By Aaron B. Heisler, MBA
The reality for most firms is that being in full compliance with every single regulation and rule applicable to your firm is both overwhelming and cost-prohibitive – particularly for large, complex firms. So decisions are made about the level of compliance that firms will meet. I believe that every manager wants to be in full compliance with applicable laws and regulations, but it’s nearly impossible (and completely impractical) to do so. As a result, no firm is fully in compliance with everything that applies to them.
However, the applicable rules and regulations change so often that many firms aren’t even able to keep track of what they are and are not in compliance with. It’s one thing to know that you’re driving 5 miles an hour over the speed limit… but what if you don’t know what the speed limit is? Do you even know how fast you’re supposed to be driving? Is there new road construction that’s reduced the speed limit by 10 or 20 miles per hour? You might be fine with going 5 miles over the speed limit, but are you ready to get that reckless driving ticket for going 25 mph over the speed limit? Probably not.
Whether you are an executive, a compliance officer, a technology lead, or in any of 100+ other functions at a firm, you need to know what the speed limit is on the roads that you’re traveling. You need to know when those limits change. You need a regulatory alert tool. It allows you to specify the roads that you are driving on and find about any changes on that road. Whether it is an international mega-highway or a narrow, local service road you need to have access to the latest developments.
We currently cover well over 1400 US regulators and are constantly adding new regulators. Whether you manually review changes or use a complex tool and framework to review developments, you NEED to have a comprehensive source of those updates from regulators. You need RegAlytics.
Give us a call and we can help you understand what you should be doing to monitor your compliance …. Do you know how fast you are driving?