While regulatory change management and enterprise change management may be different domains, there is a lot that regulatory change managers can learn from enterprise change management. The basics of both remain the same, even if regulatory change is a bit more complicated to manage.
Identify the nature of change
In addition to failures related to lack of support, 70% of change projects fail because they are not managed with an adapted approach. In other words, we often think that all change pr
Managing regulatory change is a major headache for businesses operating in industries where the regulatory framework fluctuates. The problem is that the regulations define what the business can and cannot do, and when they change, the business must change how it operates. This makes it difficult to make long-term plans and strategies, because there is always a risk that the chosen strategy may no longer be viable if the regulatory framework fluctuates.
If your business is stuck in a similar qua
Managing regulatory change has long been a headache for businesses in heavily regulated industries. Managing this change requires quite an investment. The business must hire regulatory experts who can interpret the regulations and tell the business how it will need to change itself to comply with the changes. The problem is that this process can be rather slow and is error prone because it is being handled manually.
The Profound Nature of Regulatory Change
Before we get into the perils of regu
We are living in times of change. The advent of information technology led the whole world around us to change, and artificial intelligence is now promising to bring even more profound changes. We are not near fully working artificial intelligence right now however we are making some very interesting progress in its direction. We may not have an artificial intelligence, but we have started successfully developing the pieces of technology which will be the prerequisites of artificial intelligence
Here's Why Compliance Solutions Are Inadequate for Managing Regulatory Changes
Regulatory compliance is mandatory, but it’s not the end goal; it’s the minimum operating standard. For strong companies, compliance is a mere byproduct of performing well and managing uncertainty. Compliance solutions can also cause difficulties in the face of domestic political risk, which includes significant fluctuations in the regulatory environment.
The biggest differences between regulatory compliance and risk ma
The number of business measures within organizations is typically growing. Measures are often added on a reaction basis to loss events that have already occurred. Wouldn't it be valuable to be able to focus on forward looking measures? In most organizations, these preventative, proactive measures are indistinguishable when grouped with reactive measures, because the metrics do not formally tie back to any commitments or risks.
What if a risk or activity changes? Organizations have no way of knowi
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