With regulations in North America evolving so quickly, companies—especially those operating across multiple regions—often feel like they’re constantly trying to catch up. In my regular conversations with regulatory compliance experts, it’s clear to me that staying compliant is more than just keeping up with the rules. It’s about establishing the right systems and processes to handle the pace of change and manage risks effectively. Without the right systems and processes in place, organizations can struggle to stay on top of their compliance requirements.
Here are the top regulatory compliance management challenges companies face in the Energy, Mining, and Utilities Industries:
- Frequent Regulatory Updates: The sheer volume of updates makes it difficult to stay ahead. In North America, there is a regulatory update every 12 mins. Because regulations can vary across Jurisdictions, it makes it hard for companies to track and respond appropriately.
- Manual Processes: Many organizations still rely on manual processes for compliance management, which can be slow, error-prone, and inefficient. From identifying legal requirements to reporting, manual methods increase the risk of non-compliance.
- Limited Resources & Staffing: Compliance teams are under significant pressure due to increasing regulatory demands coupled with limited budgets and staff. This pressure only grows as regulatory demands continue to grow.
- Fragmented Compliance Management: Disjointed Compliance processes, document management, and systems across multiple facilities and jurisdictions lead to inconsistencies and an increased risk of non-compliance
- Over-dependence on Key Employees: Heavy reliance on compliance experts and program owners to be the compliance management system instead of having the right systems and processes to augment the experts makes organizations vulnerable if key employees leave.
- Outdated Tools: Many organizations still rely on spreadsheets and emails for compliance management creating silos, duplicating efforts, and hindering a collaborative compliance culture.
- Lack of Central Repository: Without a single source of truth for regulatory requirements, tracking compliance effectively or reporting on status accurately is nearly impossible.
- Increased Scrutiny by Regulators: Companies with disorganized compliance systems often draw the attention of regulators leading to higher levels of regulatory scrutiny, putting companies’ reputations on the line.
- Difficulty in Building a Compliance-First Culture: Fostering a collaborative, compliance-focused culture is hard when systems are disjointed, and information is inaccessible.
So, how can companies overcome these challenges?
At Conformii, we offer a comprehensive regulatory compliance management solution tailored to help you stay ahead of the curve. With our platform, organizations in the Energy, Utilities, and Mining sectors can:
- Easily Identify Legal Requirements: Access the Conformii Library to quickly find relevant regulations and laws applicable to your business.
- Create Interactive Legal Briefcases: Compile legal requirements into an easy-to-use format for validation and action.
- Automate Workflows & Compliance Tasks: Assign, track, and manage legal obligations using workflows and calendars, ensuring timely compliance.
- Integrate Controls & Applications: Link internal procedures and systems to demonstrate compliance, fostering a more collaborative culture.
- Real-time Updates: Stay informed with automatic updates, ensuring your legal registry is always current.
- Comprehensive Reporting: Generate reports to track compliance status, driving continuous improvement and meeting regulatory demands.
Want to dive deeper into your compliance management challenges? Let’s chat and explore a solution that works for you. Reach out to us today! here