Assess the impact of a regulatory alert

Evaluate the risk of a regulatory alert by initiating either a risk assessment or a regulatory assessment.

Before you begin

Role required: sn_grc_reg_change.user

About this task

You can initiate one of the following assessments:

• Regulatory assessment: Uses the Smart Assessment Engine. A regulatory assessment is used to assess the potential effects of new or updated regulations before the regulations are finalized or implemented.
• Risk assessment: Uses the classic risk assessment. A risk-based approach is used to identify and address both direct and indirect impacts.

Procedure

1. Navigate to All > Regulatory Change Management > Compliance Workspace > Lists > Regulatory Alerts.
2. Select the regulatory alert that you want to assess.
3. Select Assess impact.
4. Select either Regulatory assessment or Risk assessment based on your requirement.
5. If you select, Regulatory assessment, do the following in the Evaluate regulatory impact dialog box.
   1. In the Assessment template field, specify the template to use for the assessment.
   2. In the Select a group field, select the group responsible to perform the assessment.
   3. In the Assessors field, specify individual assessors of the group.
      Ensure that the assessors have the sn_grc_reg_change.user or sn_grc.business_user roles granted.
   4. In the Due date field, specify the due date for the assessment completion.
   5. Select Send.
   In the Regulatory assessments related list in the regulatory alert record, the new regulatory assessments are listed.
6. If you select, Risk assessment, from the Entities list, select the entities that require an impact assessment.
   1. Select Send.
      Ensure that the entity owners who are the risk assessors have the sn_risk_advanced.ara_assessor role.
      In the Risk assessments related list in the regulatory alert record, the new impact assessments are listed.