The challenges of a good regulatory watch tool
When it comes to regulations, the trend is not towards simplification, especially in Europe. Laws evolve and change very quickly, and have an impact not only on the country or group in which they are issued, but also on neighboring countries. In fact, the European Union produces regulations that not only influence the companies of its members, but also Switzerland, as well as countries outside the EU and Switzerland, such as African countries where international groups are based.
Today, the complexity of keeping up to date with all the latest regulations is prompting companies to entrust this task to trusted partners with expert regulatory teams and digital or software tools providing access to digitized text databases.
What should you consider when choosing your regulatory monitoring tool?
1. Customization
Not all companies have the same regulatory obligations. That’s why your regulatory monitoring tool should offer advanced customization options.
Make sure it allows you to filter the information according to your business sector, the areas you want to cover as well as the sub-areas (for example: in the environmental field, you can have the sub-area “air quality”), and your specific requirements (group requirements, or normative requirements).
Personalization comes at a price, so if you prefer standardized monitoring, you can save on this. Be careful, however, not to pass these savings on to the time spent sorting texts!
2. Regular updating of texts
Depending on the service provider, text updates may be more or less regular. This is something you need to bear in mind before committing yourself, as a quality regulatory watch relies on reliable sources and regular updates.
3. Smooth user access management
A good regulatory monitoring tool must offer access rights management adapted to each user. In particular, for an industrial group with multiple sites, employees must be able to access essential information easily, according to their level of responsibility. Some tools even allow you to set personalized alerts, so that each user only receives information relevant to him or her, such as action plans.
👉 Tip: your teams can change! If you have a solution that lets you register an unlimited number of users, your costs per user won’t change, and you won’t have to revise your contract with your service provider.
4. Text classification with explanation and search engine
An unsorted flow of regulatory information can quickly become unmanageable. Opt for a solution that clearly classifies and explains new obligations: new texts, amendments to texts or repealed texts.
Some tools offer expert-authored analyses, interactive FAQs and synthetic summaries. The aim is to help you save time by accessing the essentials effortlessly.
5. The ability to assess compliance
Knowing the regulations is the first step. To go further, you need to assess your company’s compliance and remedy any non-compliance. A comprehensive regulatory monitoring tool provides this functionality, as well as an action plan management module.
6. Direct contact with the experts
When faced with complex legal texts, it’s vital to have responsive support. Choose platforms that allow you to put your questions directly to specialists. Competent, available support makes all the difference when a regulation raises uncertainties. This feature comes at a price, but it’s essential if you are to manage your regulatory compliance with peace of mind.
7. The expertise and synergy of the teams behind the tool
Beyond functionality, the expertise of the team that powers and updates your tool is essential. Solutions developed by lawyers and engineers specialized in your sector will be much closer to your needs. Indeed, the combination of these two functions is a plus for industrial site management: on the one hand, perfect knowledge of the regulations, and on the other, perfect knowledge of how to apply these regulations.
Make the right choice today!
Don’t let regulatory complexity hold back your business. Opt for a regulatory monitoring tool tailored to your needs. At Novallia, we can offer you 2 regulatory monitoring tools: the comprehensive NV Compliance tool and our simple NV Legal text database tool.
NV Compliance is one of the best regulatory monitoring tools on the market and has all the qualities mentioned above:
- personalization
- regular updates and reliability
- unlimited access at user level: you only pay for the subscription, not for the number of connections
- a powerful search engine soon to be enhanced by AI
- a compliance module and an effective action plan module
- a high-performance hotline
- and last but not least: warm, coordinated human support
If you need personalized support: find out more about our solution and test it for free: write to us!
If you’d like to find out more and need a little more time to think before contacting us, take a look at our exclusive video presentation here.