Reg-Impact is used to manage rule assessments and compliance for your organization on a real-time basis.
Reg-Impact helps you assess Applicability and Impact and provides an audit trail and management reporting of the Regulatory Developments affecting your business.
Reg-Impact is an integrated system that filters items to the lines of business and jurisdictions that you operate in.
No more switching between email, calendars, spreadsheets and documents as you manage regulatory publications, project timelines, policies, risk controls and regulatory obligations.
You can select which individual rules your company needs to assess for compliance as soon as they are published. You can filter so you only see a subset of rules, relating to selected regulators, countries or rule-types.
Reg-Impact allows you to review existing rule summaries and web-links for over 800 regulators from the Reg-Track system, to see their relevance to the firm. These include rules at the proposal stage, as well as final rules.
Where required, you can include your own internal company 'rules', even where these are not publicly issued by a regulator, to keep all your open items on a single system.
Get notified if the rule is changed or edited by the regulators, without having to set up a new entry, and ask the subject experts if the change affects the company.
Manage all your company’s impact assessments, easily see summaries of compliance processes required for each rule, including internal communications and responses from your staff.
The records are easy to search and customize for your firm structure and business. You can allocate them to risk topics, change the risk levels, due dates or status, and ask questions on open assessments.
Each assessor will only access the specific rules allocated to them, where Administrators will be able to see all rules, and be able to filter these.
You can export any sub-set of rules, with all your company’s comments, and details of the rule summary, into Excel or take an electronic file.
When you pick the rule you want to allocate, you can easily send it to the subject matter expert and add your own message and due-by date.
You can allocate to anyone in your organization, to one or many experts, or to a department. You can easily set up your company structure on the system for the purpose of allocating rules.
The assessor will receive a standard format summary of the rule by Reg-Room LLC experts, as part of an impact assessment form.
The recipient will be sent a standard impact-assessment form, to determine the steps the company will need to take to comply, including setting risk level, and any intermediate due dates for these steps.
The administrator will be notified when an assessment is received, and can ask question on the proposed implementation, which are captured in the system
Our unique tracking system, will allow you to keep only the agreed status and tasks, while easily accessing all prior versions so you can keep a full audit trail.
Our business decided to research the market to see if there was a better suited regulatory development tracking tool to meet our needs. We decided to take on the offering by Reg-Room LLC with their Reg-Track system and I am incredibly pleased that we did. The regulatory summaries that are produced are detailed and therefore provide a good analysis prior to clicking through to the specific document when needed. Regulatory developments are uploaded on a timely basis further to industry publication. The system is easy to navigate and the process flow works well. Being able to allocate documents to team members, have them record their analysis and as a system administrator, receive notification once done so all within the system, makes for a streamlined process. Training and ongoing support have been to a high standard both during the contract negotiation stage and also ongoing. I would definitely recommend this system as a regulatory development tracking tool.