Problem
- Track rules from multiple locations - eCFR, Federal Register, Agency websites (for guidance, supervisory letters, etc.)
- Copy and paste rule changes from the source into Excel or GRC systems.
- Since the input into system is manual and may not be always done consistently, the downstream impacts on implementation management is unmitigated even if we have sophisticated change management systems to track them.
- Each business unit within an organization tracks their using own systems and there is no firm-wide visibility.
- Since this is a manual process, the effort is replicated across all the obligations.
- Legislative process is complex and changes happen over a long time period. Every change is published as a separate document. A requirement will have different sources and maintaining traceability is extremely challenging.
The cost of compliance will continue to grow even in a deregulation environment if the external rule changes are not effectively managed. The picture below highlights the issues with the current implementations.
Solution
BCube solves this critical problem. BCube’s rule library is updated on a weekly basis you have a unified process in a single source to track all obligations across all jurisdictions.
Steps to Adopt BCube to Solve This Problem
Contact us to find out how BCube Analytics simplifies one of the more pervasive issues in managing regulatory compliance.