Regulatory watch and compliance: what’s it all about?
All companies, whether active in industry and/or logistics, services, construction or mining, are subject to a specific legal framework and obligations. As the Highway Code is mandatory for driving a car and ensuring the safety of users, compliance with the obligations imposed by law is essential for companies.
For each company, it all starts with knowing and understanding these legal requirements: this indispensable step constitutes the initial state. From this base, it will then be necessary to identify the laws and regulations in force that apply to the sector of activity and the site.
This initial step must then be followed by assiduous regulatory monitoring. Indeed, regulations are constantly evolving, and companies need to keep abreast of these changes and comply with them.
After this initial assessment, the next step is to evaluate whether the company is actually complying with the legal requirements applicable to it. This process, which can be carried out in-house or by external teams, is called regulatory compliance. It identifies any deviations or areas of non-compliance.
Following this assessment, it is essential to implement appropriate corrective measures to bring the site into compliance with regulations. This includes various procedures that are grouped into action plans to be monitored and controlled.
Obligations and Risks
The obligations and risks incurred in the event of non-compliance are manifold:
“No one is supposed to ignore the law”.
Every organization is subject to rules and laws concerning the environment, health and safety in the workplace, energy, or any other area such as transport.
Companies must operate within this regulatory framework, and if they fail to comply with these obligations, they must prove that they are committed to the process of restoring compliance, and therefore have credible action plans to remedy any gaps in compliance.
The international standards ISO 14001, ISO 45001, ISO 50001 – and others – generally impose the same obligations as local or regional law, and sometimes go even further in their requirements. To comply with these international standards, companies commit considerable resources to the process. What’s more, the digitization of this process enables significant savings to be made.
Ethical and Image Risks
Compliance with regulations is the essential foundation on which to build our environmental, OHS and CSR strategies.
Entities that prove their efforts in these two areas greatly improve their image and their power to attract future talent. Conversely, companies that fail to take these essential points into account risk exposing their reputation, especially in the event of a serious human or material accident.
Prevention in the field of safety
According to numerous studies, knowledge of regulations and non-conformities, and proactive participation in OHS action plans, reduce accident frequency and severity rates, and help to build a more effective corporate safety culture.
An effective solution: entrust the creation of the applicable obligations to a specialist, then digitize the process.
The advantages of this external solution
- Consultants’ expertise on regulations and applicability. This allows a fine-tuned understanding of the laws and their actions.
- Regular updates on regulatory changes and developments. To keep abreast of regulatory developments and anticipate changes.
- Rational, targeted conformity assessment. An invaluable time-saver when it comes to evaluating each and every text requirement.
- Design and follow-up of compliance action plans. A semi-automated process that facilitates the work of managers and teams.
- The provision of high-performance monitoring indicators, to help you take the necessary steps towards compliance.
- On-line assistance with consultants. Regulatory experts available for more precise explanations of requirements.
Novallia: experts and databases at your disposal.
NV Compliance, Novallia’s integrated monitoring and compliance solution, covers the following areas: Environment, Health & Safety, Transport, ERP and Energy.
And for Maghreb and African countries
After adding Food Safety, from September 2023 we will be extending our expertise to the fields of customs law(s), HR law and banking law.
Most company managers carry out their regulatory monitoring and compliance on Excel, and this medium can be limiting in many ways. Committing to a digitized solution is a big step towards streamlining work, saving time and efficiently monitoring regulatory compliance. This investment pays for itself in just a few months.