Regulatory Change Management (RCM) software is designed to help businesses adapt to an ever-evolving regulatory environment by streamlining the process of identifying, tracking, and managing regulatory changes. As regulatory requirements grow in complexity and scope, organizations need reliable and efficient tools to stay compliant, reduce risk, and avoid penalties resulting from non-compliance. The effective implementation of regulatory change management can lead to better decision-making, improved operational efficiency, and a more robust risk management framework.
RCM software automates the process of identifying and monitoring regulatory changes, analyzing their impact on the organization, and ensuring that necessary updates are made to policies, procedures, and controls. This comprehensive approach can help organizations to minimize their compliance risk, while also offering greater visibility into their compliance status.
In this guide, we will explore the top 10 regulatory change management software solutions. We have assessed these solutions based on their features, ease of use, scalability, and ability to integrate with other systems. We have also taken into account customer feedback and industry reputation in our assessment of the best RCM software options for organizations of all sizes.
Archer Regulatory & Corporate Compliance Management is a solution designed to simplify and streamline regulatory and corporate compliance processes. By consolidating information from various regulatory bodies, the platform enables businesses to document the impact of regulations on their operations and establish a sustainable, repeatable, and auditable compliance program. With Archer, organizations gain real-time insights into regulatory news, compliance status, and data privacy management through customized reporting and dashboards.
The platform offers a centralized repository for regulatory data, automates compliance workflows, and reduces the risk of compliance failures. By implementing a consistent, repeatable process for managing new and changing regulations, Archer eliminates manual activities and increases operational efficiency. Archer’s use cases include policy and program management, data governance, controls assurance program management, corporate obligations management, regulatory content analysis, financial controls monitoring, and privacy program management.
Key features of Archer Regulatory & Corporate Compliance Management include compliance mapping, automatic alignment of assessment objectives, evidence documentation, deficiency identification and resolution, and streamlined reporting and real-time status dashboards. With over 1,500 deployments, including more than 90 of the Fortune 100, Archer helps organizations maintain a comprehensive view of their compliance landscape, automate remediation processes, and maintain certifications for emerging security requirements.
AuditBoard is a cloud-based platform designed to streamline audit, risk, ESG, and compliance management processes for businesses. The platform allows users to create an asset inventory and easily comply with multiple frameworks. Users can link requirements, controls, and risks across frameworks and standards, automatically map new framework requirements to their controls, and scale their compliance programs.
AuditBoard also streamlines policy management by integrating with Microsoft Word and allowing updates in real-time. Reporting is simplified with executive-level dashboards and detailed reports that provide insight into overall compliance posture. The platform is part of the Modern Connected Risk Platform, which combines audit, risk, IT security, and ESG data in a single system of record for connected insights and team collaboration.
AuditBoard uses artificial intelligence, analytics, automation, and reporting to increase efficiency and allows integration with single-sign-on providers like Okta and Azure Active Directory.
IBM OpenPages Regulatory Compliance Management is a solution that aids organizations in understanding and managing their regulatory compliance risks. The platform combines software, process automation, data feeds, and expertise to provide a comprehensive view of compliance and risk. With a centralized data model, AI capabilities, and configurable workflow, the system simplifies the process of consolidating regulatory requirements into a single repository for easier evaluation and management.
This solution integrates with feeds from Thomson Reuters Regulatory Intelligence, Wolters Kluwer, Ascent RegTech, and Reg-Track to keep regulatory information up to date. With IBM OpenPages, organizations can map regulatory requirements to internal taxonomies and business structures, distribute regulatory data to relevant stakeholders, and manage interactions with regulators through out-of-the-box workflows. This results in a more organized and transparent compliance process.
IBM OpenPages Regulatory Compliance Management helps reduce the time and costs associated with navigating regulatory requirements, minimizing risks such as sanctions and fines due to non-compliance. By consolidating multiple GRC systems and centralizing risk management functions, the platform offers a cost-effective and efficient solution for organizations to manage their regulatory obligations. Additionally, IBM OpenPages with Watson integrates AI technology, enabling a more informed decision-making process for risk and compliance professionals.
