New Report Provides Strategies to Help Financial Institutions Implement a Regulatory Change Process
Wolters Kluwer Financial Services and governance, risk and compliance expert and GRC 20/20 founder, Michael Rasmussen, today announced the release of a new report, “Regulatory Change Management: Effectively Managing Regulatory Change in Financial Services.”
In the report, Rasmussen and Wolters Kluwer Financial Services address the rapid pace of regulatory change as the single greatest challenge for financial firms when it comes to governance, risk management and compliance (GRC). More specifically, the report helps organizations learn how to develop and support consistent regulatory change processes, including how to:
- Establish a GRC information and technology architecture that allows compliance and regulatory experts to be intelligent about regulatory environments across the enterprise;
- Implement a standard business impact analysis process that helps determine the degree a change impacts the organization, enabling smart and responsible decision making; and
- Evaluate organizational performance using a Regulatory Change Management Maturity Model, which drives participation across the financial services organization at all levels to identify and monitor uncertainty and the impact of regulatory change.
“This report emphasizes the importance of sound regulatory change management processes being integrated into an organization’s infrastructure, which helps them remain competitive in today’s environment and provides guidance on ways to do that,” said Todd Cooper, vice president and general manager, Enterprise Risk & Compliance, Wolters Kluwer Financial Services. “Those who fail to manage regulatory change comprehensively and consistently will likely find themselves at a competitive disadvantage—and subject to regulatory scrutiny and losses that were completely avoidable.”
“While financial services organization are bombarded with thousands of new regulations and changes to existing regulations each year, the amount of staff, resources and processes remains the same,” said Rasmussen. “In my research, I examine how this ‘tsunami of change’ is forcing organizations to improve their approach to regulatory change management by removing silos and making it a defined process and an integrated part of a GRC strategy within the organization.”
GRC 20/20 provides insight into governance, risk management, and compliance (GRC) solutions and strategies through objective market research, benchmarking, training and analysis. Rasmussen has nearly 20 years of experience helping organizations improve GRC processes, design and implement GRC architecture, and select technologies that are effective, efficient and agile. In his previous role with Forrester, he was the first analyst to define and model the GRC market.