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How to streamline Regulatory Change Management





The Compendium of Evidence on the Effectiveness of Innovation Policy Intervention Project in the stewardship of Manchester Institute of Innovation Research (MIoIR), University of Manchester has revealed some interesting facts about Regulatory Change Management. There have always been mixed opinions about the importance of regulations in the industries and people are unable to come to a consensus. In order to get some clarity and ascertain the impact of regulations on organizations, an endogenous growth approach, developed by Carlin and Soskice in 2006 was employed. This approach allows for the comparison of the negative effect of compliance costs with the dynamic effect of regulations generating additional incentives for innovative activities.

How to streamline Regulatory Change Management?

Regulations and Innovation
The crux of the new approach lies in the empirical methodology that it employs. Empirical analyses, which were already known, were surveyed by employing a variety of methodological approaches, databases, and results. Through the analysis, the short term and long term impact of regulations have been revealed. The investigation has divulged that short term impacts of regulations are often negative for innovation. However, rules and regulations more than make up for their initial failings by serving as great assets in the long run. There is an added incentive of spillover benefits, which help in enhancing an organizationâs structure and also drive the uptake of innovation.

Most quantitative studies done by using the empirical methodology havenât been able to distinguish between the influences of changes in the creation of rules, their implication, and the resultant compliance of the companies. However, it has been found that the innovative culture when inculcated in the operations of regulatory bodies promotes the positive innovative impact of regulations.

Through the studies, the following proposals for more innovation-friendly and innovative targeting regulatory policies can be deduced:

Optimize the frequency and timing of reviewing existing regulations.
Strengthen the focus on innovation while creating regulatory policy.
Enhance the quality of the regulatory framework that is directed at innovation.
About Author fahad mateen :

360factors, Inc. (Austin, TX) helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates Regulatory Change Management requirements, policies and procedures management, risks and controls, audit management and inspections, and on-line training and qualifications, in a single cloud-based platform based on artificial intelligence.


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