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The simple reason we need to automate regulatory change management

The simple reason we need to automate regulatory change management

We are living in the times of change. Automation used to be a pipe dream for businesses, but now automation solutions are available for almost every industry, and they are easy and inexpensive to implement. The difference made by automation depends on the industry and the use, and there are some areas where automation is too expensive to make business sense. Change management, specifically regulatory change management, is not one of these areas – automation technologies work flawlessly on it.

Why change management is perfect for automation

There are certain tasks which computers will always be better at then humans, and change management is one of them. Change management software works so well because the work involved in change management is perfectly suited for computers. Think of it this way – if you had two versions of a 1000 page book and gave them to a human and asked them to find the differences between them, it will take them anywhere from 1 to 3 days if they work fast. On the other hand, if you give the same task to a computer the task will be completed within a few minutes.

The same is true for change management software when it comes to regulations and laws. Computers simply compare the old text of the regulations with the new text and come back with the changes within a few seconds – something we cannot imagine any human being able to do so quickly. Finding differences is just the beginning of what the software can do. Many change management solutions also use natural language processing to parse the regulations as well as they can. Their capabilities are not limited to simply finding the differences – they can also discern which differences actually matter to your organization.

Integrating change management with risk and compliance

Change management software that can be integrated with risk management and compliance management solutions are very powerful, because they are able to give actionable business intelligence instantly. Here is how it works – the change management system will immediately detect any changes in regulations, laws, or policies that affect the organization. It will automatically alert all the assigned users that a change has occurred. This is just the start however.

The change management system will then tell the compliance management system what regulations have changed. The compliance management system will then see what those regulations are linked to. Compliance management systems map out the relationships between documents, policies, rules, regulations, and more. The compliance system will then highlight all the policies, rules, documents, and other factors that are directly affected by the regulation which has been updated. It will highlight all the affected parts and send this information to the compliance managers and officers.

The compliance system will then talk to the risk management system, and let it know that there are new uncertainties which need to be accounted for, and the risk management system will automatically update its risk data to reflect the new updated. Such a system, in which change management is integrated with compliance and risk management is one of the most powerful GRC tools available to organizations today.

Does your organization need change management?

If your organization operations in a heavily regulated industry in which a lot of changes occur, you need change management software. Many organizations are worried that a change management solution may be too expensive for them, and that their organization may be too small to efficiently use such technologies. If your organization thinks it is too small for an implementation, understand that there are many different types and sized of change management software.

Some of the largest companies in the country use software which costs millions of dollars every year but small to mid-sized organization don’t need to worry – there are smaller software applications which have been made for them. These applications are easier to implement, and they are significantly less expensive that the solutions made for major organizations. If you are worried that you may not get the ROI you need from a change management solution, you need to look at solutions which your organization can acquire without hurting it’s bottom line.

About Emma Gilbert

Working in the marketing industry since 2002. This blog is one of my hobbies.

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