Best Practice Solution for Regulatory Change Management

Effective regulatory notification management to minimize the risk of failure to comply

Regulatory change is proceeding around the world at a rapid pace and on an unprecedented scale. Coping with the sheer volume of new regulatory requirements imposes a high degree of complexity upon organizations. A global services institution with multiple product offerings and a presence in many different regions can find itself monitoring over hundreds of regulatory and rule-making entities across those regions. The ability for the organization to interpret all these regulations well and to operationalize and sustain compliance practices requires diligence, an understanding of their relevancy to the business, and continual communication.

Support for all Regulatory Change Management Aspects

Effective regulatory notification management can minimize the risk of failure to comply with laws, regulations, and internal policies and procedures.

Benefits of the Regulatory Change Management Solution

Nasdaq BWise has developed a Best Practice Solution (BPS) for monitoring regulatory notifications and documenting applicability and interpretation, including the impact assessment on current processes, policies, risk areas and current controls. These processes include workflows with approvals and collaboration, assessments, import of new and existing event data, associated actions, follow-ups and attachments, and out-of-the-box reporting and analyses of results.

The BPS Regulatory Change Management solution provides:

  • Daily feed of regulatory notifications as augmented data. This delivers summarized and classified data of tracked regulatory developments (proposed rules, final rules, concept releases, guidance and enforcement actions) into 1 single notification, containing direct links to the tracked rule and regulation;
  • Coverage of over 250+ regulatory bodies containing international, US, EU and APAC laws and regulations;
  • Classification of Regulatory Notifications providing insight into whether or not a change could be applicable for your company. Subject Matter Experts can tag if a change is applicable for the organization;
  • Applicable notifications that can be sent out to the business to give an impact rating and define actions for follow-up, so the change will be implemented in compliance with the rule / company interpretation, and;
  • Verification and a checklist for reasonable assurance that no steps are missed.

The BPS Regulatory Change Management solution enables:

  • Monitoring of the organization’s compliance profile and conformance to regulatory notifications using a rich and daily updated source containing over hundreds of international and regional regulations 
  • Compliance and legal users to find laws and regulations by regulator, region, country, function, type and other filters
  • Subscription to specific topics and subjects to receive automatically necessary regulatory notifications 
  • Regulatory notifications to be obtained automatically from data sources and content providers
  • Details of the regulatory notifications to be assigned directly to the Subject Matter Experts (SME) in the tool through workflow, as well as the business units who will complete implementation action steps
  • Documenting interpretation and applicability of a regulatory notification and relate to policies and baselines
  • Dissemination, communication, performing, consolidation, and monitoring of impact assessments
  • Documenting, follow-up, and trace identified actions as part of a regulatory notification implementation program
  • Relating actions to regulatory notifications, business entities, geographies, and policies, and SMEs, (Business Unit) Compliance Officers and Action Owners to get email notifications and reminders on assigned tasks
  • Efficient preparation and producing reports for committees, periodic status meetings, regulatory reporting, internal audit and KPI monitoring

BPS Regulatory Change Management seamlessly integrates with other Nasdaq GRC solutions.

Download the brochure to learn more about the Best Practice Solution for Regulatory Change Management.

Scroll up