In October 2021, a new allergen labeling law, also known as Natasha’s Law, came into force in the UK requiring businesses to label with the full list of ingredients for all food that is prepacked for direct sale. The law was introduced after fifteen-year-old Natasha Ednan-Laperouse died in July 2016 from an allergic reaction as a result of eating a pre-packaged baguette that contained hidden sesame seeds which were not labeled at the time.
It is essential for companies to put in place an effective global regulatory monitoring solution that can help them stay up to date with any regulatory changes and global regulatory developments, because not being compliant is not just a question of not being on the shelf. Companies need to be able to react quickly to regulatory trends and changes in order to mitigate risks and grasp opportunities. In this article, we will discuss the following topics to help you understand:
- Why is regulatory monitoring important?
- What are the challenges to regulatory monitoring?
- What can you achieve with RegASK regulatory monitoring solution?
- What is the next step?
Why is regulatory monitoring important?
Regulatory compliance is critically important and a constant concern for businesses. Every company is affected in some way or another by different regulations at national and international levels, and failing to comply with regulations may result in huge fines, penalties, product recall, reputational damage, and other losses.
More importantly, consumers are put at risk when companies breach laws and fail to comply with regulations. Take the food industry as an example, common violations in food regulations include using ingredients labels in packaging which do not match the content inside, not declaring allergens on packaging, using misleading claims, failing contamination checks during processing, incorrect labeling of additives, and not respecting the maximum level of ingredients. These pose a serious health risk to consumers especially those with allergies or who need to avoid certain foods for other reasons. In the United States and Canada, multiple products have been recalled recently from stores due to potential health and safety risks, many of which were caused by incorrect labeling. Read more on regulatory labeling.
To stay compliant and avoid regulatory penalties, it is necessary for companies to continuously monitor regulatory requirements from different regulatory bodies. Conducting regulatory monitoring will alert companies if there is any change in the law or regulation that they need to be aware of. It will also keep them up to date with emerging trends and developments in different regulatory landscapes, as well as what regulatory bodies are doing. Companies will be able to adjust their practices accordingly to adapt to the changes, mitigate risks and grasp opportunities.
Need help to monitor regulations? Get in touch with RegASK experts
What are the challenges to regulatory monitoring?
Regulatory compliance has always been a major concern for organizations. In recent years, it has become more and more challenging for many organizations to effectively monitor global regulatory changes, meet regulatory requirements, ahead of regulatory changes, and ensure compliance.
These are the common challenges that companies are facing in regulatory monitoring:
- New regulations are constantly emerging.
- The level of complexity of regulations is increasing, alongside technology development.
- Regulatory changes are occurring at a high volume and fast pace which can be overwhelming.
- Many corporates are manually tracking regulatory changes, which is time-consuming, inefficient, and costly.
- Compliance and regulatory affairs teams, under existing resources and manpower, are struggling to select and prioritize the regulatory news that is coming in a large volume, and thoroughly understand the implications for their businesses.
What can you achieve with RegASK regulatory monitoring solution?
To help organizations overcome these challenges, RegASK has developed an artificial intelligence platform powered by machine learning which can immediately identify any regulatory changes based on data analysis by analyzing sources across many languages, countries, and industries. This is combined with our global network of 400+ regulatory experts providing unrivaled insights and interpretation of local regulations.
With RegASK platform you can:
- Save time on searching for regulatory updates
- Utilize a user-friendly tool to select relevant news that is impacting your portfolio
- Allow all team members to use the same tool to streamline your process
- Get expert insights on regulatory trends, and
- Receive many other benefits…
From anticipating new regulations before they go into effect, to automatically obtaining alerts when there are changes in the legal system, our AI-powered regulatory monitoring platform and consultancy services help organizations manage ongoing regulatory compliance with ease. Companies that have implemented RegASK’s platform have seen a significant return on investment – increased productivity, reduced risk, and increased profitability.
Regulatory monitoring: What is the next step?
Don’t be caught off guard by regulation changes. All it takes is one change in a country’s regulations to put you at risk of legal action. The best way to avoid these risks is to have an accurate picture of the regulatory environment, as well as an understanding of what is expected from you.
With RegASK, we ensure you stay right with the regulations by receiving intelligent, automated notifications and alerts, saving time plus a lot of stress. Don’t wait another day – start monitoring now!
What you'll get with RegASK
- Early detection and mitigation of regulatory risks
- End-to-end regulatory support throughout your product lifecycle
- Strategic consulting to build the optimal business strategy for your commercial success
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What you’ll get with RegASK
- Tailored and targeted intelligence based on your business scope
- Access to the right expert to build the optimal business strategy in line with current regulations
- Unrivaled insights into the ever-evolving regulatory landscape to anticipate regulatory risks and opportunities