Monitoring Regulatory Changes (GPSR) SOP

This detailed SOP provides regulatory managers, compliance analysts, and operations managers with a structured framework for Monitoring Regulatory Changes (GPSR).
Key features include:
– Subprocesses and Process Flow: Divided into four essential subprocesses—Subscription and Review, Impact Analysis, Action Plan and Approval, and Implementation and Feedback. These steps ensure the timely identification, assessment, and implementation of regulatory updates.
– Risk Management: Identifies potential risks such as delays in update subscriptions, misclassification of regulatory impacts, and communication gaps with stakeholders. Mitigation strategies include automated subscription systems, robust impact assessment frameworks, and clear communication protocols.
– Compliance and Regulatory Requirements: Ensures adherence to GPSR through regular subscription to updates, quarterly reviews of regulatory changes, and timely communication with stakeholders (within 7 days) to minimise compliance risks.
– Key Performance Indicators (KPIs) and Controls: Defines KPIs such as the timeliness of regulatory update subscriptions, accuracy of impact classifications, and implementation success rates. Controls include structured impact assessments, automated notification systems, and regular progress reviews to enhance process efficiency.
– RACI Framework: Outlines roles and responsibilities for Regulatory Managers, Compliance Analysts, Operations Managers, and Stakeholders, ensuring effective collaboration and accountability at every stage.
– Systems Requirements: Specifies tools such as Regulatory Update Subscription Platforms, Impact Analysis Tools, and Stakeholder Communication Systems to streamline the monitoring, analysis, and implementation of regulatory changes.
– Appendices: Provides practical resources, including template emails, meeting terms of reference, assessment criteria, and real-life case studies to guide users in effectively managing regulatory changes.