Regulatory change management & compliance risk

Change is the only constant.
One of the most challenging aspects of running a business is dealing with change. Whether it’s a change in the economy, a never-ending flow of changes to laws and regulations, a mutating virus upsetting the economic balance, climate change, new technology, geopolitics, social media, or changing customer preferences, businesses need to constantly adapt to stay relevant.
Failing to fully appreciate the impact of these changes on everyday operations presents real compliance risks.

Change management and compliance
Managing change, while maintaining compliance and providing complete transparency for regulators and customers is extremely critical for business continuity.
A compliance program is considered solid and effective when it treats change as a frequently occurring event and helps organizations prepare and manage it to deliver business value.

Best practices for change management to meet compliance risks.
Successful businesses implement a variety of key controls and best practices to ensure a proper response to change while staying compliant.

Thorough Risk Assessments
Why is this change taking place?
Is the change required, or optional?
Are there any exceptions to this change?
How will it impact the organization’s personnel?
Will customers be impacted? Do they need to be notified? What are the periods of impact?
What is the estimated cost to implement the change?
How will the change impact the company’s ability to comply and meet its operational and strategic objectives?
There is a constant need to make business decisions regarding the different aspects of change. Risk assessment in a compliance program can be utilized to address everything from a new product or service and effectively evaluate the potential benefits and setbacks that follow the change. This goes a long way in creating a holistic compliance program for change management with full audit trail capabilities to help businesses align with the regulatory environment effectively.

Oversight and Accountability
This involves the identification of probable risks, delineating the deliverable timeframes, and the individuals and departments responsible for each task component. A solid compliance program also specifies the components to be measured and tracked to ensure that the responsibilities are fulfilled.

Process Testing
Testing is an important element of change compliance as it ensures that the upgrades don’t negatively impact, or have unintended effects on other automated processes.

Evaluation & Audit
As changes increase risk, it is ideal to have an audit to analyze the changes within a year of implementation.
Scrutinizing the pre-existing monitoring and quality control checklists, the compliance program can work on amends, to reflect anything new or different that’s impacted by the change. It is also important to capture the permanent changes in the subsequent audits.

Evaluating change
Once the change has been successfully implemented, it is important to assess it after a reasonable time to overrule the impact of unexpected factors and the possibility of the results failing to achieve the expected goals.
One final best practice hence would be revisiting the change after a period to determine whether the change was worth it, and to ensure that the strategic objectives have been met.

Change management and compliance risk
Using change management best practices helps businesses to prepare for changes and shifts that impact day-to-day operations, even as it strengthens business agility, and enables positive capitalization of these changes to reveal opportunities in the market.
Remaining compliant through this process is vital for enterprises to stay in business and out of trouble.

EnGRC – Facing the future with confidence.
A holistic approach to GRC programs will go a long way in achieving business resilience and sustainable continuity while navigating change. To achieve this goal a modern GRC solution is an essential tool.
EnGRC is built by experts with firsthand experience of day-to-day GRC operations. Therefore, we know how important it is to have a solution which is quick to implement, easy to use and delivers the smart dashboards and reports that stakeholders want. EnGRC delivers all of these features in a modular, scalable, configurable platform.


Know more.