Fear of Missing Updates
Whenever we speak with prospective customers, eventually, the conversation turns to a single topic: The fear of missing updates (FOMU).
It's not really surprising, when you consider the compliance landscape of increasing issues and risks, rapid regulatory change, unforeseen crisis and data complexity.
There is a huge volume of regulatory change facing highly regulated institutions.
In this blog we will share best-practice for actioning regulatory change:
- Monitor, regulatory change from many sources.
- Filter, focus on what is relevant.
- Triage, determine impact.
With the best of intentions, manual processes will struggle to absorb an average of a thousand updates per month depending on geography.
Of course, this increases significantly if you are working across multiple jurisdictions.
Accenture ran a survey recently that showed that 90% of compliance executives forecast that the cost of compliance will surge up to 30% in just two years, yet only 60% expect an increase in operational funding.
Most companies are using manual or semi-manual processes, using low-cost resources to gather the data which is then reviewed by subject matter experts.
There is little cooperation between teams, leading to excessive duplication and a greater likelihood of updates falling between the cracks.
So, what are the three steps necessary for success?
1. Regulatory Tracking (Monitor)
The first, and most important step, is to make sure that you have all the updates you need.
You need to know which regulators, industry bodies and best practice sites you need to follow, and where the new content can be found.
The content then needs to be transformed into a format that the team(s) can use.
Pro tip: Capture additional details for each update:
2. Regulatory Taxonomy (Filter)
Once you have the updates, you need to find the updates that are relevant to each team, find the person or people who need to review it, and make sure they see it.
Pro tip: Define clear rules for filtering and the regulatory owner
3. Regulatory Change Management (Triage)
Now that you have the relevant updates in front of the right people, you need to track what actions they are taking, document what has been done, and communicate centrally so that there is a unified position on the regulation.
Pro tip: Establish a centralised overview
Simple right? But what if you are resource constrained?
According to Accenture, “the push to reduce costs may expose companies to increased risks … regulatory leaders see their role as carefully weighing and balancing this increased risk exposure to achieve improved outcomes while keeping costs down.”
What if you could have regulatory updates from selected sites, filtered to topics of interest, delivered automatically to your inbox with full collaboration and reporting?
You can you know. Join us and lose your FOMU forever (and start saving up to 80% in initial effort like the rest of our users)