The challenge
Interpreting regulatory rules, such as the Dodd Frank Act, MiFID II, EMIR and the FCA Handbook, across jurisdictions is a challenging process but when interpretations need to be kept up to date, shared and communicated across large organisations, the task at hand can become unmanageable. New regulatory rules are continually introduced and views can change.
Compliance Change Management and Regulatory Change Management functions often rely on spreadsheets and email to share legal and regulatory opinion with colleagues. However, this can prove problematic when a colleague leaves the team or the spreadsheet becomes too large to maintain. Costly external legal advice is often duplicated because previous legal opinion can no longer be found.
Solution
Regulatory compliance software solutions such as Single Rulebook are based on new digital technologies and processes that are helping improve workflows in the world of regulation. Single Rulebook provides a platform to search, share and integrate regulation into your firm’s own policies and procedures. Alongside training to help onboard colleagues, Single Rulebook can also help upload existing regulatory opinion to the platform, in spreadsheet or other forms of documentation, meaning that all regulatory work is available on one common platform.
Key Benefits
- Decrease time spent searching for relevant work, including your firm’s in-house view on a rule
- Search and share regulation and internal work relating to regulatory rules
- Integrate your company’s workflows and processes with regulation
- Maintain a robust audit trail (traceability)
- Compliance change control framework