Regulatory change management is the process financial institutions use to identify, evaluate, and implement new or amended rules and regulations. It’s designed to create an efficient, repeatable process that helps these institutions understand how new requirements affect their operations and modify their practices accordingly.
Regulatory change management is a requirement component of a financial institution’s compliance management system (CMS). An efficient CMS has a method to actively monitor and quickly review regulatory changes, determine which rules specifically impact the institution, share these changes with affected business units, and develop step-by-step plans for writing, updating and modifying policies and procedures.
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