The landscape of financial regulations is ever-changing, posing a significant challenge for compliance in the financial services industry.
In a recent post by Ascent, the company dug deeper into the topic of agile change management in financial services regulatory compliance.
Traditional methods of managing these changes are becoming increasingly inefficient due to their manual, slow, and resource-intensive nature.
Enter compliance automation, a game-changer in the realm of regulatory compliance. This technological advancement is transforming how financial institutions handle the dynamism of financial regulations. By automating routine tasks, compliance automation not only improves efficiency but also ensures that financial services firms are always on top of the latest regulatory changes.
How Compliance Automation Fosters Agile Change Management:
- Rapid Adaptation to Regulatory Changes: Compliance automation tools, such as Ascent, are pivotal in helping organizations quickly identify and respond to changes in rules and obligations. These tools continuously monitor regulatory changes, pinpointing those relevant to a particular company and notifying stakeholders promptly. This rapid response capability allows companies to adjust their strategies swiftly, eliminating the tedious task of sifting through extensive regulatory texts.
- Mitigating Non-compliance Risks: By proactively identifying compliance requirements, compliance automation tools empower financial institutions to manage potential risks effectively in real-time. This proactive approach helps in averting violations, thereby reducing the risk of incurring regulatory fines and penalties.
- Focusing on High-Value Activities: Automation in regulatory monitoring means compliance teams can dedicate less time to finding applicable rule changes and more on strategic responsibilities. This shift allows them to focus on understanding the business impact of rule changes and developing appropriate regulatory strategies.
- Efficient Compliance Workflows: Automating workflow processes, such as policy change approvals or audit scheduling, significantly reduces the time and effort required for routine tasks. This efficiency enables compliance teams to concentrate on strategic and value-added activities. Moreover, tools like Ascent can seamlessly integrate with leading GRC platforms, aligning requirements with internal controls and policies, ensuring a cohesive approach to compliance across all GRC touchpoints.
In summary, compliance automation is revolutionizing the way financial services firms manage regulatory changes. By providing agility and efficiency, these tools are not only helping institutions stay compliant but are also reshaping the future of financial compliance management.
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Copyright © 2018 RegTech Analyst