As the global regulatory landscape becomes more fragmented, complex, and fast-changing, a regulatory intelligence program is becoming more important. Compliance leaders who are considering creating or updating their program should make sure it encompasses three critical elements.
1. A thorough repository
Establishing and maintaining a centralized database of applicable laws and regulations is vital. This not only supports clear messaging about regulatory requirements through the organization but also leads to more consistent risk-informed decisions.
While compliance is well suited for managing the system, various business units—such as human resources, finance, and supply chain—should contribute to the repository. This way, the organization can build a comprehensive understanding of its own regulatory obligations.
Depending on available resources, a repository can be hosted in a software solution or a shared Excel sheet. Most importantly, it should contain the name of the regulation, functions affected, point of contact in each involved function, risk owner, business impact, degree of the impact, and mitigation actions.
