Move your compliance program
to the next level
If the concept of a regulatory library is
completely new to your firm, you may fall
at the beginning of the maturity model
journey. This is not in any way an indictment
of your compliance program. Rather, it is
simply recognition that not all firms are
the same in terms of size, complexity, or
the current state of their relative regulatory
compliance maturity. It is quite possible that
your institution does not have a need for a
fully articulated map tied to policies and
procedures and regulatory changes. There
are solutions that can assist with answering
this question and getting your arms around
regulatory change focused on monitoring.
However, as your firm grows in size and
complexity, so does your need for additional
infrastructure. If your need for a regulatory
library is new, recognize that third-party
regulatory compliance experts can help with
building out your regulatory library and
help you operationalize change through the
ingestion of content or the implementation of
software—or some combination of both.
Firms that might be a bit higher on the
maturity model continuum may have the
beginnings of a regulatory library, but find
that it is not as functional or current as it
could be. For example, each compliance
business unit in a large, complex organization
may be maintaining different and disparate
libraries. Many firms maintain information
in a combination of spreadsheets, software
(proprietary and third party), and even
paper. They struggle with keeping an ever-
changing library of regulations up to date, not
to mention operationalizing those changes
and assessing the impact once changes
Finally, firms at every level of the maturity
spectrum should take some comfort in the
fact that no one firm’s compliance program is
perfect; like everyone else’s, it is ever-evolving.
Even firms with a fully articulated regulatory
library struggle with its care and maintenance.
A first and foundational step to help keep
your compliance program spinning in the
right direction is the recognition of the need
for, and adoption of, a regulatory library. Once
you have that foundational piece in play, you
can focus on keeping all of your other plates in
Barbara Boehler ( firstname.lastname@example.org) is Regulatory
Compliance Consultant at Wolters Kluwer in Waltham, MA.
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