Regulatory compliance management
Compliance management is defined as a holistic, connected methodology designed to protect and enhance business value by fostering a regulatory risk-aware culture.
The collective governance of risk and regulatory compliance management is a prerequisite for any effective compliance management program as is the training of employees on the laws, regulations, and policies that apply to their job responsibilities. A successful compliance management system is one that streamlines and simplifies the risk management process, freeing up time and resources so that experts can focus on enhancing shareholder value through improved analysis, more thoughtful reporting, and working directly with the business to improve strategic planning.
Facing down regulatory velocity
Simplifying regulatory change management
Once the need for a regulatory change project is identified, some organizations struggle to ensure that the change process is completed. Regulatory change is often handled on a project basis, supported by spreadsheets and other manual tools.
Such an approach is fraught with compliance risk – things can slip through the cracks and evidencing results to key stakeholders, including regulators, senior management, and the Board, can prove difficult.
But organizations that adopt a regulatory change and compliance management program are able to realize a range of benefits, including reduced compliance risk and improved communication with stakeholders.
Questions to determine your level of compliance management need include:
- How much time and money does my organization spend tracking regulatory changes and implementing these changes?
- Has my organization let an important regulatory change event slip through the cracks? What were the associated costs?
- Does my business understand the impact of regulatory change? How can our ability to tackle compliance risk issues be improved?
- How does my organization provide evidence of regulatory change management success to key stakeholders such as the Board, senior management, and regulators?
Examines how an organization's spending pattern on compliance officers and compliance departments points to this radical shift in the governance agenda.
Thomson Reuters has undertaken its fourth annual survey on how firms around the world are managing the challenges presented by the regulatory focus on culture and conduct risk.
Anticipate and navigate global regulatory compliance confidently with Thomson Reuters Regulatory Intelligence, providing a focused view of the global regulatory environment and empowering compliance professionals to make well-informed decisions to manage regulatory risk with confidence.
Customized online compliance training from Thomson Reuters, designed to fit your organization’s unique needs, including AML, diversity, sensitivity, and HIPAA courses.