This document discusses key factors for successfully managing a regulatory compliance project. It emphasizes the importance of up-front planning, hiring subject matter experts, establishing a clear project methodology, and utilizing technology effectively. Specifically, it stresses defining the project objectives, identifying applicable regulations, monitoring for changes, and addressing gaps. Project methodology should include daily planning, execution, monitoring, and oversight from a steering committee. Technology can help or hinder, so it is important to select solutions that provide real-time access and data security. With the right approach in these four areas, complex regulatory projects can be successfully completed on time and on budget.

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Project management: how to
run a successful regulatory
compliance project?

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The most critical success of factor in project management is planning. Start by
considering the purpose for completing the project. What is the overall
objective and desired scope of the matter? It’s important to take the time to
understand what you’re trying to achieve and define the steps that need to be
taken.
For example:
A regulatory project requires you to understand the compliance requirements
that need to be implemented by within deadlines to avoid fees and or
penalties. So how do you access the right resources and expertise to develop a
successful regulatory compliance program?
At Stepman & Porter Consulting, we have helped clients tackle these issues
and overcome them. We believe that setting a regulatory compliance program
start with the right foundation. We start by defining a list of regulations
affecting different business lines, services and products depending on the
jurisdiction and where the business is operating. Then, we identify within
those regulations, the relevant obligations applicable to those business lines,
services and products. The third step is monitoring those regulations and
obligations as updates are made and ensure that relevant business functions
are made aware of them. Finally, we identify gaps in the organizations’ training
manuals, policies and procedures documentation.
Up-Front Planning

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You need subject matter experts as part of your team to successfully execute projects
of high regulatory complexity. It might be a team of consultant with a legal
background and experience in a specific industry sector. They act as first point of
escalation for queries and break down complex concepts in layman terms while saving
you time. Stepman & Porter consultants are the best in the business. They are often
trained lawyers and also hold degrees in business or sciences. They offer strong matter
expertise and industry knowledge which can be applied to a project.
Subject-Matter Expertise

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One of the key aspect of project management is the day-to-day planning and execution
of the project. What deliverables re necessary to meet the goal of the project? It’s
critical to create a strategy for project implementation and consider unforeseen
circumstances that may impede progress. One of the most important task will be
project monitoring.
In particular, focusing on the Gantt chart, LACI chart, or other project plan documents
to ensure everyone is doing what they are supposed to be doing, that the work is getting
done on time (and done correctly), that spending aligns with the budget, that the
assumptions are holding true (or if not, understand what is changing), looking to flesh
out any of the unknowns identified earlier during the planning process, and ensuring
that communications are going out on schedule and to the right people.
In addition to the day-to-day management, there will also likely be some type of
steering committee set up that will set overall direction and strategy for the project and
will be consulted for “big” decisions.
Project Methodology

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There are so many regulatory and compliance software available, however
without efficient use, they can lead to unproductivity and project stalling. At
S&P, we can adopt to your in-house technology or use of one our platforms.
One thing we do not compromise on is data security. We give you real-time
access and visibility on the advancement of the project.
Technology

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Summary
Managing a regulatory project is hard work. There are so many ways a project
can go wrong and lead to cost overrun. The stakes are high. A project failure
can have negative ripple effects on an entire business. That is why it’s so
important when hiring outside counsel to be on the same page any time there
is a project of material size or risk. Successful legal project requires four key
ingredients: start with up-front planning, hire the right experts, set a
measurable project methodology and use technology smartly.
Ready to kick-off a project? Email us: projects@stepmanporter.com or visit
https://stepmanporter.com