Transforming information into knowledge is one of the greatest challenges for organizations, especially in the Digital Age.
And it's easy to understand why: the daily volume of data and messages is frightening.
It's the internet, social networks, WhatsApp, emails, magazines, newspapers, radio, and television – in addition to meetings, webinars, conversations in the elevator or over coffee.
Organizing this “mess” is vital for Compliance and Legal professionals.
And one of the best ways to improve your life is to set up a regulatory library.
What are regulatory libraries?
Basically, it is a database with all the laws and regulations that apply to a company's operation.
Creating a regulatory library, automatically updated, is very useful to clarify the regulatory environment that impacts an institution or an entire sector on a daily basis.
To give visibility to the relevance of this tool, we developed this text with the basic advantages of creating a regulatory library, organized on three levels.
Check it out:
1. Strategic level advantages [directors, strategists]
When your company sets up a regulatory library, what is it doing, in practice?
It is making explicit the regulatory pillars that base the company's performance. What previously seemed abstract, or the exclusive domain of specific directorates, becomes concrete. And for everyone. And this knowledge management is decisive. With it, the company gains time to act and react – and has a chance to create a more proactive agenda.
It is essential, therefore, for those who deal with the C-Level of an organization, to give visibility to the entire regulatory process that normalizes the performance of the various areas of a company.
More than anything, the regulatory library is an asset.
With it, everything becomes better structured internally: information about laws, ordinances, resolutions, in various scopes (federal, state, municipal, and even international, in the case of companies with foreign trade or shares on the NY Stock Exchange).
Another benefit is promoting integration: the library facilitates joint action among various areas (Legal, Financial, Operations, Human Resources, etc.) and speeds up decision-making. After all, each area needs to have a panoramic view of the others, even because regulatory issues are often multidisciplinary.
From a technological point of view, the database can perfectly be connected to other internal management systems, allowing information to circulate.
This knowledge management generates competitive advantages for the business, especially at a time when ESG has become so relevant.
2. Tactical level advantages [managers]
The regulatory library is a managerial tool.
Relying on a platform that gathers all the rules, in an organized and updated way, substantially reduces the risks of a certain area of the company not being in compliance, ensuring better governance.
This is precisely the importance of monitoring with automatic updates. It allows the information to reach the organization as soon as it is published in the Official Gazette.
In this way, the company becomes aware of this information immediately, which provides an expressive gain of time to take related actions in its various spheres. For example: let's say a new rule determines, at the end of the day, an increase in the team to meet a certain requirement – this monitoring will allow the Operations area to trigger the Human Resources area, avoiding that an inspection can generate liabilities for the company.
After all, you can only manage what is explicit. And the regulatory library helps to measure the compliance process, by enabling the extraction of metrics and according to the established KPIs to measure team performance.
3. Operational level advantages [analysts]
The regulatory library reduces monitoring costs.
The update work is done daily, automatically. In this way, the risk of losing critical information due to manual monitoring error is eliminated.
With this service, the resources of the compliance and legal team can be used more strategically.
*
The regulatory library is not a digital environment that should be forgotten.
No!
Definitely, libraries must be updated constantly – they serve as a kind of trigger for decision-making and practical actions.
This database requires 24/7 accessibility for consultation by legal and compliance teams.
Here at Sigalei, our Services team has expertise in organizing regulatory libraries, formatting a catalog of information aligned with each client's objectives.
One of our deliverables, for example, is to prepare context analyzes to show how each rule applies to each organization, helping to classify each rule so that the company has full knowledge of whether or not it is in compliance. This helps to fully meet the highest standards of compliance. We also send alerts with regulatory changes that directly impact the business or an entire sector.
All these solutions can be presented in a very short and objective meeting.
Send a message and we'll give you more details on how our work works.
Just send an email with a simple 'reply'.
I await your message.
* Frederico Oliveira
frederico@sigalei.com.br