LogicGate Risk Cloud is a no-code risk and compliance platform designed to adapt and scale according to a business’s needs and regulatory requirements. It centralizes and connects various risks, threats, controls, and evidence in one platform, allowing users to easily assess cyber risk and prioritize mitigation strategies. The platform aids users in identifying and documenting controls and testing their effectiveness at scale, in addition to streamlining control evaluations and evidence requests.
Risk Cloud’s Controls Compliance Application aligns audit assessments, requests, and tests with common control frameworks such as HIPAA, ISO 27000, NIST CSF, SOC 2, FFIEC CAT, and DSS. With the application, users can import and maintain their organization’s control repository, initiate audits to evaluate the overall security posture of their organization, evaluate control effectiveness for each control, and develop corrective action plans.
The platform centralizes compliance control evaluations, automates evidence collection, and streamlines reporting to uncover ineffective or broken controls in real-time.
Integrations with leading communication tools like Jira and Slack further enhance the platform’s ability to automate your team’s response. Risk Cloud saves time by utilizing pre-defined mappings between frameworks, eliminating duplicate assessments, and automating control audits with out-of-the-box evidence collectors.
By initiating and assigning corrective action plans when control gaps are identified, LogicGate Risk Cloud enables the tracking of action plans through their resolution and generation of reports to visualize controls compliance and identify areas for improvement.
LogicManager is a leading provider of SaaS-based Enterprise Risk Management (ERM) software, specializing in risk-based governance, risk management, and compliance (GRC). Their software is designed to be scalable, repeatable, and configurable to cater to the unique requirements of each customer.
LogicManager’s Regulatory Change Management solution offers a comprehensive approach to staying ahead of regulatory compliance. With an out-of-the-box regulatory change management form, organizations can document regulatory changes, actionable steps, and customize forms based on relevant characteristics such as geography, topic, and impacted products or services. Existing LogicManager customers can also take advantage of the built-in Taxonomy repository to connect regulatory changes to their organization’s framework.
Offering intuitive reporting capabilities, LogicManager provides narrative reports, 90-day due tasks reports, and incident field history reports to ensure users have a clear insight into the progress and status of regulatory changes. The centralized platform enables users to collect and manage all regulatory changes in one location, streamlining the process and ensuring compliance.
With an intelligent workflow, LogicManager routes tasks and notifications to the right parties, tracking important timelines and holding all involved accountable. The platform structures access control to make sure only authorized individuals have access to specific pieces of information. LogicManager’s Regulatory Change Management solution effectively helps organizations detect alterations to current regulations and identify new legislation that may impact their business operations.
MetricStream is a global SaaS leader in Integrated Risk Management (IRM) and Governance, Risk, and Compliance (GRC) solutions that help organizations make risk-aware decisions. Their connected GRC platform offers three product lines: BusinessGRC, CyberGRC, and ESGRC, all built on a single, scalable system designed to support various GRC needs.
One of MetricStream’s key offerings is their Regulatory Change Management software, which streamlines the process of capturing, identifying, extracting, and managing regulatory changes. This centralized software consolidates regulatory content from multiple trusted providers, both subscription-based and publicly available data sources. By automating the identification and extraction of applicable regulatory changes and obligations, the software allows organizations to save significant time and resources in managing regulations.
The benefits of MetricStream’s Regulatory Change Management software include real-time identification of regulatory changes, stakeholder confidence through structured and standardized processes, comprehensive coverage of regulatory updates through AI and automation, and assurance to regulators and stakeholders via evidence and reports. The software integrates with content sources from commercial providers and government agencies and features an impact assessment and analysis module to identify areas affected by regulatory change. Additionally, the built-in workflow engine supports the creation and management of action plans for specific regulatory changes, ensuring proper management of assessments, tasks, and notes.
