Give your compliance officers a centralized workspace to define, manage, and track regulations. To keep compliance records accurate and synced, link regulation versions to their clauses. Map business processes directly to these clauses, making it easy to see exactly how new changes impact your daily operations. When a regulation is updated, publish the updated regulation versions and inform stakeholders about the rules and guidelines. Activate the new version on its effective date, and retire the old one to maintain a clear, up-to-date roadmap of your current requirements.
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Compliance officers need to manage the lifecycle of regulation versions and clause versions effectively. Knowing the permissible status transitions helps them plan and execute updates, reviews, and retirements in a structured manner.
Here are the possible status values, number of valid records, and transitions for Regulation Version and Regulation Clause Version Record:
To understand how regulations and their clauses are managed over time, let’s consider two primary scenarios: introducing a new regulation and amending an existing one.
- Introducing a New Regulation:
On Day 0, a regulatory authority publishes a new regulation, RegA. This regulation includes about 100 clauses outlining specific requirements and conditions.
As a compliance officer, the first step is to create a record for the new regulation. This action generates a version, RegA_V1, in the Regulation Versions record list.
In the Regulation Clauses record list, the compliance officer creates all the clauses for RegA: "RegAC1", "RegAC2", "RegAC3", and so on, i. Creating these clauses generates clause version records as "RegAC1_V1", "RegAC2_V1", "RegAC3_V1", and so on, ensuring that the initial state of the regulation and its clauses is well-documented.
After mapping the clause version records to RegA_V1, the final step is to publish and activate the regulation version to enforce the regulation across the company.
- Amendment of an Existing Regulation:
Fast forward to Day 1500, and the regulatory authority modifies certain conditions in RegA and publishes new amendment.
A compliance officer clones the existing version, RegA_V1, to create a new version, RegA_V2. The new version, RegA_V2, retains all the mappings associated with the regulation clause versions from the existing version, RegA_V1. Next, the officer incorporates all the updates specified in the amendment into RegA_V2.
The compliance officer identifies the affected clauses. In this example, out of 100 clauses, 10 clauses have changed, 2 clauses have been removed, and 3 new clauses have been added. To manage the updates for:
- Changed Clauses: The compliance officer clones the clause versions of the 10 affected clauses and maps them to RegA_V2.
- Removed Clauses: The compliance officer removes the mapping of the 2 removed clause versions from RegA_V2, ensuring they're no longer part of the new regulation version.
- New Clauses: The compliance officer creates new regulation clauses for the 3 newly added clauses. These new clauses automatically generate their clause version records and are then mapped to RegA_V2.
By using the structured approach, compliance officers make sure that all changes are accurately documented and that the current version of the regulation reflects the latest requirements and conditions.
- Create Regulations and Associate Them with Business Operations Processes
Integrate regulations into your operational workflows so that your front-line staff can execute business processes smoothly and stay compliant. Create regulatory authority records, regulation and regulation versions, and regulation clauses and their versions. Establish a link between regulation clause versions and a regulation version. To ensure compliance within your organization, publish the regulation versions and map business operations processes to regulation clause versions. - Manage Amendments in Regulations
Updating an existing regulation clause and adding a new regulation clause are essential tasks for maintaining compliance and operational efficiency. When regulations change, compliance officers update the existing clauses to reflect new requirements. They review the current clause, make necessary adjustments, and make sure that all stakeholders are informed of the changes. Adding a new regulation clause involves identifying gaps or new compliance needs, drafting the new clause, and integrating the amendments into the existing regulatory framework. Both activities help mitigate risks, ensure legal compliance, and keep the company aligned with industry standards. - Activate a Published Regulation Version
To ensure compliance, a compliance officer can activate the regulation version on its effective date. When you activate the regulation version, the regulation clause versions mapped to the regulation version are also activated. This workflow guarantees that all relevant regulations and clauses are enforced from the specified date. - Retire a Regulation Version
Retire a regulation version when it's no longer in effect or a new version is published by regulatory authorities. Compliance officers can retire outdated regulation versions and regulation clause versions from their respective record pages. When a regulation version and clause version are activated, the option to retire appears on their respective record pages. - Transition Criteria for Regulation Record Status
Learn about the scenarios and rules governing the status transition of Regulation Version and Regulation Clause Version records. - Bulk Update a Regulation Version
Bulk update the status field on regulation clause version records that are associated with a regulation version.