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Four valuable use cases for your regulatory intelligence

Lance Mercereau
Lance Mercereau
20 August 2019

Not surprisingly, compliance professionals rely on regulatory intelligence to identify and manage regulatory obligations.  Yet, this valuable insight can and should be used to create value across the entire organization. 

I have provided four examples of how you might want to extend the use of your regulatory intelligence to support other business priorities and objectives:

  • Global expansion: Entering new markets is an important business growth strategy for executives but often there are underlying issues that may prevent success.  For example, India, which has the seventh fastest growing economy in the world, ranks 77 out of 190 countries in the ease of doing business index published the World Bank.  As the country develops, and it puts into place more laws to govern companies, the cost of doing business, though looking attractive from the outside, may be challenging unless you have a thorough understanding of current and upcoming regulations that may affect your company’s success.
  • Emerging risks: Boards are increasingly relying on risk and compliance officers to help identify and monitor a range of over the horizon business concerns including uncertain political events, natural disasters, cyber-security dangers and society issues. By aggregating data from multiple regulatory, industry and media sources, insight into emerging risks will reveal where you should strengthen your business planning, risk mitigation and crisis preparedness processes. This insight can also be used to identify new market opportunities, aiding in the development of new products and services.
  • Product innovation: Shortening time to market is vital to companies but in heavily regulated industries such as pharmaceutical and financial services, regulations can sometimes get in the way.  Instead of developing a product or service, and then requesting approval from regulators, use real-time regulatory intelligence throughout the product life cycle to collect and distribute information such as customer input to relevant stakeholders and authorities so there are no costly delays.
  • Corporate reputation: Companies are under scrutiny by law makers to act responsibly toward its employees, customers and suppliers, and how it operates in relationship to protecting the environment. CEOs invest a lot of corporate resources to ensure that their companies comply with a proliferation of regulations including the UK’s Modern Slavery Act, the US’s Anti-Human Trafficking Provision and France’s Duty of Vigilance Law. Instead of responding, corporations should proactively ask, listen to and propose laws based on the interests of concerned stakeholders.  In return, companies will generate new levels of trust and business from customers.

Creating a single source of actionable regulatory intelligence, followed by connecting additional sources of relevant data such as from customers, employees and market information for use by colleagues in other functions will generate greater levels of business value for your company.

So, the big question is:  how much regulatory intelligence is shared and used by colleagues beyond just your compliance organization?

About RequirementONE

Our vision is to provide every compliance organization in the world with actionable and personalized regulatory intelligence – streamed to all decision-makers employees and business systems. The fully managed RequirementONE platform uniquely simplifies compliance by automating the curation and distribution of actionable regulatory intelligence throughout the compliance lifecycle, lowering the cost of compliance management by 50%. To learn more, visit www.requirementone.com