Regulatory change management compliance is like a chain around the neck of every IT worker in the financial services sector. If you work in a bank and want to release a new application or service, you have to jump through so many hoops that it may not feel worth it. Make a small change to the configuration management process, and chances are you have to take so many steps to ensure compliance that you'll be ready to pull your hair out by the end of the day. This isn't to say that regulatory laws are overly onerous. Instead, the data handled by banks is so precious that they are responsible to do everything they can to keep it safe, and industry regulations reflect this.For a long time, banking was an extremely conservative sector when it comes to making IT investments. Regulatory issues were a part of that, as many financial institutions would wait until new technologies were well proven and established before introducing them to the environment. Things are changing, however, as mobile device use and Web functionality is becoming common in the sector. As such, IT managers at banks need to be ready for innovation, and they need change management solutions to make sure they comply with regulatory standards.
Three ways change management software can support regulatory compliance include:
1. Avoid Risk
Implementing IT change management software into your service management strategy can help you identify how changes will impact the configuration, schedule processes to avoid mistakes and automate repeatable operations to eliminate human error. The coordination and collaboration enabled by a change management suite creates a series of checks and balances for change operations and helps you understand what functions have been performed and when. The end result is an environment where risk is limited and the likelihood of a regulatory breach decreases substantially.
2. Introduce Oversight
There is a good chance that not every IT employee in your organization has a firm understanding of every regulatory requirement that impacts the bank. This makes effective managerial oversight integral to day-to-day success, particularly with changes. Freeing low- or mid-level employees to take on change processes without proper governance can lead to them performing functions that actually go against regulatory laws. A change management platform lets you schedule the changes, put in instructions and reminders about processes, track when actions are completed and ensure that the change has been performed correctly.
The managerial oversight enabled by change management platforms lets you establish the standards that employees need to follow, ensuring that human error caused by a lack of knowledge or experience does not come into play.
3. Create an Audit Trail
Regulatory breaches can happen even if an organization is extremely careful to prevent it. If a problem arises you need to be able to audit operations, identify the specific issue that caused the breach and enact operations that will undo the problematic configuration change. An effective change management platform features built-in tools for documentation, many of which automatically update based on user activity. This audit trail proves invaluable because it lets you quickly and easily identify problems, possibly even noticing them before an actual data loss or theft incident takes place.
Finding success with regulatory compliance isn't just about avoiding a breach, it is about responding well to problems as they arise. No organization can function perfectly all the time and avoid any issues, but a bank with a good change management platform can decrease the chances that it runs into any problems. Furthermore, the advanced service management tool makes it easier to deal with issues as they arise, ensuring you are doing what you can to avoid regulatory breaches and are ready to respond to emergencies.