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Our solution and subject matter experts will provide an overview of how RegEd’s enterprise solutions enable our clients to improve efficiency, effectiveness and transparency across the enterprise.

Industry Challenge

With thousands of regulatory changes per year, financial services firms are challenged to effectively identify, document and summarize relevant changed or new regulations. Additionally, business requirements must be translated and communicated throughout the enterprise, all while tracking and validating completion of the associated work.

Increasing regulatory scrutiny, broader regulatory exams and the burden of demonstrating a sound compliance methodology, exacerbate these challenges. Automated process management and superior regulatory content are needed to close the gap between inefficient manual processes and an integrated compliance program that drives efficient management of regulatory changes throughout the organization.

RegEd Solution

Regulatory Change Management, powered by the RegEd Enterprise Compliance Management Platform, is a fully integrated solution that streamlines the end-to-end process of managing regulatory change throughout the organization. Regulatory Change Management facilitates a workflow-enabled, closed loop process that provides firms with everything they need to be aware of, comply with, and demonstrate compliance with all relevant regulatory changes.

Regulatory Change Management provides a highly configurable, workflow-enabled and content-rich solution that captures changes to rules, regulation and filing office procedure. The solution is powered by Regulatory Intelligence which delivers precise information and tasks to streamline the process of compliance.

Each regulatory change notification embeds relevancy check questions that enable the firm to quickly and efficiently determine if the change is applicable based on the company’s lines of business, products sold and other relevancy factors. Regulatory changes delivered through the system include plain-language summaries and the specific requirements that must be fulfilled to maintain compliance in the form of actionable tasks and templates and other tools needed to efficiently fulfill the compliance obligation. Automated content filtering and smart routing enable increased operational efficiency by ensuring only relevant content is distributed to the appropriate recipients without the need for manual intervention.

The solution’s robust workflow and task management capabilities enable a systemized process for managing regulatory change. Critical compliance documentation is captured in a central repository along with a full audit trail of the firm’s regulatory change management program. And, the system’s comprehensive reporting capabilities, which include standard reports, ad-hoc reporting and customizable dashboards, ensure that Compliance, Legal, Audit and business stakeholders have the critical compliance views they need.

Regulatory Change Management stands alone in its ability to address the management of regulatory change through the delivery of actionable content, in a closed-loop process, across the enterprise. This unparalleled combination ensures broad adoption of the solution by compliance, legal and business users throughout the organization, which strengthens the firm’s compliance program, lowers compliance costs and reduces non-compliance risk.

Molly Akin, AVP Corporate Compliance & Ethics at Ohio National Life Insurance Company, on how RegEd’s Regulatory Change Management solution has streamlined the end-to-end process of tracking and managing relevant regulatory changes in her organization.

Distinguishing Capabilities

  • Monitor and track new and changed regulations.
  • Regulatory Intelligence includes plain-language summaries, relevance questions, and actionable business requirements.
  • Tools and templates enable users to complete compliance tasks quickly and accurately.
  • Smart Routing automatically filters and routes relevant content to the appropriate individuals and/or groups based on intelligent content filtering and configurable workflows.
  • Process management to assign, manage, monitor, and validate all activities related to regulatory changes.
  • Compliance Portal to extend compliance oversight, including TPA’s, producers, and others not directly employed by the insurer.
  • Comprehensive reporting and dashboard capabilities.

Key Benefits

  • Stay up-to-date on regulatory changes that are relevant to the firm and have confidence that all stakeholders are apprised of the changes that impact firm policies and procedures.
  • Rapidly determine applicability and avoid time-consuming analysis.
  • Receive analysis in a form that is easily digestible by compliance and business employees.
  • Establish a repeatable change management methodology that closes the loop on the compliance lifecycle.
  • Increase preparedness for regulatory scrutiny with built-in audit trails, robust reporting, and risk profiling.
  • Automated content filtering and smart routing enable increased operational efficiency by ensuring only relevant content is distributed to the appropriate recipients without the need for manual intervention.
  • Receive advance notice of upcoming regulations and requirements; leverage automation to ease the process of tracking and ensure compliance.
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