The process of recording, assessing, and implementing regulatory changes inside an organization to guarantee compliance with the applicable regulations and laws is known as regulatory change management. Regulatory change management is integral to risk management and compliance programs in the Governance, Risk, and Compliance (GRC) framework, as regulatory requirements are continually shifting and may substantially influence an organization’s strategy and identity.
Robust regulatory change management software entails staying current on regulatory developments, analyzing the effects of such actions on the company, and making necessary adjustments to internal controls, processes, and policies. Moreover, this necessitates using a blend of technology, processes, and people, such as cross-functional cooperation, regulatory intelligence collection tools, insightful analysis, and automated workflows.
On the other hand, regulatory change management is critical for GRC applications as it allows them to reduce compliance risk, minimize penalties for noncompliance, and exhibit due diligence to regulatory agencies. Furthermore, GRC programs integrate efficient regulatory change management software to identify new regulatory trends and opportunities, enabling them to design proactive compliance plans that support a successful business.
Top Regulatory Change Management Trends and Predictions for 2023 in the GRC Industry
Listed below are some forthcoming regulatory change management trends and predictions for the GRC business in 2023:
- A sustained emphasis on data protection, with GRC firms taking stricter steps to comply with changing legislation.
- Expanded use of artificial intelligence and automation to improve regulatory change management procedures and eliminate mistakes.
- The GRC industry's continuing globalization, with more organizations expanding their business and regulatory efforts to satisfy worldwide standards and laws.
- Increased examination of ESG (Environmental, Social, and Governance) concerns, leading to new rules and improved transparency and reporting.
- There is an increasing emphasis on ethics and culture inside the GRC industry, focusing on fostering a deep sense of compliance and ethical conduct across the business through regulatory change management software.
- A trend toward more proactive, forward-thinking regulatory change management practices, with organizations attempting to predict and adapt to impending regulatory changes instead of merely reacting to them.
- Introducing new regulatory change management solutions and platforms, such as blockchain-based solutions tracking regulatory changes and their influence on GRC.
- More open communication channels and chances for feedback and discussion between GRC firms and regulatory organizations.
How does RCM Software Keep Up with the Latest Trends?
Regulatory change management software assists GRC practicing firms in a variety of ways, including:
- The software delivers real-time notifications and alerts of regulatory reforms, allowing firms to respond promptly and effectively to new trends and regulations.
- RCM software tracks regulatory changes and updates from numerous sources, including regulatory authorities, industry groups, and other users, guaranteeing that firms are constantly up to speed with the newest trends and regulations.
- Regulatory change management solutions may provide customized regulatory change research and reporting, enabling businesses to discover patterns and trends in regulatory developments and alter them.
- It offers a structured platform for communication and cooperation across various teams and stakeholders, allowing firms to exchange regulatory insights and best practices.
- Regulatory change management software can also be integrated with other software systems used by GRC firms, such as risk management or audit software, to provide a holistic perspective of regulatory trends and their influence on the business.
Generally, regulatory change management software assists organizations in staying current by offering real-time tracking, analysis, and reporting on regulatory changes and promoting collaboration and communication across various stakeholders and teams.
On the other hand, if you are in search of an effective regulatory change management software that has all the required features, such as updates about regulatory changes, regulatory intelligence, shift activity, evaluation of the changes' impact, and news, then Predict360 Regulatory Change Management Software would be the best solution for your organization. You can request a customized demo and learn how the regulatory management software enhances regulatory change management with Artificial Intelligence (AI), regulatory change tracking, and activity management.