Global Regulation, Local Solutions Emerging Themes 2020 - Page 85



DIGITAL
FRIEND
OR FOE?
EMERGING THEMES 2020
Many of our clients are now viewing the
implementation of new laws and regulations
not simply as an additional obligation, but
instead as an ideal opportunity to drive wider
business improvement and deliver greater
value to their organisations.
If a change programme is broadened to
incorporate a process improvement initiative,
there is the opportunity to offset the cost of
new regulation by increasing efficiency,
improving client satisfaction and driving
wider strategic objectives.
Regulators are also mandating increasingly
specific processes for compliance, so process
re-engineering exercises are likely to become
necessary in any instance.
We see the following five-stage approach
as a key to success in achieving these two
objectives:
IS REGULATORY CHANGE A
THREAT OR A CATALYST FOR
BUSINESS IMPROVEMENT?
X
Scoping – understand the risk/complexity
of regulatory change to engage impacted
areas of the organisation
X
Wider impact assessment – visualise the endto-end process and understand downstream
impacts on other processes/teams
X
Process improvement workshops – identify
changes to address new regulations as
well as pain points and/or inefficiencies
X
Outcomes assessment – measure anticipated
benefits/cost savings which mitigate the cost
of regulatory implementation
X
Transformation roll-out – project-manage
changes.
In order to achieve the highest levels of
success, experts in process and project
management who understand the legal
landscape should be engaged. Buy-in from
the board will also be essential, but increasing
efficiency should naturally align with strategic
business objectives.
In-house legal and compliance teams are
increasingly leveraging legal and regulatory
change to maximise business performance at
the same time. Benefits include:
X
Business engagement with regulatory change
X
Robust compliance measurement and
processes “baked in” to the organisation
(rather than layered on top), providing hard
evidence for regulators
X
Cost savings and efficiency improvements
that will, in many cases, outweigh the costs
of regulatory compliance.
Faced with the rising tide of new law
and regulation both domestically and
internationally, legal and compliance
teams have the challenge of how best
to implement changes in a manner that
supports rather than undermines the
business that they support.
SUSAN WHITLA
Head of Process Improvement,
London
84/
NICK PRYOR
Regional Innovation
Solutions Director, London
/85

Paperturn



Powered by


Full screen Click to read
Paperturn flip book system
Search
Overview
Download as PDF
Print
Shopping cart
Full screen
Exit full screen