Regulatory Change Management (RCM) is a proactive approach to specifically manage when regulations change and the impact of those changes in organizations. Monitoring, identifying and tracking the your organization’s response to regulatory changes are key to RCM, such as financial institutions ensuring compliance when updates are issued from the U.S. Securities and Exchange Commission (SEC), Financial Industry Regulatory Authority (FINRA), and Office of the Comptroller of the Currency (OCC).
RCM should be one part of your overall compliance management program. Compliance Management (CM) is the broader process of ensuring that an organization complies with its legal obligations under applicable laws, regulations, codes as well as other standards, guidelines and compliance requirements. It includes evaluating existing procedures and systems to identify any gaps in compliance and implementing appropriate measures to close those gaps.