How should regulatory changes and a deregulated U.S. Federal outlook factor into your company’s plans? In today’s business environment, regulations are more dynamic, plentiful and global than ever before, and companies remain challenged to keep up with applicable regulations for their processes in each operating jurisdiction.
Deregulation, especially in today’s economy, has various effects on your business – many positive such as lowered costs due to easier compliance. That is why it’s critical to remain up-to-date with all the regulations that apply to your operations.
What are some best practices to address following regulatory change and what can you do for your company to avoid risks and noncompliance?
- Regulatory Compliance through Improved Data Management. No matter your industry, data is omnipresent. There are four main types of big data: prescriptive, predictive, diagnostic, and descriptive. And to successfully comply with the unwieldy plethora of regulations, you must discover your data type, manage it, and then use it to generate insights within a cloud-based data management system. Companies that are built on a foundation of well-managed data will be able to address changing regulations and provide accurate reporting.
- Think Strategic Risk & Regulation Compliance Management Integration. Executives are talking about how to manage strategic risks more frequently – risks that arise due to business strategy decisions. As managers think about these risks specifically, methods for managing them will mature. A natural evolution would be to work from a holistic standpoint and remove the barriers that exist today when strategic risk management and regulatory compliance are managed out of spreadsheets or other disparate technologies. Implement specialized software systems to support multiple aspects of risk management, compliance and audit. This will allow your organization to be more detailed in their investigations and make more informed decisions. Uniting assurance functions and implementing a common framework across them allows your entire organization to communicate the same categories and severities of risk and report up.
- Think About Management Systems Implementation and ISO Certification. The best defense is a good offense, globally! Management systems can help organizations improve their performance and ensure regulatory compliance. ISO certifications, such as the ISO 14001 international standard for environmental management can improve overall regulatory compliance status, allowing an enterprise to be compliant with global regulations.
- Is There An App for That? Yes! On the flipside, you may choose to integrate a more specific regulatory reporting application into your compliance framework. Regulation reporting applications, such as the Gensuite RegTracker, search for regulations applicable to your operations and send you automatic alerts monthly. With the partnership of RegScan, a global provider of regulatory content, the application receives the most up-to-date regulatory content. Applications such as this simplify the compliance process by removing the time put into searching through multiple list feeds and databases, allowing you to devote more time to enhancing your daily business objectives.
If you address regulatory change in a timely manner, access your data, introduce new technology, think integration, think about management systems/ISO, and try out new applications, you will ensure your company maintains regulatory compliance and keeps risks out of reach.