As much as it may be imperative for any business to ensure regulatory compliance, it is a time consuming and often manual affair. With a unique blend of smart technology and legal expertise, Compliance & Risks astutely solves the dilemmas pertaining to this ever-evolving realm. The company helps monitor, manage and comply with regulations and standards for product design and delivery, for the world’s largest household brand names, which, in turn, helps to make the world a cleaner, safer and better place to live in.
“We believe managing global regulatory compliance can be made easier through the use of smart technology, which is the basis of our compliance knowledge management platform, C2P,” says Jim Costello, the chairperson and chief executive at Compliance & Risks.
The company’s regulatory team monitors and analyzes regulations, standards and related documents and delivers the requirements of these in a filtered and digital manner that matches product requirements using C2P. The team tracks over 38,000 different regulations, covering the complete product supply chain, across the globe following proposed, approved and in force regulations, ensuring clients know what is potentially coming down the line. Through the smart filtering process, clients can then access just the data they need, as well as the workflow tools to manage their product compliance processes.
To ensure that their solution fits the specific needs of each of their clients, Compliance & Risks provides a comprehensive onboarding program, and also offers regulatory process consultancy to analyze and optimize clients’ regulatory management processes as a means to minimizing risk exposure, while also minimizing costs.
Having secured one of the largest consumer electronics companies in the world as its first client, the company has moved on to work with a plethora of leading companies. “Globally, we work with eight of the top ten electronics companies, three of the top four telecommunications equipment companies, the top four computer vendors, top two industrial machinery companies, and five of the top ten CSR companies,” says Costello with pride.
He goes on to elaborate on one of the many instances where Compliance & Risks assisted a client who was spending a lot of time and money to update their requirements manuals every year to comply with regulations. They did so with the help of external firms, who interpreted legislations into product requirements. With the help of C2P, the company was able to capture, analyze and manage all their requirements on a single platform, which were live linked to the relevant regulations and standards, ensuing they are always up-to-date and allowed for easy revisions and tracking.
Being one of the earliest entrants into the world of managing regulations with a software platform, Compliance & Risks understands that in the world of regulations, nothing stays constant. The company has not only managed to stay abreast of any and all regulatory changes, but in anticipation of the future, they are working tirelessly to enhance the C2P platform’s features. “We continue to add new capabilities in smart technology tools, such as advanced analytics, machine learning, text mining, translation, and other algorithms, to our platform as we continue to expand into new sectors in the market,” concludes Costello.