This IDC Perspective provides an argument for modernizing the regulatory change management function leveraging "regtech" tools to develop an adaptable, efficient approach to managing regulatory change. Regulatory change management is a major challenge for many banks. Manual processes are the norm across compliance functions throughout the industry.
"The majority of banks are concerned with their ability to track regulatory changes over the next year or so. Adopting a modernized approach to regulatory change management will enable compliance staff to focus on higher-order activities rather than spending hours manually reacting to regulatory updates," says Steven D'Alfonso, research director, IDC Financial Insights.