The Importance of a Good Regulatory Monitoring Tool
When it comes to regulation, the trend is not toward simplification, especially in Europe. Laws evolve and change very quickly, affecting not only the country or bloc in which they are enacted but also neighboring countries. Indeed, the European Union enacts regulations that naturally influence companies in its member states, but also affect Switzerland, as well as countries outside the EU and Switzerland—such as African nations where international corporations have a presence.
Today, the complexity of conducting comprehensive regulatory monitoring is prompting companies to entrust this task to trusted partners with teams of regulatory experts and digital tools or software that provide access to digitized databases of regulatory texts.
What factors 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 information based on your industry, the areas you want to cover, and the sub-areas (for example: in the field of the environment, you might have the subfield “air quality”), and your specific requirements (group requirements or regulatory requirements).
Customization comes at a cost; if you prefer standardized monitoring, you can save money in this area. Be careful, however, not to let these savings cut into the time spent sorting through the texts!
2. The regularity of text updates
Depending on the service provider, updates to the texts may be more or less frequent. You should take this into account before committing to a service, as effective regulatory monitoring relies on reliable sources and regular updates.
3. Seamless user access management
A good regulatory monitoring tool should offer access rights management tailored to each user. For an industrial group with multiple sites, in particular, employees must be able to easily access essential information based on their level of responsibility. Some tools even allow you to set up personalized alerts so that each user receives only the information that is relevant to them—this is particularly true for action plans.
👉 Tip: Your teams may change! If you have a solution that allows for an unlimited number of users, your per-user costs will remain the same, and you won’t need to renegotiate your contract with your service provider.
4. A list of texts with explanations and a search engine
An unsorted stream of regulatory information can quickly become unmanageable. Choose a solution that clearly organizes and explains new requirements: new regulations, amendments to existing regulations, or repealed regulations.
Some tools offer expert analyses, interactive FAQs, and concise summaries. The goal is to save you time by giving you effortless access to the essentials.
5. The ability to assess compliance
Understanding the regulations is the first step. To take it a step further, you need to assess your company’s compliance and address any non-compliance issues. A comprehensive regulatory monitoring tool provides this functionality and also offers a module for managing action plans.
6. Direct communication with experts
When dealing with complex legal texts, it’s essential to have responsive support. Choose platforms that allow you to ask specialists your questions directly. Competent and readily available support makes all the difference when regulations raise uncertainties. This feature comes at a cost but is essential for managing your regulatory compliance with peace of mind.
7. The expertise and synergy of the teams behind the tool
Beyond the features themselves, the expertise of the team that maintains and updates your tool is essential. Solutions developed by lawyers and engineers who specialize in your industry will be much better suited to your needs. Indeed, the combination of these two areas of expertise is a major advantage for industrial site management: on the one hand, a thorough understanding of regulations, and on the other, a thorough understanding of how those regulations are applied.
Make the right choice today!
Don’t let regulatory complexity slow down your business. Choose a regulatory monitoring tool tailored to your needs. At Novallia, we offer two regulatory monitoring tools: the comprehensive NV Compliance tool and our simple text database tool, NV Legal.
NV Compliance is one of the best regulatory monitoring tools on the market and offers all the features mentioned above:
- customization
- Frequency of updates and reliability
- Unlimited access for users: You pay only for the subscription, not for the number of connections
- a powerful search engine that will soon be enhanced by AI
- an effective compliance module and an effective action plan module
- an effective hotline
- and finally: coordinated, personalized, and warm support
If you need personalized support: check out our solution and try it for free—contact us!
If you’d like to learn more—or if you need a little more time to think it over before contacting us—watch the exclusive presentation video here