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7 Ways to Ensure Regulatory Compliance, from Dynama
Andrew Carwardine, Managing Director of Dynama shows how automation offers a route to effective compliance management
London, UK, September 06, 2017 – Regulations such as those set out by The Health and Safety at Work Act (commonly referred to as the 1974 Act or HASAWA) go a long way towards protecting staff, corporate reputation and the environment. Ultimately, regulatory compliance is focused on the health, safety and welfare of staff, customers and the wider public and although committed to ensuring regulatory compliance at all times, organizations may find proving that compliance another matter altogether.
The statistics speak for themselves. In its annual Oil & Gas Risk Factor Report, business advisory firm BDO reveals that regulatory compliance consistently ranks as number one among the risk factors cited by the 100 top Exploration & Production (E&P) organizations[i]. BDO also suggests that the costs involved are a cause for concern. In the area of health, safety and environment (HSE), spending among global E&P companies is estimated to climb from $35billion in 2011 to $56billion in 2030 – a 60% rise driven mostly by increased regulatory scrutiny.
The reality is that those who fail to comply with regulations are on a very slippery slope and incur the risks of heavy fines, corporate litigation and reputational damage. So how can organizations manage compliance effectively? One answer involves maximizing the power of automation to overhaul an organization’s end-to-end compliance management processes.
How to stay compliant
The latest resource management and workforce optimization solutions have the ability to demonstrate every aspect of the compliance journey and so boost executive and regulator confidence. They provide swift and easy access to the right systems and the right data in one single, integrated solution. Use them to:
1) Take compliance management to the next level – automatic scheduling of activity and resources helps organizations to achieve full compliance with regulatory requirements anywhere in the world, quickly and efficiently. For example, in maritime industries if changes are made to the crew list on board the vessel, they are automatically notified to shore. This joined up approach to planning and scheduling gives everyone the confidence that vessels and projects are properly, efficiently and safely manned, will pass audit and are in full compliance with industry regulations.
2) Guarantee efficient information management – comprehensive and up-to-date training records and certification information, all in one place, guarantee that staff are always deployed according to the latest data and in line with current regulatory requirements. Seamless linkage to crew learning systems on board or shoreside adds further value.
3)Introduce fast, efficient processes – multiple compliance rules can be defined and approved concurrently based on different local needs and circumstances.
4) Add flexibility – cope with numerous complex regulations at once and monitor changes to those regulations and their implications on your organization over time.
5) Drive proactive decision-making and timely actions – a single, global view of personnel and resources automatically highlights critical issues and warns of impending non-compliance. This allows prompt remedial action to be taken. In addition, automatic reminders of upcoming certification renewals enable essential training to be planned in good time and make sure it complies with the latest regulatory requirements.
6) Uncover the hard evidence – up-to-date records and associated processes can be accessed at any time to provide an accurate audit trail. It is easy to track regulatory compliance and safety, present, planned and historical, on an individual personnel, project and for the company as a whole.
7) Achieve tangible business benefits – automation reduces manual effort and controls overheads whilst leading to significant time and cost savings to positively impact the bottom line.
Managing compliance effectively is essential. Rather than see it as a chore or another expense, consider it as a great opportunity to reap a wealth of benefits including reduced exposure to risk, significant time and cost savings and have the hard evidence to back it all up. Maybe it’s time to take a second look at risk and regulation and adopt a brand new approach to compliance putting automated resource and workforce optimization technology at the very centre of your compliance management program.
For more information download the latest Dynama White Paper – Ensuring Compliance
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