Regulatory Change Management Product Overview
Establishing an AI-powered end-to-end regulatory change management platform helps your organization deliver unparalleled efficiency, effectiveness, and agility to your regulatory change processes.
Business Drivers
- Allow Legal, Government Relations, Regulatory Affairs and Compliance teams to accelerate performance and respond to market changes faster
- Keep current with compounding effects of regulatory change on my organization
- Get real-time notifications from agencies on upcoming change
- Attest to the board, external customers and third parties on our compliance efficacy
- Understand the impact of change across the regulatory, business, and external risk landscapes
- Update our customer products faster while reducing information overload on legal and compliance teams
- Align policies, procedures and controls with required changesin regulations, rules and laws
- Collaborate and communicate across all lines of defense to get changes done quickly
- Improve the effectiveness of the enterprise taxonomy by harmonizing compliance artifacts
AI-powered Regulatory Change Management allows organizations to proactively keep pace with the velocity of change across all applicable rules, regulations and laws (RRLs) while mitigating compliance risks by aligning policies, procedures and controls with required changes
YOUR PROGRAM PROCESS
Summary: Perform a scan of all relevant sites and sources for regulations, rules, laws and standards applicable to your organization to determine upcoming changes.
Your team does these tasks... manually
- Research and corelate changes to laws, regulations, rules and standards applicable to your organization by reviewing alerts and notifications from agencies and regulatory sources
- Gather and curate regulatory intelligence from feeds, emails and your subscriptions including context and applicability (guidances and examinations)
- Organize changes by topics, and understand which alerts are actually in scope for your organization.
4CRISK AI VALUE
Summary: 4CRisk can do this 20 X faster by automatically scanning the regulatory horizon in minutes, to determine upcoming changes, new guidances and other information.
Our product helps your team with AI that can:
- Capture changes to laws, regulations, rules and standards relevant to your organization, automatically, across 50+ document types such as bills, proposals, final and interim rules, through streams of alerts and notifications from agencies and authoritative sources
- Extract and parse large and complex unstructured and structured data (including PDFs) to identify and summarize changes to regulatory requirements and identify obligations
- Generate Topics and Tags to facilitate filtering, store alerts in an archive or work on them immediately with colleagues.
YOUR PROGRAM PROCESS
Summary: Plan out the key steps in the change process, from scoping to applicability analysis, risk and impact assessment through to managing the change itself.
Your team does these tasks... manually
- Plan the steps your team needs to go through for each group of changes
- Consider if the Alert is in scope, what kind of assessment is required or if action items can be set up for immediate execution.
4CRISK AI VALUE
Summary: 4CRisk can do this 4 X faster by providing an AI-generated customized workflow to streamline the scoping, assessment and change process as well as track the change.
Our product helps your team with AI that can:
- Streamline the process with an AI-generated Conditional Workflow based on your questions and answers: i.e. Alert in scope? Is an Applicability Assessment Required? Is an Impact Assessment Required? What Action Items are required?
YOUR PROGRAM PROCESS
Summary: Perform an Applicability Analysis to determine the extent of the change and what specifically applies to your organization.
Your team does these tasks... manually
- Conduct a Difference Analysis of change between current version and upcoming versions of the regulation
- Develop a common understanding of regulatory obligations by linking similar requirements
- If your process supports it, map applicability of requirements to the organization, risk categories, business units, products and services, and flag which items may be actionable or not thereby identifying trends that help with prioritization
- If your process supports it, generate recommendations of which policies and controls should be reviewed based on the applicability analysis
- Map your enterprise taxonomy (i.e. product, documents, businesses), to evaluate the risk of a regulatory change
- Prioritize what needs to be re-aligned to ensure a coverage with an impact analysis.
4CRISK AI VALUE
Summary: 4CRisk can do this 5 X faster by generating an Applicability Analysis in minutes by parsing and conducting a Difference Analysis.
