Deloitte RegTech Solutions
PROACT: Digitising the regulatory change process
Many organisations have found it challenging to describe how their regulatory obligations are being met and in many cases weaknesses have led to financial penalty.
This is hardly surprising. Managing regulatory change is a complex process from external horizon scanning for new or updated regulatory guidance, through managing the interpretation and impact assessment, to closing gaps and evidencing compliance. If you consider the sheer volume of regulation and the inter-dependencies it is no surprise that managing regulatory change is often inefficient and error prone. Without the end-to-end traceability many organization are therefore unable to explain how they comply with a particular regulatory obligation and evidence that their regulatory programs are appropriately governed.
- What makes PROACT unique?
- The PROACT regulatory change platform
- PROACT offerings
- What can PROACT do for your business?
PROACT: Digitizing the regulatory change process
As a leader in both regulatory advice and in technology delivery, Deloitte has invested significantly in digitizing the regulatory change process.
The PROACT platform comprises three modules, with the common thread being the ability to manage and trace regulatory obligations at the paragraph level.
What makes PROACT unique?
- Through our Center for Regulatory Strategy we are able to draw on our global compliance SMEs to opine on the impact of regulation, seek guidance on the perspective of the regulator, and advise on how compliance can be achieved. We regularly access this network to update and refresh content within PROACT.
- We are able to rapidly deploy PROACT without interfering with your existing technology infrastructure. As a cloud-based service we can deploy quickly, and offer a range of fully hosted services and support models.
- PROACT is modular allowing for a flexible solution, and set of supporting services to optimise your compliance efforts. We are able to refresh content and assessment on a regular basis to help you stay compliant and focus on priority areas.
- Through our global network we are able to scan the regulatory horizon and update the platform with the latest changes to regulation anywhere in the world. PROACT is supported by our global SMEs network who are available to opine on specific regulations or interpretation as required.
PROACT Regulatory change
The PROACT Regulatory Change module is a cloud-based service that guides our clients through the regulatory change process. Accessible by all of those involved in a regulatory program, the platform provides a portal for legal and compliance teams to agree and capture interpretation, for change analysts to capture gaps and actions, and to monitor the closure of those gaps. Importantly it also provides workflow and signoff functionality to capture the approval process at each point in the regulatory change lifecycle.
The platform allows our clients to deliver robust cost-effective regulatory change and maintain strong corporate memory.
PROACT Control Environment Diagnostics
Based on many years of experience in interpreting regulation and assessing our client’s, control structures Deloitte has developed a PROACT Control module to help automate and manage this relationship. The cloud-based service hosts Deloitte’s view of the controls we would expect to see in place in an organisation, mapped against each regulatory paragraph. The expected controls are then assessed against the controls in place at each of our clients to highlight where improvement is required, and the relative importance of specific controls in relation to regulatory coverage.
PROACT Risk Assessment
Helping our clients with ongoing monitoring and assessment of their regulatory obligations we have developed the PROACT Risk Assessment module. A platform that allows our clients to develop applicability registers, maintain a robust audit trail and guides them through the process of defining the applicable risks and controls that are mapped against the regulatory rules. This provides an aggregate view of residual risk and over time enables our clients to harmonise their risk and control framework whilst managing the ongoing attestation against their controls.
The PROACT platform hosts a wide range of content covering different regulatory sources and control domains.
What can PROACT do for your business?
- Accelerates regulatory assessments – PROACT contains fully embedded and codified insights and regulatory assessment from our industry-leading practitioners.
- Highlights what is important - with an intuitive and user-friendly platform for navigating regulatory obligations in a centralised and coherent manner.
- Supports regulatory change management activity – PROACT supports fully traceable execution of Regulatory assessment and change management.
- Drives clarity around control requirements - a central repository of regulatory obligations links to suggested best-practice control frameworks.
- Creates a single version of the truth – with a platform for establishing a common regulatory change framework.
- Removes duplicative effort – with insight driven from capturing all information centrally and the ability to identify synergies in change efforts or controls management.
- Up to date and forward-looking – PROACT is refreshed continually by our global SMEs that form part of our Center for Regulatory Strategy.