Extracting Regulatory Requirements

Underlying Principle

Formally converting regulations (legislation, standards and policies) into sets of Summary and Detail Level Requirements (SLRs & DLRs) that are engineered around organisational change is essential to ensure suitable input is available when contemplating changes to a company’s operating model – something often triggered by regulatory change. It is also a fundamental part of our change control approach to regulatory change to ensure companies can trace past changes back to the areas of impact within the organisation through this framework. As such, all regulatory change initiatives we have run to date have this organisational change focus as an underlying principle.

Benefit of SLRs & DLRs Linked to Workstreams

This means looking at breaking down each regulation into its component parts (SLRs and DLRs) and sorting them into logical groupings of work – we call workstreams. When you have a view of all the requirements in your Regulatory Universe sorted by workstreams it makes it a lot easier to create Target Operating Models that are complete and systemic in their design.

Look at workstreams like Records Management or Disclosures to realise how helpful this can be when you have numerous regulations requiring effort in these areas of compliance. Avoiding fragmentation and growing overheads that arise through constantly patching new changes onto existing structures can only be achieved successfully with proper design principles at the core of regulatory risk management.

Using SLRs and DLRs in a Regulatory Compliance Solution

We have developed numerous sets of SLRs and DLRs for clients over the years and can help clients build these into their compliance management systems or offer our own solutions with these requirements built into the content. For example where reviews of existing or assessments of imminent legislation are required we make use of these SLRs and DLRs and pre-configure our ASSESS module for carrying out the analysis. See our TP-RCS system under Regulatory Risk Solution for more details on this.

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