Why using a single view, automated regulatory change management solution trumps desktop tools such as spreadsheets and email.Published on 2nd February 2024
Old habits die hard, and a spreadsheet and email system for regulatory monitoring and regulatory change management is one of those old habits, that with more disadvantages than advantages, is probably time to change. Replacing this system with a SaaS based, single view has many benefits.
Regulatory change management is complex and relentless but to achieve compliance, it’s essential. Regulations come from multiple sources, in many languages and compliance teams need to identify what is pertinent to their firm and jurisdictions. Horizon scanning offers a view of what’s next and a regulation library and risk rated data assists in meeting all the regulatory obligations relating to a firm’s compliance.
REDUCES WAITING TIME
When choosing a SaaS solution, everything is always available on the cloud in near real time. With auto-routing of regulatory content, multiple users can access the same information and then filter as required by theme, jurisdiction, date etc – there is a single view but with dashboards to identify specific areas of interest to the user or business function.
LOCAL AND GLOBAL
Whether a local or global team, there are benefits to both in using a SaaS solution rather siloed desktop tools. Teams need up-to-date regulatory information at their fingertips, but global operations have the added issues of time-zones, multiple users, and multiple languages and in these cases a solution that has language translation and allows 24/7 near live regulatory information, that can be seen as a single view and then filtered and drilled down into specific records, not only saves time but offers reassurance of reduced risk through reduced manual error. Teams can operate in a truly global fashion without having to replicate roles or have unnecessary duplication or loss of information.
Training on a single SaaS solution across all users makes for a very straightforward process where all users have an identical tool rather than, with siloed tools such as spreadsheets, the possibility of various versions and skill levels plus the concern that information could be deleted during a training session.
Using a single view, multiple sign-on solution can provide a complete audit trail in a straightforward way. Many firms have struggled with regulatory compliance audits when using manual tools and desktop applications, having to piece together information from a variety of sources. A single audit trail not only helps with internal compliance but also shows a robustness in providing operational resilience to the regulators.
The pandemic has changed the operating behaviour of many firms, with workers engaged in business activities from their homes and the increased use of SaaS platforms to enable users to have access to the same information, at the same time and to assist in workflow. Even before the pandemic firms were making the shift to solutions that offered greater benefits to the firm including freeing up people from manual tasks, such as entering data into spreadsheets, enabling them to work on higher value tasks including analytics.
If you’d like to know more about Corlytics and our solutions, please get in touch with us