Since Greek times, we have known that “change is the only constant in life.” This is certainly true in compliance and project management, where new regulations, clarifications to existing regulations, new requirements or modifications to existing requirements are a daily occurrence. How do you effectively manage these changes, though? What are the impacts to other systems, teams and geographies?
Missing or not implementing a regulatory change correctly has significant financial and reputational risk. To mitigate these non-financial risks, firms spent 4% of total revenue on compliance in 2017, an amount that is expected to rise to 10% by 2022, according to Duff and Phelps. Not understanding the impact of a system change can cause a business to suffer financial and reputational damage - and 70% of all change projects fail.
R1 Change significantly reduces the time to identify potential impact and collaboratively manage all interdependent changes. Unlike traditional products, our solution allows you to capture and manage all changes in one place while keeping all stakeholders fully informed.