Source: Highlights from the 2021 Banking Regulatory & Risk Indicator Survey
Understanding what laws, rules, and regulations apply to your organization — and mapping a regulatory library to internal policies, procedures, risks, controls, products, services, organizational units, and other elements of your compliance program — is critical and expected, regardless of the size of the institution.
In this way, a regulatory library adds tremendous value as a critical feature of the regulatory change management process. In fact, when asked to rank the importance of regulatory change management process automation features, respondents in the Wolters Kluwer 2022 Risk Indicator survey overwhelmingly selected the regulatory library as the most important. A library helps banks to identify and analyze specific regulations, assess the impact, generate reports and much more.
By embracing the optimal strategies and implementing holistic technological solutions, lenders gain the control, certainty, and efficiency to successfully mitigate risk and manage ongoing regulatory changes. Investing in the right purpose-driven tools can optimize a bank’s ability to streamline, automate, and ultimately ensure compliance.
