hello today we are going to discuss at a high level how to manage and report on regulatory changes regulatory change management is the management of regulatory policy and procedural changes that apply to your organization or industry with the volume and pace of regulatory change there is a high degree of complexity that organizations have to deal with with servicenow's regulatory change management solution you can streamline the process of capturing the regulatory changes and initiate the impact assessment and regulatory change task if required the regulatory change managers can also track the progress on regulatory change tasks to ensure the end-to-end regulatory change management the servicenow risk and compliance solution portfolio is powered by and built on the servicenow cloud platform in addition to the policy and compliance and regulatory change applications that we'll discuss today the servicenow irm suite of offerings also includes digital technology enterprise and operational risk management operational resilience audit as well as third party and vendor risk management business continuity management esg and privacy these applications sit on top of the now platform which includes powerful workflow and orchestration functionality the servicenow service portal knowledge base as well as artificial intelligence capabilities let's take a look we know that authority documents and regulatory frameworks are updated from time to time and there should be a way to automatically capture those changes and determine if they are or are not applicable that's where the regulatory change management functionality comes into play we have an overview of all regulatory change activity across the organization we can see regulatory alerts as they are brought into the system via api we can see any change tasks that have been created from those regulatory alerts and we can also see import document tasks which are related to changes in the authority documents we can track open and unassigned alerts open and overdue regulatory impact assessments issues as well as any action tasks related to the alerts let's discuss the regulatory event workflow first if we go into our list of new alerts we can see all manner of alerts that are stemming from source document changes as well as regulatory events we can see the workflow state of the alert and who has been assigned as the coordinator for the alert if we go into one of the regulatory change alerts we can see a description that's being pulled from thompson reuters we can also see the workflow stage of this current alert and we can see a full breakdown of the alert taxonomy including the sector regulatory body the type of content and jurisdiction of the alert if we click on the details tab we can see additional information of the alert including external provider urls and we can also assign a coordinator to this particular alert the coordinator can then initiate impact assessments for the alert to send an assessment to entity owners who can then make the determination uh of how much of an impact this particular change could have on their entities once the impact assessment is generated the entity owner receives a notification that they have a new assessment to complete and they can then log into their workspace to complete the assessment i'm going to change desktops and i've logged in as our entity owner abel tutter able can now go in and complete the impact assessment if i reload abel's workspace he can then go into the new alert queue and see all of the alerts that are at the impact assessment workflow stage abel does have the ability to reassign the assessment if he is going to be out of the office or needs assistant but we'll go ahead and start the assessment this is a configurable piece in addition to other parts of the platform these impact categories as well as the answer options can be modified we'll go ahead and complete the assessment now and if we save our results we can see what the computed inherent risk score is we see this has a critical score of 3.5 supporting comments can be added if necessary but we'll go ahead and review and mark our assessment as complete i'm going to switch back to jacob's view jacob is the coordinator for this assessment if we refresh our screen here jacob will be able to see the results of the completed impact assessment we can see the critical score it did round up from 3.5 to 4 jacob can then come in and determine the overall impact to the organization once he has determined the impact level we could decide if this is applicable or not applicable and if the change needs to be implemented a regulatory change task is automatically created when a regulatory alert is deemed to be applicable to the organization these regulatory change tasks that can then be assigned to other individuals for completion we'll go ahead and assign this task to able as well i'll put jacob as the approver and we'll set our due date i'll now switch to able tutter again to complete the regulatory change task able can go into the list of change tasks we can see any details about the task any notes that were put by the coordinator of the event we can see when the due date is and when everything is ready we can choose to respond to the task once we've chosen to respond to the regulatory change task we do have a list of action tasks which can be automatically or manually created so these will be subtask or child tasks of that regulatory change task so if there are 10 things that need to be done for the regulatory change task to be completed these 10 sub tasks can be created and assigned out to different individuals if necessary once all action tasks are completed the regulatory change task is fully implemented and can be marked as complete the next workflow is for a document change instead of a regulatory event it could just be a modification to the to the authority document in that case a decision can be made to import a new document to replace the current one within the platform if i click on a source document regulatory alert we see there is no option for an impact assessment just to decide if the change is applicable or not like before we can assign a coordinator for the document change and we can mark it as applicable from here a regulatory task is created just like with the alert we can assign the task to other individuals we can set who needs to approve the task and set the due date from here i'll switch again to able tutter to complete the task from here able can click into the import document task to see which task has been assigned to him he can mark the task as a work in progress if there are similar source documents to reference those can be added here and just like with the impact alert multiple action tasks can be created if necessary for the document upload the last step that able needs to take is determine which target citation will be modified within the platform once slice that citation is selected able can request approval for the task finally jacob can come in to see the approval process you can see the approval has been requested and once the import document task is approved then the document can be automatically imported into the platform and modify the previous citation thank you so much for your time today and for additional information please visit the product page at www.servicenow.com forward slash risk