Regulatory compliance is about what organisations need to achieve in order to comply with relevant laws, regulations and standards. Due to a generally high number of regulations applicable, organisations try to consolidate their actions and controls mechanisms, including internal and external audits. This approach is used to meet and demonstrate necessary governance requirements while avoiding duplication of efforts and the challenges of compiling compliance results from multiple sources.
Compliance management is essential in maintaining social and legal license to operate on a local, national and international scale. Usually, there are increasing levels of legal requirements needed to support project approval from local, national and international bodies. Failing to comply with the requirements within the target time frames can lead to serious consequences from fines to project closure. By maintaining a robust compliance management system the risk of becoming non-compliant can be effectively managed. More specifically, the "Compliance Management" module allows you to:
- Meet legal obligations related to a project’s regulatory framework.
- Demonstrate compliance during internal and external audits.
- Centralize activities related to regulatory compliance monitoring.
The benefits generally associated with proper use of the module include:
- Minimize negative consequences such as fines, legal fees or project disruptions due to noncompliance.
- Be proactive about upcoming inspections, audits or other activities and milestones.