Regulatory changes require immediate action
They can mean updating your processes and products, introducing new documentation, amending contracts, meeting different standards, communicating in different ways and more. Failure to comply within the deadlines that are set could have a far-reaching consequences for your organisation — both financially and legally. You could face heavy fines or find yourself blacklisted by the regulators.
Even a slow response to regulatory changes could see you fall behind competitors that have moved quickly to demonstrate their stance or compliance. For organisations operating in multiple countries, legislation may be localised too. This can make it even more challenging to stay on top of impending changes, particularly as you may not have the resources in each territory to dedicated to regulation full-time.
You need a way of tracking, interpreting, sharing and responding appropriately and quickly. WatchMyCompetitor (WMC) works with a number of organisations who face this challenge. In our experience, there are 3 factors that make a difference to their success:
- Tracking the industry in its entirety
Wherever your organisation operates, you need to track every piece of news relating to regulatory changes — both planned and in progress. You need to know what conversations are taking place in the media by industry experts, peers and the governing bodies themselves. Receiving these alerts in real-time and in one place, gives you the best possible opportunity to adapt quickly and effectively.
- Being mobilised for change
It’s not enough to have the information at your fingertips. Your organisation needs the right processes in place to share and use it effectively. That means having clearly defined areas of responsibility and lines of communication. Plus, a mechanism for sharing intelligence with the right people in the right departments who know how to use it.
- An Opportunity Mindset
In many industries, organisations don’t just have regulatory changes thrust upon them — they have a voice and opportunity to push back and challenge what’s coming. Especially as changes are released in stages, rather than in one go. But to be one of the organisations that lead the way, you need to be proactive. You need to know what’s happening in your industry, have a way of clarifying your organisation’s standpoint quickly and the creativity to get your ideas into the market and engaged with.
If you want to stay on top of regulatory changes, WMC can help. You can use our platform to track everything that’s happening in your industry, including regulatory news. Every alert is presented in one, easy-to-use dashboard with separate categories for types of news and sources. It integrates it with your existing tools, like Slack, Teams, Sharepoint or PowerBI so you can disseminate the data quickly and effectively.
You’ll also have your own market intelligence analyst to organise and prioritise the data so that you’re making the most of the platform and your time using it.