Regulations are changing permanently and your quick reactions to the new or changed requirements are expected.
Luckily, the RegHub Regulatory Recap & Outlook can help you to quickly identify the relevant regulatory changes easily (see “The RegHub Regulatory Recap & Outlook: How to stay updated with regulatory information 2.0”).
But what comes next?
Usually, you would start digging into the new regulatory framework as well as trying to find any further public information which could give you more insight. Of course, you would then set up numerous meetings with the colleagues who might be able to help or would have to be involved. The discussions would be held, for example, about the meaning of the regulatory changes, their impacts, the current gaps, potential measures, their implementation and so on. In many cases you would want to go a step further and discuss the major questions or exchange experiences with your peers (e.g. in association meetings) and even involve expensive consultants or lawyers from the start. And you would, definitely, try to keep track of the acquired insights and work products in the best possible way. And the whole process would be going on for a very long time before the implementation is has been achieved.
Unfortunately, it cannot be said that there is anything wrong with this approach! You certainly need all the stakeholders in order to master the complexity of regulatory requirements and their impacts and to come up with the best solutions for your company. But what an exhausting, time and cost consuming effort!
While developing our RegHub regulatory change management and compliance approach, we strongly focused on HOW people could work together in a significantly more effective and efficient way. Consequently, one of our major principles is to concentrate on the question of how we can get the most out of all stakeholders involved, inside and outside your company. We believe that collaboration is the key to a better regulatory change management and compliance (alongside a high end-to-end process integration, automation, and data availability and quality - which we will follow up in our upcoming blog articles).
So let’s first take a look at what this means for the cooperation inside your company.
The RegHub approach enables a standardized collaboration which ensures agile and streamlined workflows within the regulatory change management process. Different teams, business units and employees are connected and collaborate in one digital platform on addressing all the new or changed obligations from the start to the end. People are able to easily assign tasks, share results or discuss questions related to specific regulatory obligations, impacts or internal controls. There are strong and focused communication channels, and the developed knowledge is automatically kept in a standardized, centralized and transparent manner.
To achieve these goals, we have integrated a wide range of collaboration features into our RegHub platform which perfectly supports the RegHub approach.
At the same time we have been pushing our vision of a digital professional network platform which enables digital discussion panels and an effective cooperation among companies on any new regulatory obligation. The platform allows virtual roundtables where different parties not only discuss current hot topics in a more efficient manner, but also stay continuously in touch or even work on regulatory implementations together.
We are building trustful and secure collaboration channels not only to other companies, but also to associations, advisors, supervisory authorities and auditors. Thus RegHub allows a much more flexible, focused, purposeful and efficient collaboration with external parties such as consultants and advisors.
So what are the benefits for you?
There is a massive cost-saving potential. Our studies showed up to 30% cost reductions by using the RegHub collaboration model! But even more important is the building of a strong and sustainable network platform as a powerful knowledge foundation for much more transparency and efficiency in dealing with all future regulatory challenges.
Interested? Just contact us or Sign up for FREE 30-day access! We would be happy to present the adoption of our approach in your company.
You can find a quick start guide on how to start or join a discussion in RegHub here.