Regulatory change management software manages the workflows, documents, and analytics required to keep companies up to date with the latest regulatory changes. This type of software identifies new regulatory changes and triggers business processes to ensure compliance across the company. Regulatory change management tools are usually implemented as part of a broader governance, risk, and compliance initiative. The software is used mostly by compliance officers, but can also be utilized by managers and employees of highly regulated departments such as finance, quality management, or manufacturing.
Regulatory change management software can be deployed as part of an enterprise risk management suite or as a standalone solution. When delivered separately, this type of software needs to integrate with tools such as quality management software, environmental health and safety software, or governance, risk, and compliance software.
To qualify for inclusion in the Regulatory Change Management category, a product must:
Provide the latest changes in regulatory compliance
Include workflows to implement regulatory changes
Align internal policies to correspond with any changes in compliance
Monitor the implementation of new changes across the company
Perform audits and tests for various types of regulations
Identify non-compliance and suggest corrective actions
