Not Knowing What You Don’t Know
Often we have seen companies blindsided by the fact that they don’t know what they don’t know when it comes to complying with the full extent of the legislation, standards and policies their Board is accountable for. One crucial requirement sitting hidden in a secondary piece of legislation could create a vulnerability at any time that can undermine the integrity of the entire company and bring its Board into disrepute.
A Single Repository With Crucial Information
So we help companies by setting up what we call their Regulatory Universe consisting of a single repository of all legislation, standards and policies applicable to the company that contains a register for managing crucial information about each one. They are broken down into detailed requirements grouped logically in workstreams for ease of identifying where the impacted people, processes and systems fit in, and for assessing the risk that guides the degree of regulatory compliance effort required.
This can be done incrementally by tackling the core regulatory areas first. It can also involve the engagement of external subject matter experts in the industries and fields involved, particularly where the client is a multinational with different core businesses and associated regulators.
Automation of Functionality
This service dovetails with TP-RCS, our Regulatory Risk Solution where a client is not just looking for help to develop the content of the Regulatory Universe but also wishes to set up automated functionality to streamline and improve the effectiveness and efficiency of this strategic area of regulatory risk management – see TP-RCS for further details.
Request a call back
Should you wish to find out more about this or any of our other Regulatory Risk Services or Solutions, request a call back from one of our team by completing the Request form.