2021 promises to be an interesting year for all markets. Global advances in science, tech, and innovation in the construction, mining, energy, health and safety, environment, and forestry sectors have given rise to a more complex regulatory landscape. There is an increased focus on firms’ compliance and operational resilience. How they adapt to changes in areas such as sustainability and environmental and health and safety compliance impacts industry success.
Monitoring legislative and regulatory bodies, gaining industry insights, and following current policy trends is more important than ever. Effectively responding to new or updated government requirements that focus on a company’s interest or area of operations depends upon how monitoring processes are implemented.
Small and medium businesses are under immense pressure to maintain compliance. Locating documents within several government and regulator websites is time-consuming and the cost of employing someone in-house to monitor changes is prohibitive. Large global firms are subject to increased operational costs when allocating resources to adhere to Federal and Provincial standards.
Failure to maintain compliance can lead to loss of reputation, fines, administrative penalties, mandatory external audits, and possible legal action. Thankfully, staying up to date on the current compliance standards is achievable and affordable.
All companies should Get Help from Experts to avoid contraventions and possible penalties. The peace of mind when you know your compliance needs are in the hands of an industry specialist is priceless. Partnering with a company that follows a regimented monitoring process is essential. The game-changer for small, medium and large organizations is access to the expertise of 3rd party SaaS vendors to manage their regulatory monitoring process. Services like these keep stakeholders informed of legislative and regulatory obligations at a very low cost and without any hassle.
There are a few SaaS providers in the market with NRES being the most comprehensive and cost-effective solution in Canada to help you with your regulatory monitoring.
To learn more about the regulatory monitoring landscape book a no-obligation call with our knowledgeable experts.
This blog was posted by Chad Grasza.