Onspring is a cloud-based platform offering intelligent governance, risk, and compliance (GRC) workflow automation and real-time reporting with a flexible, no-code design. Their Regulatory Change Management (RCM) software supports a proactive approach to managing regulatory compliance, replacing manual spreadsheets, email silos, and SharePoint.
Onspring’s RCM software allows users to create a structured, integrated, and automated regulatory change management process. This helps stay ahead of regulatory changes, saving both time and effort. Key features include ingesting, organizing, and mapping rules and obligations from regulators or regulatory content providers, conducting impact assessments based on rule changes, assigning ownership tasks for updating relevant controls, policies, and procedures, and providing real-time visibility into regulatory changes.
Connecting Onspring’s RCM software to an overall compliance program is possible and recommended for a fully integrated compliance management system. To get started, users should first select regulations or rules with their preferred regulatory content provider. After integrating with the provider, the content is ported to the user’s Onspring instance, where it is mapped to controls and other compliance relationships. This enables automated assessments and reviews. When used alongside Onspring’s Compliance Management software, organizations can establish a fully integrated and automated compliance management program.
Resolver, operated by Kroll, provides a comprehensive compliance and regulation management platform designed to help organizations streamline their regulatory processes, ensuring they stay up-to-date with regulatory changes and requirements while minimizing risk and lowering costs. Automated regulatory change management is a key feature, with curated content streams that notify compliance teams of any changes and the impacts on risks and controls.
The platform allows users to prioritize high-risk regulations by quantifying and visualizing the relationship between compliance regulations and associated risks. Compliance fatigue is reduced through an integrated GRC platform that enables easy sharing of information across risk, compliance, and audit teams. Additionally, Resolver offers advanced business intelligence and data visualization capabilities for reporting, giving organizations the ability to produce detailed reports with ease.
Resolver’s Risk Intelligence Platform traces various types of risk and translates the effects into quantifiable business metrics. This facilitates effective communication of risk in business terms, positioning risk as a strategic partner driving growth and decision-making.
SAI360 is a leading ESG cloud provider that offers a platform connecting GRC, EHS, Sustainability, and Learning, allowing organizations to streamline workflows and drive outcomes. With over 25 years of experience, SAI360’s integrated approach enables organizations to build trust, understand their impact, and achieve resilience. Headquartered in Chicago, SAI360 has a global presence with operations and customers worldwide.
One of SAI360’s offerings is their Regulatory Change Management software, designed to help organizations manage the increasing volume of regulatory requirements efficiently. This powerful solution combines augmented regulatory content with intuitive workflow management, enabling organizations to confidently demonstrate their proactive approach to regulatory change.
SAI360’s software helps organizations stay updated on ever-growing laws and regulations by providing on-demand regulatory content and monitoring concepts, guidance, and proposals. The platform can quickly review new or revised regulations delivered through automated daily feeds, specifically curated for each industry. To streamline actions, the software offers augmented content, collaboration, and automation, making it easy to interpret regulatory changes, assess risks, and create action plans.
With SAI360, organizations can avoid penalties and reduce reputational risk by offering consolidated dashboards and increased transparency for regulators, auditors, and other stakeholders. Through intelligent dashboards and actionable analytics, it supports better decision-making and overall risk management.
ServiceNow offers a Regulatory Change Management solution designed to help organizations effectively manage the challenges of an evolving regulatory landscape. The solution aids companies in improving decision-making with a single taxonomy while streamlining handling of regulatory developments through automated workflows and task management. Additionally, businesses can evaluate the impact of regulatory changes on their policies, processes, and controls in real-time, using impact assessments.
The ServiceNow platform provides organizations with increased visibility into their regulatory compliance and can integrate with third-party curated regulatory intelligence providers. By offering a Regulatory Change Dashboard, organizations gain a comprehensive view of their relevant regulatory events, tasks, and due dates. This allows for proactive management of regulatory changes.
