Regulations are more and more complex and difficult to navigate and companies, big or small, are struggling to stay up to date with the latest regulatory changes to meet regulators’ requirements. For example, “nine out of ten countries in Southeast Asia reported that significant regulatory changes were made” in response to the COVID-19 pandemic, according to a survey conducted by the OECD. These changes specifically affect the food, beverage and pharmaceutical sectors[1].
Hence, monitoring regulatory changes and ensuring compliance is also becoming more time-consuming and costly for many companies.
As such, a solution to those challenges is Regulatory Technology (RegTech).
Being one of the leading RegTech companies, RegASK is using advanced artificial intelligence technology to help businesses automatically detect regulatory trends and changes, alert users on any anticipated update to a regulation anywhere in the world, and outline implications to their businesses. RegASK’s platform automates the monitoring process whenever possible to take away repetitive tasks and manual work, reduce the burden of compliance and regulatory affairs teams, allowing companies to elevate strategies and scale their businesses.
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In this article, we will explore how RegASK helps their clients automate and streamline their regulatory change management process to increase efficiency and improve compliance.
Challenge
To stay abreast of regulatory developments, one of RegASK’s clients was manually gathering alerts from regulatory forums or industry associations, which is often time-consuming, disorganized, and insufficient to effectively monitor the regulatory risks impacting their business. The client certainly needed help with developing a robust regulatory monitoring system.
Faced with increasing regulatory requirements, the client was looking for a regulatory partner who can provide regulatory intelligence and alert services which would allow the company to receive timely information on regulatory changes and scanning for early warnings which may impact their business in the region.
Solution
The client engaged RegASK for regulatory monitoring and receiving alerts on changes regarding the regulatory environment and government guidelines in Food and Dietary Supplement industries in 15 markets across the EU, North America, and APAC. Some of the regulatory subjects to be monitored in scope included food additive, flavoring, ingredient listing, nutrition labeling, green packaging/recyclable, sustainability, among others.
The client aimed to be updated on regulatory developments of their product categories through RegASK’s RegALERT Platform that automatically detects regulatory trends and changes and sends notification alerts to users. Following the client’s request, RegASK proactively monitors regulatory changes based on the agreed product categories and keywords in the target markets, using its network of regulatory affairs experts and proprietary AI-powered monitoring technology.
The advantages that RegASK brings in its SaaS platform includes:
- Analytics data classification and aggregation according to topics
- Search function to find relevant alerts
- Ability to request for follow-on reports, analytics or deep dives from RegASK experts (Ask RegASK)
- Ongoing enhancement and support to improve current intelligence platform
Results
The client found immediate and tangible benefits from automating and streamlining the regulatory change monitoring process, taking them away from repetitive tasks and manual work.
To learn more about RegASK’s platform and services, reach out to us for a non-obligatory discussion.
References:
[1] Regulatory responses to the COVID-19 pandemic in Southeast Asia