a one-off endeavor.
Financial regulations are in a constant state of flux, subject to frequent amendments, additions, and revisions. This dynamic environment makes traditional regulatory change management practices –known for being manual, slow and resource-intensive – less than optimal.
Compliance automation plays a crucial role in empowering compliance teams with agile change management capabilities by reducing manual tasks, enhancing efficiency, and by identifying applicable rule changes as they occur, to enable more effective adaptation to the dynamic regulatory landscape.
Here are four ways in which compliance automation powers regulatory change management for financial services compliance teams.
1. Rapidly adapt to rule changes
With compliance automation, organizations can rapidly identify rule changes and their associated obligations, and promptly adjust their strategies and processes to accommodate new rules or amendments.
Compliance automation solutions like Ascent get you to rule changes and obligations faster by:
- Monitoring financial services regulatory changes, new requirements, and amendments in real time.
- Identifying specific rule changes and obligations that apply to your company.
- Notifying your stakeholders of changes relevant to your business, giving them a head start in understanding the impact of regulatory changes.
This eliminates the need to read through extensive regulatory text to stay informed about the latest regulatory developments, empowering organizations to adapt quickly to rule changes.
2. Mitigate risk of non-compliance
Compliance automation tools enable compliance teams to identify potential risks more effectively and manage them in real-time. By proactively identifying compliance requirements, organizations can prevent violations before they occur, thereby reducing the likelihood of regulatory fines and penalties.
3. Devote more time on high value activities
Through automated regulatory monitoring, compliance teams spend less time searching for applicable rule changes and obligations. This enables compliance organizations to redirect staff time away from mundane clerical tasks and focus more on the core responsibilities for which they were hired. They can devote more time and resources on understanding the business impact of rule changes and developing regulatory strategies.
4. Drive efficient compliance workflows
Compliance automation tools can automate workflow processes, such as approval workflows for policy changes or audit scheduling. This reduces the time and effort required for routine tasks, allowing compliance teams to focus on more strategic and value-added activities.
In addition, automated regulatory monitoring like that provided by Ascent, seamlessly integrate with leading GRC platforms to align your requirements with internal controls, policies, and procedures across all GRC touchpoints. When regulations are amended, automation tools can automatically update obligations, and alert GRC platform users to assess the impact of new rules and implement required actions.
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Automation – a faster way to compliance
Compliance automation empowers compliance teams to drive regulatory change management efficiently and effectively.
To learn more, speak with Ascent today! Get in touch here.
