The findings of the MetricStream Research report were presented at the MetricStream GRC Summit 2016
A MetricStream Research report on Regulatory Change Management (RCM) has found that in the majority of businesses, RCM processes are still maturing. The MetricStream Research report, based on a survey conducted in December 2015, features the insights and perspectives of over 120 compliance professionals in North America and Europe. The respondents represent enterprises of multiple sizes and a wide variety of industries, including banking, financial services, insurance, healthcare, pharmaceuticals, and manufacturing.
The MetricStream Research report was released at the MetricStream GRC Summit 2016, which took place on April 25-27, 2016 in Washington, DC. The findings of the report were also presented at the summit by Warren Bell, Associate Director at MetricStream Research.
Keeping up with the constant pace of regulatory change has become an increasingly challenging and costly endeavor for organizations across industries. Not only do they have to scan multiple sources for regulatory changes, but they also have to understand the impact of these regulatory changes on the business, implement appropriate policies, processes, and controls, and then conduct audits to ensure that all the regulatory changes have been implemented effectively.
The MetricStream Research report provides insights into how organizations are addressing these challenges. Some of the key findings of the report:
"The MetricStream Research report finds that there is significant scope for organizations to improve the efficiency and effectiveness of their regulatory change management efforts," said French Caldwell, Chief Evangelist, MetricStream. He continued, "While many organizations have the people and processes in place to address regulatory change, they often lack the technology to simplify and strengthen their efforts. Technology doesn't just automate regulatory change management. It also provides timely visibility into regulatory changes and their impact which, in turn, enables organizations to make better business decisions that drive performance."