Our new solution connects regulatory change management processes to organizational structures, fed by world-class regulatory intelligence.
This regtech solution leverages our Thomson Reuters Connected Risk platform, providing additional flexibility and robustness to firms’ compliance processes in a single location.
Watch this video for quick overview of the benefits Thomson Reuters Regulatory Change Management provides
How does it work?
Organizations can incorporate insight and content from Thomson Reuters Regulatory Intelligence, or third party data feeds, and map relevant policies to rule changes to comprehensively evaluate their effect on the business.
Compliance teams can tailor the information they receive through predefined and customized taxonomies, as well as the frequency of the notifications about regulatory changes.
With Regulatory Change Management, compliance teams can:
- Track hundreds of regulators across global geographies and jurisdictions
- Schedule periodic risk assessments and impact analyses of regulatory events and requirements
- Map these to policies and procedures impacted by these requirements
- Create action plans; assign tasks to business owners
- Empower compliance workflow to address regulatory needs
- Evidence risks and controls to management and regulators
A few examples of analyst report coverage we have had from the launch include:
- Business Insider Intelligence [An analysis to the Fintech briefing has put our solution within the broader industry context of where it belongs.]
- Data Management Review
- Chartis Research Group’s RiskTech Forum
- Corporate Compliance Insights
What is Thomson Reuters Connected Risk?
A shift in regulation toward personal accountability is currently underway. This has created a need for executives to access personalized risk dashboards and reports supported by frequently changing and modifiable formats.
While senior leadership need a consistent and holistic view of risk, it is unrealistic to assume the component parts in a risk hierarchy can all be standardized.
Thomson Reuters Connected Risk provides next generation data mapping capabilities. These advance what’s possible when seeking to aggregate non-standardized data.
Available in toolkit form, customers can develop their own bespoke solutions, or take our solutions and customize it for their needs without extensive external support.
The platform enables customers to seamlessly integrate risk and compliance duties with their daily workflows. Whether that’s setting risk appetite, defining and executing processes to understand and monitor risk – like risk assessments, risk indicators and loss event tracking – or completing tasks for issue remediation.
Thomson Reuters Connected Risk supports our new-to-market Regulatory Change Management and Model Risk Management solutions; and our Internal Audit, Operational Risk and Compliance solutions that will be available later this year.