Staying current to industry’s regulations as Interim Manager

by | Sep 6, 2023 | News & Insights

Interim Managers possess a unique ability – their involvement helps companies not only avoid compliance pitfalls, but aids businesses charting future course. If a regulatory change is going to affect your existing or potential clients be sure to carefully think through and communicate to them what they can expect going forward. This way you may be surprised how easily job offers may come to you.

We introduce a simple yet effective 5 step approach to ensure you always stay current with the regulations’ changes.

  • Embrace a proactive mindset. Don’t wait for a new regulation to come in, you need to anticipate them. Monitoring evolving regulations requires reading the subtle shifts in the regulatory landscape, predicting the tides of change and the potential implications. Stay on top of the news, follow Governing Agencies, Regulatory Bodies and Consultants on social media, and subscribe to industry newsletters.
  • Connect with Industry Associations: These bodies often provide early insights into regulatory shifts. By attending their meetings and events, you take advantage of their resources.
  • Be agile in implementing necessary changes. When working as Interim, train a team to track regulatory changes (of course, with the help of external consultants and / or software) and make it a priority to translate new regulations into actionable steps. After implementation, take time to evaluate if the changes are effective and in line with the new regulations.
  • Leverage technology. Use tools that keep you updated in real time, automate compliance, and free up your time for strategic decision-making. For instance, manually checking each website of governing agencies, regulatory bodies, etc is time consuming and nobody could follow all of them. That is why an RSS feed reader is very useful and we strongly recommend it (there are free versions, so it is not costly). You add the sites to the feed reader and read the updates when they come. Some of the feed reader tools you may want to explore are FeedlyNewsblur, and Feeder only to name a few. Use RegTech & Compliance software – you may want to check which one suits your industries interests on Planet Compliance RegTech Directory.
  • Never Stop Learning: Regulations evolve because industries do. Keep learning, keep growing, and your understanding of industry regulations will grow too.

Remember, being an interim manager isn’t just about managing the here and now. It’s about anticipating the future and preparing for it. So, start today!

Proactively seek out information, engage with your industry, implement changes swiftly, monitor the results, and never stop learning.