Who is responsible for regulatory monitoring?
Posted: Sun Jan 12, 2025 5:08 am
Adapt and innovate
Finally, another objective of regulatory monitoring concerns a company's ability to adapt and innovate with the new constraints imposed on it . Of course, it is easy to make the connection with environmental issues. When regulatory monitoring highlights a new standard concerning pollution or the use of newly prohibited substances, the company must then invest in Research and Innovation in order to offer a more respectful product or service that meets expectations.
Regulatory monitoring also helps to detect new opportunities and promote innovation. Indeed, it can be a precursor to emerging trends, unmet needs or changes in market demand. The company can therefore rework its offer, and why not, propose an alternative service or product, corresponding to regulations and consumer expectations.
Within an entity, regulatory botim database monitoring is the subject of collective and collaborative work between the different sectors. However, the main actors who deal with regulatory monitoring are the following.
The legal department
Composed of experts such as lawyers or legal experts, the legal department has a leading role to play in regulatory monitoring. The experts are responsible for monitoring legislative and regulatory developments that have a direct or indirect link to the company. They must analyze their impacts. Then, they will be able to advise the various stakeholders on the measures to be taken to comply with the new regulations.
The Compliance Department
Large or medium-sized companies often have a department within their premises entirely dedicated to compliance . It is therefore quite natural that regulatory monitoring work is allocated to it. Indeed, the compliance department aims to ensure that the company complies with all regulations applicable to its activity. Like the legal department, the compliance department analyzes the data and suggests actions to be implemented based on the new standards. In general, these experts have a high level of qualification such as, for example, the Compliance MBA.
Operational departments
Finally, another objective of regulatory monitoring concerns a company's ability to adapt and innovate with the new constraints imposed on it . Of course, it is easy to make the connection with environmental issues. When regulatory monitoring highlights a new standard concerning pollution or the use of newly prohibited substances, the company must then invest in Research and Innovation in order to offer a more respectful product or service that meets expectations.
Regulatory monitoring also helps to detect new opportunities and promote innovation. Indeed, it can be a precursor to emerging trends, unmet needs or changes in market demand. The company can therefore rework its offer, and why not, propose an alternative service or product, corresponding to regulations and consumer expectations.
Within an entity, regulatory botim database monitoring is the subject of collective and collaborative work between the different sectors. However, the main actors who deal with regulatory monitoring are the following.
The legal department
Composed of experts such as lawyers or legal experts, the legal department has a leading role to play in regulatory monitoring. The experts are responsible for monitoring legislative and regulatory developments that have a direct or indirect link to the company. They must analyze their impacts. Then, they will be able to advise the various stakeholders on the measures to be taken to comply with the new regulations.
The Compliance Department
Large or medium-sized companies often have a department within their premises entirely dedicated to compliance . It is therefore quite natural that regulatory monitoring work is allocated to it. Indeed, the compliance department aims to ensure that the company complies with all regulations applicable to its activity. Like the legal department, the compliance department analyzes the data and suggests actions to be implemented based on the new standards. In general, these experts have a high level of qualification such as, for example, the Compliance MBA.
Operational departments