Gloria Higley

Streamlining the Regulatory Interactions Process with the HCL Interactions Management App-Pack

Blog Post created by Gloria Higley Employee on Jan 27, 2020

Compliance teams within different organizations, spread across industry verticals, work towards achieving regulatory requirements through different regulatory compliance, control assurance and monitoring programs.  A large part of the compliance team’s responsibility is managing and responding to regulatory interactions such as information, investigation and inspection requests, as well as documenting meeting notes, outcomes, correspondence, and formal orders.

 

The complexity of responding to regulators and tracking those responses creates challenges for compliance teams due to the number of regulators requesting information, internal review and governance processes, linkages to regulatory change processes, and impacts to other compliance and risk areas.

 

The HCL Regulatory Interactions Management app-pack was introduced as part of RSA Exchange Release R10 to help organizations streamline the complexity of interactions with regulatory bodies. 

 

It enables organizations to efficiently maintain a repository of regulatory requests along with associated responses to ensure organizational readiness in meeting underlying compliance requirements through other linked assurance processes.

 

With the HCL Regulatory Interactions Management
app-pack, RSA Archer customers can:

 

  • Register regulatory interactions, identify internal respondents, and track responses to closure
  • Consolidate responses and track supporting evidence
  • Track approvals for external communication readiness
  • Trigger regulatory reviews, policy change requests, findings, associated actions and impacted risks and controls
  • Streamline interactions with regulatory bodies
  • Efficiently maintain a repository of requests and associated responses
  • Ensure organizational readiness in meeting underlying compliance requirements

 

 

ADDRESSING HCL CUSTOMER’S NEEDS

HCL Technologies recently worked with a U.S.-based multinational finance and insurance corporation to assess their needs for responses to regulatory requests and an effective mechanism for collaboration with internal stakeholders. With a global presence in more than 75 countries and jurisdictions, the customer needed to address many complex regulatory challenges, including:

 

  • Managing interactions with a diverse set of regulators for various counties and jurisdictions
  • No central system and/or repository for these interactions and communications
  • Significant human effort required to manage and respond to interactions with regulators
  • Lack of understanding of the organizational impact of regulator interactions on policies, business processes, and product or services


HCL carried out a detailed analysis on the customer environment, including current processes for regulatory interactions and use of regulatory change management functionality within their RSA Archer implementation. Post review, HCL created a solution blueprint by proposing an on-demand application (ODA) built on top of the customer’s existing RSA Archer instance.
Based on this solution blueprint, HCL developed the HCL Regulatory Interactions Management app-pack to help streamline the process of managing the customer’s interactions with regulatory bodies.

 

HCL did a phased rollout of the app-pack to all business units and locations for the customer. In doing so, the HCL Regulatory Interactions Management app-pack enabled the customer to:

 

  • Streamline the process of managing interactions with regulatory bodies
  • Enable faster response to regulatory communications
  • Reduce efforts to manage regulatory interactions by 30%
  • Efficiently maintain a repository of requests and associated responses
  • Ensure organizational readiness for meeting underlying compliance requirements
  • Create a comprehensive repository of global interactions and communications to share knowledge with different business functions and locations

 

Interested in learning more about the HCL Regulatory Interactions Management app-pack? Register and join us for a Free Friday Tech Huddle on Friday, January 31, for a live demo. Free Friday Tech Huddles are only available to RSA Archer customers. If you are not yet a customer but you are interested in learning more, please contact your local representative or authorized reseller — or visit us at www.rsa.com.

 

About the author(s):

Deepak Arora
Senior Manager – HCL Technologies

Deepak is a seasoned GRC professional with industry experience of over ten years across different industry verticals including Financial Services, Telecommunications, Manufacturing and Retail. He is responsible for providing GRC technology advisory, blueprinting, and implementation services at HCL spanning across areas like Enterprise & Operational Risk, IT Compliance, Internal Audit, Business Continuity and Information Security and has been associated in driving various GRC Transformation programs for many esteemed organizations in the United States and Europe.

 

Gloria Higley

Product Manager - RSA 

Gloria is a Product Manager focused on providing useful and relevant product offerings for customers and partners with the RSA Exchange for RSA Archer. Offered online through RSA Link, the RSA Exchange provides access to pre-built App-Packs, RSA Ready-certified Integrations, and Tools & Utilities that complement and enhance out-of-the-box capabilities of RSA Archer use cases. 

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