2 – Policy Management Illustrated: Tracking Change that Impacts Policy

In the time it takes you to read this article your business has changed. The economic environment has changed, your employees have changed, and there are constant changes to technology, competition, and processes. Business drifts in a sea of change. One particular area of change that bears down on the organization is the siege of changing laws, regulations, and enforcement actions. When regulatory change management is an ad hoc process with little to no documentation, accountability, and task management, there is no possibility to be intelligent about regulatory risk that impacts your business. The typical organization
does not have adequate processes in place to monitor regulatory change, determine impact on business processes, prioritize,
and make changes to policies. Information itself is not enough—organizations are overwhelmed by data through legal and regulatory newsletters, Websites, e-mails, and content aggregators. In fact, the vast amount of information is part of the problem. It is not uncommon to have a myriad of subject matter experts doing ad hoc monitoring of legal and regulatory change and sending e-mails with little or no follow- up, accountability, or impact analysis.

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