THREE TIPS TO BUILD YOUR CASE FOR REGULATORY CHANGE AUTOMATION BY WOLTER KLUWER Today’s ever-evolving and increasingly complex regulatory landscape has made automating regulatory change management (RCM) more critical than ever. Community financial institutions that rely on manual processes to navigate this ecosystem face enormous challenges while exposing themselves to significant risks. Although web searches and spreadsheets may seem like an economical alternative, the process leaves organizations vulnerable to serious — and potentially costly — ramifications. To increase efficiency and productivity, manage complexity, and reduce overall compliance risk, it is imperative for financial institutions to allocate funding for RCM automation. Doing so can help your organization avoid fees, fines and penalties associated with compliance failures resulting from manual process errors while delivering numerous organizational advantages. Not sure how to persuade your financial institution’s board members and decision-makers that automation is necessary? Consider this three-prong approach: 1. Quantify the Problems with Manual Processes Documenting the time and resources your company spends on manual RCM is just as crucial as highlighting the numerous drawbacks inherent in these processes. For example, not knowing who modified a record or why, or even worse, not knowing what to do when the person who created and managed the spreadsheet leaves the department, leaving others unable to understand the formulas they created. This puts the organization at considerable risk and exposure when only one or a few people hold the knowledge via manual processes. Consider how these common problems with manual processes impact your organization: 18 In Touch
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