Our product helps your team with AI that can:
- Generate a Difference Analysis of current version and upcoming versions of the regulation in minutes
- Parse documents from feeds to automatically extract changes, along with titles, sections, type (informative, prescriptive, prohibitive etc to understand actionable vs. non-actionable changes), matter, type (disclosure, policy, etc to understand subject matter)
- Automatically map applicability of requirements to the organization, risk categories, business units, products and services, and flag which items may be actionable or not thereby identifying trends that help with prioritization
- Generate recommendations of which policies and controls should be reviewed based on the applicability analysis
- Continuously improve: 4CRisk’s Private AI Model learns to predict organizational relationships such as business unit, function, product, service
- Generate a confidence rating on what is/is not mapped/matched.
YOUR PROGRAM PROCESS
Summary: Perform an analysis to discern and prioritize the impact of changes in regulations, rules, laws and standards to your internal artifacts, such as policies, contracts, procedures and controls.
Your team does these tasks... manually
- Conduct a formal analysis to discern impact of changes in regulations, rules, laws and standards to internal policies, contracts, procedures and controls
- Prioritize what needs to be re-aligned to ensure appropriate coverage and efficacy of risks, policies, procedures controls and contracts
- Create summarizations of changes and impacts to support legal and compliance reports, for example, Law Memos and Action Plans
- Ensure Impact assessment maps relationships such as business unit, function, product, service.
4CRISK AI VALUE
Summary: 4CRisk can do this 3 X faster by automatically generating an impact assessment in minutes, prioritizing changes required to your internal artifacts to align with upcoming regulatory changes.
Our product helps your team with AI that can:
- Support SME’s judgement of Criticality, Priority and Due Date to assist in the AI generated Impact Analysis
- Review a Gap Assessment as a Sankey Diagram (as in Compliance Map) to pinpoint impact of proposed or new obligations on compliance and governance documents to clearly see full, partial or missing coverage of upcoming changes
- Leverage Ask ARIA Co-Pilot to answer queries quickly on risks, policies, procedures controls and contracts
- Review summarized and prioritized changes to support legal and compliance reports, for example, Law Memos and Action Plans.
YOUR PROGRAM PROCESS
Summary: Create issues and action plans with appropriate information on the change to ensure the change is managed by appropriate SMEs.
Your team does these tasks, manually…
- Prioritize actions to close gaps
- Raise issues and action plans to assign actions to the right SMEs to conduct the change in the Issue Management systems of record
- Refine documents such as policies, controls based on gaps from impact analysis
- Develop and report on program to regulators, business & third parties.
4CRISK AI VALUE
Summary: 4CRisk can do this 3 X faster by generating issues and action plans with appropriate information on the change for SMEs.
Our product helps your team with AI that can:
- Auto-track remedial actions and ingrate with Issue Management systems of record
- Leverage Ask ARIA Co-Pilot to answer queries quickly and accurately to help in action planning and generates language recommendations to close policy and control gaps
- Provide Intuitive metrics, dashboard, and reporting to report on program to regulators, business & third parties.
If you have 4CRisk’s Compliance Map product
- You can leverage your robust AI-generated rule books and plain language business obligation to complete the gap analysis against your internal policies and control’s see comprehensive linkage at granular levels and create a traceability map between all your compliance artifacts.
If you also have 4CRisk Regulatory Research
- Using your rule books and inventory, you can enhance your Regulatory Change Management process to keep peace with in rules, regulations and laws while mitigating compliance risks by aligning policies, procedures, and controls.
If you also have Ask ARIA Co-Pilot
- Using our AI assistant provides immediate and reliable answers to your most complex compliance questions, saving you countless hours to research.
Qualitative Benefits
Effectiveness - reduction of risk of non-compliance
- Gather, organize, assess, prioritize, communicate, monitor, comply, and demonstrate evidence of good regulatory compliance practices
Efficiency - reduction in cost of compliance
- Optimize human resources and capital budgetto consistently manage regulatory changes in a rapidly evolving regulatory and business landscape
Agility - faster response to changing regulatoryenvironment
- Quickly adapt and respond to regulatory developments, gain a competitive advantage over competitors handicapped by broken processes
Contact us to discuss the next steps on your journey
Best practices and ROl for Our Regulatory Change Management
Case studies of innovative peer organizations
Demo to dig deep into our AI-powered compliance products
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