What is Regulatory Compliance Monitoring and Why is it Important?
Regulatory compliance monitoring consists of identifying any legislative or regulatory requirements that affect industrial activity such as environmental management, health, safety, and operations. In other words, regulatory monitoring helps companies stay compliant by staying on top of all new policies and legislation that the government introduces.
Furthermore, as global advances shift the current landscape, a comprehensive regulatory compliance monitoring process should include a way to not only identify changes, but also document that the information influencing your operations is up to date. For instance, part of the "compliance obligations" for ISO 45001 and ISO 14001 focus on the need to have a system that is aware of and maintains a record of legal requirements that affect an organization.
How this process is done can vary depending on budget and manpower available. Some businesses choose to manually monitor, which unfortunately tends to waste thousands of dollars and hundreds of man-hours per year. Industry leaders on the other hand are gravitating towards outsourcing their regulatory compliance monitoring process because they save time, money, and have peace of mind knowing updates will not be missed with automated software.
Why is Regulatory Compliance Monitoring Important?
Regulatory compliance monitoring is important because it ensures your company stays complaint with all of its legal requirements. The potential outcomes of noncompliance include:
Thankfully, by investing in better regulatory practices, such as outsourcing your process, staying up to date on the current compliance standards is achievable and affordable.