Due to increasing number of regulations and the constant barrage of changes to those regulations, the cost of doing business in asset intensive industries is rising exponentially.  Regulatory compliance management is becoming increasingly complex as the government, industry bodies, and regulators are more active in changing the laws, regulations and industry requirements, and more proactive in enforcing them. Since 2009, there have been approximately 131 major rules and regulations that have been added in North America and 40% of those major regulations have been imposed by US EPA and OSHA

Obama for 3000 new Regulations for 2016 – On top of 3300 issued in 2015

As regulators require accountability, organizations must protect themselves from regulatory risk that may negatively impact the company and its stakeholders.

Former-MHRA-expert-appointed-to-ELC-Group-advisory-board_strict_xxl

 

Regrettably, most executives do not think of the convoluted world of new and ever-changing regulations as a significant contributing factor to achieving operational excellence and profit goals. But, it is!  Noncompliance with regulations and standards can be very costly in terms of fines, fees, penalties, and criminal sentencing as well as lost productivity, profits, and reputation.  If your organization is like most others, no one really knows for sure if you are over complying or under complying with all applicable regulatory requirements

More and more, companies are turning to technology to automate their risk and compliance programs.  There really is no choice.  It is now mission critical to implement regulatory change management systems that effectively integrate people, process and technology that contribute to, and not detract from, operational excellence.

Michael Rasmussen and GRC 20/20, a leading analyst in risk and compliance technology states:

Regulatory Change Management is Hottest Topic in GRC. I got some interesting numbers from my LinkedIn posts that also coincide with my blog posts, newsletter popularity, and downloads of research pieces.  Regulatory Change Management is the hottest topic I am writing about.”

 

logo_360_52

Predict360 is a cloud based regulatory compliance software that has salient features like:

  • A centralized regulatory knowledge base accessible to all business, locations and assets
  • Automated regulatory updates, analyzed using cognitive computing technology to clearly illustrate changes to regulations
  • Dynamic change management enabling rapid updates to tasks, events, documents, risks, inspections, surveys, etc.
  • Notifications and alerts to appropriate Subject Matter Experts when regulatory changes occur;
  • Regulatory incident management including workflows for different types of incidents with easy-to-use submission forms and automated alerts
  • Key Performance Indicators (KPI) via dashboards
  • and the ability to store records including documents as evidence of compliance, supporting an “audit ready” state.

Let 360factors and its Award-Winning Predict360 technology platform help you achieve your Operational Excellence goals.

 

Remain up-to-date on industry news / updates through our  Twitter & Linkedin profiles.

*All images are property of their respective owners.