Compliance Planning for Regulatory Change


By Mitch Hoppenworth 

There has been an overwhelming amount of speculation regarding the direction of regulatory changes and the possibilities of deregulation since the election. Those charged with leading compliance efforts and planning for the future probably feel a bit hamstrung by all the changing news. Organizations may be holding back from committing resources to existing compliance plans or are strategizing new alternative solutions with the hope that regulatory changes will break in their favor. Either approach can bring about their own compliance risks.

Compliance Planning for Regulatory ChangeWhether you believe that Dodd-Frank will be rolled back or the Fiduciary Rule eliminated, actual
legislative changes are what matter most at the end of the day. Do you have a regulatory mapping or regulatory change management program in place that you can trust? What is the best method for identifying and responding to regulatory requirements? Those utilizing in house counsel to perform this function are finding that this is not the best use of attorney resources nor the skill set that motivated attorneys prefer to focus on. So what’s your best option?

No matter what countries or industries your organization operates in, there is the challenge of managing multiple sources of information and identifying relevant content. Thanks to solutions that combine innovative services and technology, organizations can stay notified and up to date on regulatory proposals and actions through legislation tracking solutions. Compliance leaders may also require research and legal summaries to update their existing legal requirements database and require the capability to map those requirements to people, controls or processes. Finally, an organization that wants to introduce a new product in the U.S. may require a 50-state survey solution to learn the specific regulatory requirements to ensure a compliant implementation.

These types of solutions are available and demonstrate the experience and flexibility a regulatory change management solution can deliver to an organization’s unique needs. Having the right partner in this space can eliminate compliance false starts and reduce the regulation “noise” that is currently consuming and stifling compliance strategies. Mindcrest has successfully delivered these solutions to clients for many years, allowing compliance leaders to maintain their focus and effectiveness with solutions that provide timely and actionable regulatory information that delivers clear guidance for compliance oversight. What is your organization doing to prepare for these changes?

There are many resources available to choose from when looking for assistance in building an effective Compliance and Ethics program. Download our White Paper to learn more.

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