It’s safe to say that an ever-growing number of regulatory requirements presents significant challenges for GRC professionals. The sheer volume of regulations across different jurisdictions can be overwhelming. Each regulation comes with its own set of requirements, making compliance a complex task and sometimes, feel like a moving target.
Regulatory changes can occur rapidly, with new laws and amendments being introduced regularly. Keeping up with these changes requires constant vigilance. And for organisations operating in multiple geographies, compliance becomes even more challenging due to differing regulations across jurisdictions.
Strategies for staying on top of regulatory change
As regulatory frameworks evolve, you need to be adept at anticipating and quickly adapting to new requirements to ensure compliance and mitigate risks. Here are 5 key strategies worth adopting:
1. Practice robust monitoring
Having a system in place to monitor regulatory changes is essential. Leveraging technology to automate the monitoring of regulatory updates can greatly ease the burden and regulatory change management software will provide real-time alerts and comprehensive tracking of regulatory developments.
It may also be worth subscribing to regulatory updates from trusted sources such as government agencies, industry associations and legal advisors.
2. Engage with industry associations
For the latest insights on regulatory changes and best practices, industry associations can be an invaluable support. GRC professionals can attend webinars and conferences, participate in working groups and forums to share knowledge and strategies with peers and also access publications, white papers and research reports for in-depth analysis of regulatory trends.
3. Establish a regulatory change management process
A structured process for managing regulatory changes can help ensure that your organisation remains compliant. Key components of this process include:
Assessment: Evaluate the impact of new regulations on your operations and existing compliance framework.
Planning: Develop an action plan to address the regulatory requirements, including updating policies, procedures and controls.
Implementation: Execute the plan, ensuring that all necessary changes are made and communicated to relevant stakeholders.
Review: Regularly evaluate and update the change management process to incorporate lessons learned and improve efficiency.
4. Foster a culture of compliance
Creating a culture of compliance within the organisation is fundamental to managing regulatory change effectively. This involves focus on training and awareness; keeping employees informed of regulatory changes and their implications. Open and transparent communication channels will ensure that compliance expectations are clearly understood and followed. And core to success is strong support from senior leadership to emphasise the importance of compliance and allocate necessary resources.
5. Leverage external expertise
Sometimes, internal resources may not be sufficient to keep up with the pace of regulatory change. In such cases, external expertise can be invaluable. Consider engaging legal experts who specialise in regulatory compliance for detailed guidance on complex regulations, or conducting regular audits by external parties to identify gaps and ensure that your compliance framework is robust and effective.
AI in GRC – the Decision Focus way forwards >
Robust change management is not just about keeping up with regulatory changes; it’s about building a proactive, resilient and agile compliance framework that can adapt to the evolving regulatory landscape.
Decision Focus Enterprise Compliance Engine (ECE) is an AI-driven solution that simplifies complex global regulatory obligations and significantly enhances compliance controls.
Developed in partnership with market-leading RegTech provider, CUBE, it removes the tedium of manual data analysis that can be so prone to human error, by scanning the complex global regulatory landscape and ensuring all critical obligations are met. AI intelligence reduces the likelihood of regulatory penalties and keeps your corporate reputation intact.
To retain the confidence of regulators, stakeholders and customers, learn more about Decision Focus Platform AI toolkit or contact us now to book a demo.