Organizations facing regulatory overload can now benefit from powerful new tools to help them better manage their compliance workflow as Thomson Reuters introduces Regulatory Change Management (RCM), its new end-to-end compliance solution.
RCM, offered on the Thomson Reuters Connected Risk platform, is a versatile compliance workflow system. Via the RCM dashboard, compliance teams can connect standardized regulatory rules to their own procedures for optimal mitigation of their risk. Users can tailor the information they receive through predefined and customized taxonomies, as well as the frequency of their notifications about regulatory changes.
Integral to the adaptability of RCM is how it integrates regulatory content from Thomson Reuters and third party platforms, mapping this data directly into firms’ internal policies and procedures. This allows organizations to manage their regulatory change management processes from end-to-end and is fully auditable, enabling easy tracking for regulators and examiners. The launch of RCM follows Thomson Reuters acquisition of Empowered Systems, a UK-based regulatory technology provider in March 2016.
“Firms operate in a constantly changing environment, which forces compliance functions to keep up with regulatory requirements and ensure they remain in conformance,” said Gareth Evans, managing director, Enterprise Risk Management, Thomson Reuters. “Missing a relevant regulatory change can be critical to the business and professionally damaging, so the pressure is high to stay on top of regulations in each jurisdiction where an organization operates. Our Regulatory Change Management solution has been in development since Empowered Systems was brought into the fold, enabling us to leverage the combined team’s expert insight in this space, while working closely with advisory firms to ensure a seamless integration of this solution into our clients’ workflow processes.”
Users of the integrated RCM module can reduce an organization’s administrative workflow and costs, as it enables it to consolidate, verify and process more effectively the often duplicative requirements lodged within regulations and directives, as well as in regulatory and legislative materials.RCM has been implemented successfully by organizations in the Americas, the UK, and Continental Europe.