Okay, this is difficult for me – to think that I might have actually made a mistake! Those of you who know me well realize that I seldom if ever make such a statement. For example, there have been instances when speaking at conferences a participant suggests that a statement I’ve made might not have been entirely accurate, and my response is not “oops, I made a mistake,” but rather “I might have misspoken”!
It should be news to no one that global companies today are struggling with increased regulatory onslaught. And as we’ve seen with Dodd-Frank, it’s clear that we can expect continued landmark legislation globally to address the risk management failures of the financial crisis. Chris McClean of Forrester Research recently commented that there are nearly 200 regulatory changes still on the US federal agenda across finance, healthcare and consumer protection. Beyond congressional action, we’ve also seen current regulators cracking down under their existing mandates. The question that many OpenPages customers are addressing today is, how can organizations prioritize and cope with such a large number of regulatory changes, and how can organizations prepare for upcoming rulemaking? Many companies are turning to policy management software to establish regulatory change management, regulator interaction management and policy lifecycle management.
Policies establish the culture, values, ethics, and duties of the corporation. Organizations that take an ad hoc approach to managing and communicating policies face significant risk to their business. The key to effective compliance and policy management is having a formalized and efficient mechanism for communicating changes to regulations and managing the internal regulatory change process so the business can react quickly – particularly in these times where you know the regulatory environment is complex and changing frequently. It is also important to manage the interactions, communication and internal work associated with external regulators such as inquiries, submissions, filings, exams and Audits. Today, this tends to be a very time-consuming, manual process for most companies.
To learn more about implementing an effective compliance and policy lifecycle management program, check out a recent webinar we conducted with Michael Rasmussen, president of Corporate Integrity LLC.