Adopt an effective Regulatory Change Management (RCM) process based on data feeds, AI-copilot and Dossiers template for Regulatory Change Triggers (RCT).
Within the SGS Digicomply Regulatory Change Management Process, you can effectively identify and manage the flow, which enables state-of-the-art control over the regulatory triggers that may impact your business.
Here's How It Operates (in 3 Easy Steps):
- Extract pertinent posts from your data streams by leveraging your data feeds
- Engage with AI-Copilot to distill vital information—be it deadlines, pivotal terms, or business implications.
- Populate the refined data into our ready-to-use regulatory change trigger (RCT) record template.
Why Adopt This Feature? Key Advantages:
- Boost operational efficiency.
- Sharpen decision-making.
- Stay a step ahead of regulatory shifts.
- Seamlessly manage enterprise risks, while preserving a change audit log
Starting from a search result page or your feeds, you can open the document that you want to analyze, in there our Ai-Copilot can provide an abstract outlining the key relevant points that the document provides, and you can also ask specific questions relevant to your business, such as the deadline for implementing the regulation or what is the impact for a given type of products, these AI-generated insights can be pinned into a Dossier and further enrich with your specific contents and assessments, moreover the aim is to let you create a library or Regulatory Change Triggers (RCT) that you can classify accordingly to impact, stage and priority. Properties within the RCT flow can be customized using the property management page, if not enabled on your account, you can contact support.
Within Each RCT record, you can add as many references as you may need as the record will evolve as the trigger changes, for example, it may start as an early signal when public authorities express the need to change a regulation to a mainstream stage when the regulation is getting effective. Throughout the lifecycle of the RCT, you can involve various stakeholders, allowing for commenting, and assigning tasks and deadlines.
NOTE: Collaborative sharing and task management features require a Team Edition license, please contact support to learn more.
Once your RCTs library is in place and you consistently maintain it, the process of managing updates, checking status and progress, and communicating with peers can be done by creating specific dashboards, data feeds or exporting records for offline usage.
DEFINITIONS:
Regulatory Change Trigger (RCT): A specific event, signal, or indication suggesting an impending or potential alteration in existing regulations or the introduction of a new regulatory requirement. RCTs serve as early warning mechanisms, enabling businesses, stakeholders, and other affected parties to anticipate, prepare for, and adapt to changes in the regulatory environment. Recognizing an RCT allows for proactive measures, ensuring timely compliance and minimizing disruptions to operations or business models. These triggers can arise from various sources, including regulatory body announcements, industry discussions, legal verdicts, or emerging societal and environmental concerns.