Companies Challenged by Countless New and Changed Laws


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Companies Challenged by Countless New and Changed Laws

Roger Bottum
VP of Marketing
Axentis

Axentis, providers of the industry’s most comprehensive and widely deployed governance, risk and compliance (GRC) management solution, has announced an enhanced release of its Legal & Regulatory Management Suite. The suite, designed to help organizations meet the U.S. Sentencing Commission’s seven elements of an effective compliance program, now features a regulatory intelligence configuration to help chief compliance officers and general counsels better manage the impact of changes in regulations.

“Companies are challenged by the complexity of countless new and changed laws, regulations and guidelines,” said Roger Bottum, vice president of marketing and product management for Axentis. “We can now help our customers have added confidence that they are managing the impact of regulatory changes, and more easily demonstrate an effective and consistent regulatory change management process.”

The new capabilities are especially important in highly-regulated industries with complex organizational structures such as life sciences, healthcare, insurance and financial services. Regulatory risks can present unique challenges in that the risks themselves can sometimes change much more frequently than other kinds of risks such as financial reporting compliance or even operational risk. Organizations in highly regulated industries typically are subject to a number of regulators as well as greater volume in changes in regulations, all while ensuring they are meeting the standard of an effective compliance program across multiple operating units.

For example healthcare organizations may receive hundreds of changes from the Centers for Medicare and Medicaid Services alone, while insurance companies can be subject to over a 100 different state and federal regulatory jurisdictions. Organizations in other industries such as retail that are not typically viewed as highly-regulated may have similar challenges, if for example they operate in numerous locations subject to state and local franchise and employment laws.

Axentis’ Legal & Regulatory Management Suite has enabled numerous companies to manage a wide range of federal, state and international mandates, industry rules and regulations, and organizational policies and procedures.

With these additional enhancements customers can more easily:
• Track changes to regulations as they occur
• Manage the process of determining where in the organization changes might be applicable
• Determine any necessary changes in the compliance program, policies or procedures
• Track the remediation plans across an organization

The specific regulatory intelligence enhancements announced today include:
• Optimized workflow for frequent impact assessments to identify new regulatory risks, collect documentation, determine applicability, and develop and manage remedial actions
• New reporting to summarize regulations and their associated business requirements
• Enhanced reporting to track and analyze action plans to better manage responsibility, track schedules, provide evidence of actions and close-loop/follow-through

For more information, please visit www.axentis.com.

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