Navigating the maze of regulatory standards in higher education isn't just a headache, it's a major drain on both time and money. According to the National Association of Student Financial Aid Administrators (NASFAA), U.S. colleges and universities collectively spend $27 billion every year or 3% to 11% of a typical institution's annual operating budget just to keep up with federal regulations alone. And regulatory responses can impact institutional funding depending on the outcomes reported. With schools reporting to roughly 18 different federal agencies and juggling about 30 distinct areas of regulation, it's no wonder institutions find themselves experiencing "compliance fatigue."
A Comprehensive Approach to Regulatory Management
Ellucian Regulatory Management is a strategic and comprehensive solution built specifically for higher education institutions to tackle compliance and regulatory obligations without the usual stress. Built on Ellucian’s robust platform, it integrates seamlessly with existing systems, providing a unified approach to regulatory management and reporting.
Capabilities that Support Compliance Efficiency:
- Comprehensive Compliance Coverage: designed to address the full spectrum of regulatory requirements across multiple regions.
- Time to Value: Delivered regulatory returns with a no-code/low-code approach allowing speed of update from regulatory change notification to use at an institution.
- Data Democratization: Enable Returns Officers to self-serve with an accessible and intuitive reporting solution.
- Delivered Validation: Purpose built out-of-the-box validations built to meet the rules and requirements of the regulators, including business, coverage and tolerance rules. Plus, centralized error search and bulk updates ensure data stays up-to-date and correct.
- Extensibility: Flexible configurations enabling modifications to meet your institutional data views.
Cross-Campus Impact for Different Roles
Ellucian Regulatory Management is designed for a range of stakeholders:
- Compliance Officers: Streamline regulatory tracking and reporting, reducing manual effort and risk of non-compliance.
- IT Leaders: Integrate compliance management with existing technology infrastructure, leveraging secure cloud solutions.
- Institutional Administrators: Gain a holistic view of compliance status and requirements, supporting informed decision-making.
- Faculty and Staff: Benefit from simplified processes and reduced administrative burden, allowing more focus on student success.
Smarter Compliance can Reduce Risk and Save Time
With a unified approach to regulatory reporting, institutions can confidently manage compliance, reduce risk, and focus on their core mission — student success. As compliance requirements continue to evolve and expand, having integrated, secure platforms becomes increasingly important for maintaining both regulatory standing and institutional effectiveness.
