Heavily regulated and complex organizations, including those with a vast legal entity global footprint, are challenged more than ever to understand and
manage regulatory requirements. This is a result of unprecedented business change and a shift in services and operating models.
Demand on these organizations to maintain compliance with new requirements continues to escalate, as scrutiny intensifies from multiple stakeholders, including rising pressure from regulators, investors, counterparties, and other market participants in a postcrisis environment where compliance demands are now far more intensive and detailed than ever before.
Particularly, horizon scanning that provides the ability to monitor regulatory change, and sustains dynamic
lineage and mapping across the framework are critical to existing risk and compliance programs where an intensive volume of regulatory change is surfacing as a result of multijurisdictional COVID-19 responses, for example.
Institutions are challenged with:
- Capturing change
- Organizing changes and determining what mustbe monitored versus actioned
- Mapping the requirements back to a relevantpoint intime
- Threading and capturing an audit trail of theimpacts to the business, processes, policy,procedures, andcontrols
- Communicating outcomes across thethree lines ofdefense.