ServiceNow’s solution also enables organizations to create a standardized regulatory taxonomy, track changes to regulatory obligations, and assess the impact of regulatory events on their internal GRC policies, processes, and controls. Through effective task management, risk and compliance teams can efficiently monitor implementation progress and record changes as evidence.
Overall, ServiceNow Governance, Risk, and Compliance aims to help businesses become resilient through risk-informed decision-making across the enterprise, allowing organizations to proactively manage various risk aspects, including tech and cyber risks, enterprise risks, and third-party supplier risks.
Everything You Need To Know About Regulatory Change Management Software (FAQs)
What Is Regulatory Change Management Software?
Regulatory compliance is a crucial concern for organizations across a wide range of different industries – particularly those in highly regulated sectors like healthcare, finance, and governance. Non-compliance can lead to significant damages including hefty fines, legal penalties, and loss of reputation.
Regulatory change management is the process of aligning an organization with the regulatory environment in which they operate and monitoring regulatory developments across applicable issuing bodies, as well as adapting policies, standards, and controls to applicable regulation in order to maintain continuous compliance.
Regulatory change management software (sometimes known as RegTech solutions) are specialized software systems or platforms that help organizations to navigate and manage the, often, complicated landscape of regulatory compliance. Regulations and compliance standards can evolve and change over time, so these solutions are designed to support organizations in quickly and effectively adapting to the latest updates.
What Are The Benefits Of Using Regulatory Change Management Software?
Some long-tern advantages of making use of a good regulatory change management solution include the following:
- Minimize Risks. These types of software solutions are a great option for substantially reducing the risk of business disruption and loss if the rollout of a regulatory change means alternations to business structures or activities have to be made swiftly. They also make it easier to avoid missing any regulation or rule changes due to human error or insufficient controls.
- Reduce Costs. A comprehensive and streamlined regulatory change management approach can support organizations in achieving faster, more innovative, and more cost-effective regulatory management.
- Competitive Advantage. It is crucial to consider any impact on customers when implementing regulatory updates, and RCM solutions make this easier by helping to foster ongoing positive customer relationships. Remaining compliant and demonstrating a proactive approach to regulatory changes helps to give organizations a competitive edge that enhances their reputation over time if well maintained.
What Features Should You Look For In Regulatory Change Management Software?
Implementing an effective regulatory change management solution is highly useful for organizations looking to streamline the RCM process. This can be complicated and prone to mistakes when done manually. The following are some key elements of a good RCM software solution to prioritize in the selection process:
- Accurately identify regulatory changes. The first stage of proper RCM is to identify any regulatory changes that might influence the organization’s rules, policies, and standards. In keeping up with regulatory updates and updating any pertinent stakeholders, RCM software helps to automate the process of regulatory monitoring. This ensures that the organization is always well informed of the changes that take place and the impact of this.
- Evaluate the impact changes will have. Once changes have been logged, the next step is to understand what effect these adjustments will have on the organization’s efficiency, procedures, methods, and policies. Regulatory management software helps with this by evaluating the effect of legislative reforms on a variety of company functions, services, and goods. This helps organizations to better allocate their efforts and ensure that the most urgent developments are prioritized.
- Prepare and implement the changes. In order to comply with any revised requirements that occur as a result of regulatory changes, organizations must begin the planning and execution of these changes. This might include actions like developing new processes, making changes to procedures and policies, or training staff members. This can be done with the help of regulatory change management software as this software provides project management capabilities which help to facilitate the quick and efficient adoption of regulatory changes.
- Ongoing reviews of changes and outcomes. Managing regulatory changes is an ongoing process. One that, if done manually, can make it difficult for organizations to fulfill their regulatory commitments. With a good regulatory change management software solution in place, it is far easier to perform ongoing monitoring and reviews. This aids businesses in maintaining strong compliance and boosting their overall risk management.
- Documentation for compliance and auditing. A comprehensive audit trail of all regulatory change management processes works to inform and enhance the audit process and makes it much easier for organizations to respond to any queries raised by regulators. A good regulatory change management software solution facilitates and simplifies this process.
