In an era of unprecedented disruption, some changes are obvious, such as new technologies; new environmental, social, and corporate governance reporting requirements; and a new world of hybrid work.
Compliance may seem like a moving target. Even an organization’s full intent to follow laws may come up against regulatory authorities communicating changes inconsistently. That makes it critical for organizations to partner with regulatory experts who can build relationships with the relevant authorities and offer technology that gives a real-time understanding of how regulatory changes affect their business—and when and how to take action.
At the same time, the increasing demand for sustainable products and processes is driving a regulatory boom. As new agreements and logistics technology increasingly facilitate global trade, manufacturers must monitor hundreds of regulations and requirements that evolve faster than ever. Four regulatory changes per day affect the electronics sector alone.
An organization trying to monitor and respond to hundreds of rules on environmental safety, electromagnetic compatibility, wireless and telecommunications, cybersecurity, fire, and chemicals—each in varying markets, formats, and languages—needs vast in-house resources to keep up on its own. Further, assessing and communicating what these changes mean for their current and future products’ certification, development, and distribution can be daunting.