Under the weight of regulatory complexity, clients have been looking at how the traditional approaches to implementing regulatory change have struggled to deliver in recent years.
In a previous blog here, I looked at a solution that addresses just this and introduces the idea of deploying a Regulatory Architect to manage Regulatory Architecture.
In a follow-up blog here, I looked at the Role of the Regulatory Architect and how Regulatory Architecture embeds intelligent process and structure into the change programme, enabling the strategy to realise efficiencies that result in a faster and cheaper delivery.
So what efficiencies do Regulatory Architecture bring to the table?
In answering this question, it is just as useful to consider what Regulatory Architecture is designed to provide, as it is to consider what Regulatory Architecture is designed to avoid.
What Regulatory Architecture is designed to provide:
- A top-down approach for managing complex regulatory change
- Systematic processes for drilling down through the regulatory framework and legislation as it evolves in real-time
- A repeatable and scalable methodology
- An interface for knowledge share across resources
- Thought leadership on business lines and operating models, both current as well as future state
What Regulatory Architecture is designed to avoid:
- ‘Reinventing the wheel’ – vast resources of high-end regulatory analysis are readily available
- Duplication across resources of the discovery process for understanding regulations
- Information overload from trying to interpret complex regulations
‘Drifting into detail’ when change implementation creeps into a bottom-up process.
- Duplication of previous mistakes and inefficiencies inherent in recycling previous change programs
- Overlap and underlap – incorrect / different interpretations of the regulations