Traditionally, the implementation of new legislation has been a time-consuming and error-prone endeavour. After legal professionals have determined that a proposed new law is relevant to the organisation, they also face the challenge of manually translating complex legal texts into a more structured format. The Regulatory Change module alleviates this burden by introducing a systematic approach through 4 key steps:
The Regulatory Change process
1. Determine the relevance
Receive timely alerts when new legislation becomes available that may affect your organisation. Ruler generates a comprehensive list of articles and subsections, providing chapter details, article names and context. Customise your selection to evaluate specific subsections in a gap analysis.
2. Perform a gap analysis
To determine if there is a gap between the requirements and your current policies and controls, the module helps you to perform gap analysis. Ruler facilitates efficient collaboration among team members from various departments or business units.
3. Determine the necessary actions
Where there are gaps, Ruler helps you define the requirements for compliance with the new law. The Regulatory Change module allows you to assign tasks to people across the organisation. Using your dashboard overview, you can easily monitor tasks, deadlines and progress to see if your policies and controls align with the new law.
4. Close the gap & repeat
Effectively close identified gaps and seamlessly integrate new controls. As legislation progresses through various stages before becoming final, the Regulatory Change module ensures ongoing monitoring. Linking new texts to Stage 1, it helps identify areas for reassessment or new requirements.
Stay in control
Throughout the regulatory change process, your dashboard serves as a comprehensive control center, indicating the completion status of each step. Once implementation is finalised, you can seamlessly manage and monitor policies and controls within Ruler.