Banking — Regulatory Change Management Workflow

Overview

The Regulatory Change Management Workflow is designed to monitor regulatory information sources for changes that could impact banking operations. The primary purpose of this DAG is to ensure compliance with evolving regulations by evaluating their effects on internal processes and updating standard operating procedures (SOPs) and playbooks accordingly. The data sources include regulatory databases, compliance news feeds, and internal operational reports. The ingestion pipeline begins with the co

The Regulatory Change Management Workflow is designed to monitor regulatory information sources for changes that could impact banking operations. The primary purpose of this DAG is to ensure compliance with evolving regulations by evaluating their effects on internal processes and updating standard operating procedures (SOPs) and playbooks accordingly. The data sources include regulatory databases, compliance news feeds, and internal operational reports. The ingestion pipeline begins with the collection of these data sources, followed by a processing step that analyzes the changes and assesses their potential impact on existing workflows. Quality controls are implemented to ensure accurate assessments, including validation checks against historical compliance data. Once the impact is evaluated, the DAG updates the relevant SOPs and playbooks, ensuring that all documentation reflects the latest regulatory requirements. Outputs include updated compliance documentation, change logs for audit purposes, and alerts for compliance officers in case of critical changes. Monitoring key performance indicators (KPIs) such as the time taken to update SOPs and the number of changes tracked allows for continuous improvement of the process. The business value of this DAG lies in its ability to streamline compliance management, reduce the risk of regulatory penalties, and enhance the overall agility of banking operations in response to regulatory changes.

Part of the SOPs & Playbooks solution for the Banking industry.

Use cases

• Ensures compliance with evolving regulatory requirements
• Reduces risk of regulatory penalties and fines
• Enhances operational efficiency through streamlined processes
• Improves traceability and accountability in compliance management
• Facilitates proactive risk management and decision-making