GFT, a provider of advisory, business consulting, IT and software services to the financial services community, has announced the launch of its Regulatory Change Management Service, giving firms the ability to create an end-to-end tracking process to keep on top of their regulatory challenges.

Using the GFT Regulatory Change Management Service, banks can ensure that senior managers are able to confidently deal with the high frequency of global regulatory change in a structured way, across the organizational silos that exist within the firm. The Service synthesizes the mass of information that all firms need to deal with—content feeds, taxonomy and repository, roles and responsibilities, best practice business impact analysis, requirements and functional design production—all brought together by the GFT Regulatory Change Manager, which incorporates workflow, task management and a visually impactful dashboard.

Every new piece of relevant regulation affecting financial firms can be covered. The new service offers a cost-effective interpretation of all global regulations, and then uses best practice to build the requirements and functional designs, enabling banks to keep abreast and comply with each regulation.

The new Service provides mutualized interpretations of each regulation that are common to all affected firms, providing reassurance for organizations that they are implementing a compliant resolution for the particular regulations which affect them and a lower total cost of ownership for the industry as a whole as more banks take up the service.

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