Having only launched Regulatory Change Management on Connected Risk in January, our compliance software solution has already won its first international award.
The banking, financial services, and insurance sectors continue to experience unprecedented volumes of regulatory change and complexity.
It’s why we launched Thomson Reuters Regulatory Change Management, enabling firms to better manage their end-to-end compliance processes.
Several new and existing clients have already adopted the technology, which leverages our Thomson Reuters Connected Risk platform providing additional flexibility and robustness to compliance processes and a single source of truth. It also uses our best in-class Thomson Reuters Regulatory Intelligence feed.
As a fantastic endorsement of this regtech service, we have just have won a prestigious CODiE for Best Compliance Solution at the annual awards organized by the Software & Information Industry Association (SIIA), the leading voice for technology, data, and media companies.
What are the CODiE awards?
What makes the CODiE Awards unique is that they are the only peer-recognized program in the content, information, education, and software technology industries.
Each CODiE Award win serves as incredible market validation for a product’s innovation, vision, and overall industry impact.
The awards have been running since 1986 and have recognized thousands of software, information and education technology companies for achieving excellence.
Some of our Regulatory Change Management North America team – Rob Fulcher, Tim Sweeney, Nick Bray and Melina Sosa — attended the Award Dinner on 25 July at the Intercontinental Hotel in San Francisco.
What is Regulatory Change Management?
Thomson Reuters Regulatory Change Management, on our Connected Risk platform, allows organizations to foster a deeper understanding of the regulatory developments impacting their business.
This market-leading solution connects the regulatory content and change management process to organizational structures, policies, risks and controls, streamlining the effort of compliance teams.
Organizations can apply their own workflow to manage the distribution, notification, mapping and assessment of changes that incorporate insight and content from Thomson Reuters Regulatory Intelligence, which offers coverage from over 800 global regulators, or through third party data feeds.
Our intuitive interface ensures that the connection with regulatory content is robust, adaptable and optimized to work seamlessly from start to finish.
What did the judges say?
CODiE judges praised the workflow creation tool as “amazingly flexible and interoperable”.
That’s because customers can develop their own bespoke solution or take our solution and customize it for their needs without extensive external support.
This empowers organizations to comprehensively manage the impact of compliance risk, helping them identify and reduce duplication of controls relevant to multiple regulations all in one solution.
The judges also said Regulatory Change Management had the “most robust rulebooks in the industry” and an “extremely strong taxonomy”.
Regulatory Change Management was also a finalist in another category, the Best Solution for Integrating Content into Workflow, and was noted by the judges to be ‘incredibly feature rich’.
This recognized the value of our platform in connecting regulatory change management processes to organizational structures fed by world-class content from Regulatory Intelligence and third party feeds.
Regulatory Change Management is just one of several solutions on Connected Risk that support the growing needs of risk, audit and compliance professionals.
In addition to Regulatory Change Management, we’ve also launched Model Risk Management which is used by several financial services clients, and later this year our new Audit Management and Risk Management solutions on the Connected Risk platform will be available for general release.
This post was written by Gareth Evans, Managing Director, Enterprise Risk Management Technologies, Thomson Reuters