Demonstrable audit and change control allows operational teams within your organisation to focus on other matters.
Managing regulatory change across a large business can be challenging when control is also distributed across teams. Maintaining spreadsheets is problematic for version control and audit, even when using collaboration tools such as SharePoint. The number of individual impacts, by business and product teams, is too broad to manage cost-efficiently. Rapidly evolving regulations, driven by the Q&A process, creates uncertainty.
How we helped
Uploading a series of large internal control spreadsheets to Single Rulebook was identified as a way to gain control of the firm’s obligations.
This was not taken on solely by the client – Single Rulebook was on hand to give support where required as part of the initial load phase. This included training for staff, troubleshooting with uploads and some customisation of the alerting methodology. The online platform is available to employees for research purposes, and the number of users continues to grow.
Demonstrable audit and change control now allows operational teams within the firm to focus on other matters. Internal customers, such as internal audit and risk, have a complete picture of the relevant control framework and its evolution through time. This is assisted by filtered automated alerting whenever an in scope regulation is updated.