MetricStream Regulatory Change Management simplifies the process of capturing and managing regulatory change. It provides a centralized framework with regulatory taxonomies and metadata to aggregate regulatory content from multiple trusted sources, including both subscription and publicly available data sources. Regulatory Change Management enables you to proactively identify regulatory changes and assess their impact on business processes, policies, risks, and controls. You can also initiate and track regulatory change management tasks.
Regulatory Change Management
Measure Your Program Outcomes
reduction in compliance costs
faster response time to regulatory changes
Effectively Navigate Regulatory Change to Accelerate Business Performance
MetricStream Regulatory Change Management software, built on the MetricStream Platform, simplifies the process of capturing and managing regulatory change. It provides a centralized framework with regulatory taxonomies and metadata to aggregate regulatory content from multiple trusted sources, including both subscription and publicly available data sources. Regulatory Change Management enables you to proactively identify regulatory changes and assess their impact on business processes, policies, risks, and controls and finally, initiate and track regulatory change management tasks. The product’s "multi-dimensional organization structure" capability enables organizations like yours to model their regulatory change management programs in the context of their complex organization structures.
How Our Regulatory Change Management Software Helps You
Regulatory Change Monitoring
Effectively track regulatory updates from supervisory and legislative authorities worldwide for a proactive approach to compliance. Categorize them into a regulatory taxonomy, segregated and stored by relevant area and jurisdiction. Generate newsletters with structured regulatory content that can be shared with senior management.
Effective Regulatory Change Triaging
Define business rules to filter and distribute regulatory change feeds as alerts to relevant stakeholders. Route alerts to the centralized triage team for initial assessment and enable them to map the alerts to relevant processes, risks, controls, and business units. Classify all relevant alerts based on their attributes (e.g. circular, publication, news, or guideline).
Efficient Regulatory Impact Analysis
Assess the impact of various regulatory changes on the organization through either simple or advanced methodologies. Identify individuals to conduct an impact analysis of applicable regulatory changes and conduct surveys to evaluate the impact of that change on the business unit.
Quicker Issue Identification and Tracking
Create and manage tasks related to regulatory developments and track anomalies. Assign tasks to the appropriate owners who can document response notes. Log any issues or findings. Leverage AI/ML to quickly identify issues based on relation and recommend issue classification.
Comprehensive Visibility into the Regulatory Landscape
Gain clear visibility into the regulatory landscape and enhance the organization’s ability to respond to regulatory changes. Effectively monitor the regulatory change management process through dynamic dashboards and reports. Slice and dice the data to identify critical risk patterns and trends.
How Our Regulatory Change Management Software Benefits Your Business
- Gain agility by identifying regulatory changes in real time and streamlining the regulatory change management process
- Build confidence with the stakeholders by creating a structured and standardized process to identify and track multiple complex regulatory changes
- Ensure comprehensive coverage of regulatory changes, leveraging multiple expert opinions and perspectives
- Deliver assurance to regulators and key stakeholders with evidence and reports from the first to fourth lines of the business
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Frequently Asked Questions
MetricStream Regulatory Change Management software integrates with reliable and authoritative content sources from commercial providers (Thomson Reuters and Compliance.ai) as well as government agencies (Regulations and Guidance, International, Federal, and State Regulators). The software tool can automatically capture, fully access, and import the regulations/rules texts from content sources.
The product has a comprehensive impact assessment and analysis module that identifies business functions, risks, policies, controls, training, tests, assessments, and reports impacted by regulatory change and decides if an action plan is required. The inherent workflow capabilities in the system will route each update to the right subject matter experts to identify related elements that need to be reviewed and potentially revised in the context of the change.
The software tool supports creating dynamic action plans for a specific regulatory change. The built-in workflow engine ensures proper management of assessments including assigning action plans, executing tasks, and providing notes. Track accountability on task allocation, establish priorities, and determine the appropriate course of action.
You can explore the MetricStream Regulatory Compliance software tools that enable organizations to stay primed on the complex web of regulatory obligations governing the business while also implementing measures, processes, and policies to sustain compliance. To request a personalized product tour, click here.