Rather than relying on manual spreadsheets, email silos, and SharePoint, Onspring’s Regulatory Change Management (RCM) software allows you to take a proactive approach in the ever-changing regulatory compliance landscape.
By implementing Onspring’s RCM software, you can instill a structured, integrated and automated regulatory change management process to stay ahead of regulatory change, saving you measurable time and effort.
Onspring Makes Regulatory Change Management Easier
Ingest, organize & map rules and relevant obligations from regulators or regulatory content providers to the rest of your business
Conduct impact assessments based on rule changes
Assign ownership tasks for updates to relevant controls, policies & procedures
Ensure updates are implemented through compliance documentation, monitoring & reporting
Dig into the details of Onspring’s Regulatory Change Management software
Check out the RCM Brief to see everything included.
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.
Yes, you can and it is recommended for a fully integrated compliance management program. You can include assessment reviews and corrective action plans as part of your overall compliance program or audit readiness as well as any control lifecycle management efforts.
Yes. To take full advantage of the automation and analytics capabilities of Onspring with regulatory data, you will need a subscription to a regulatory monitoring service. Adding data from a subscription to Onspring provides comprehensive coverage and centralized management of compliance operations, financial regulatory change, and risk exposure, eliminating the need to log into multiple software systems. Plus, you can initiate action plans from changes in rules or obligations automatically in Onspring.
You will first want to make regulation or rule selections with your preferred regulatory content provider. When Onspring integrates with your provider, that content ports to your Onspring instance, where you will map it to controls and any other compliance relationships. Once those relationships are linked, you can begin automated assessments and reviews. When used in conjunction with Onspring’s Compliance Management software, your organization creates a fully integrated and automated compliance management program.