How to Reduce the Cost of Compliance

Risk & Compliance is a fact of business life in the 21st Century.

Failing to manage Risk leads to fines and reputational damage. And those fines are getting BIGGER and more REGULAR. Like death and taxation, we cannot avoid the regulators, but we must learn to live with, and manage them.

Like Death and Taxation, we cannot avoid the regulators, but we must learn to live with, and manage them.

But at what cost?

  • Time, inefficiency, red tape, more staff.
  • Reducing business agility and the ability to react to opportunities.
  • Fines, damage to reputation
  • On going cost of Compliance

Digital Twin.

It most cost effective solution is to build a Digital Twin and manage your Risk Exposure and compliance in one place.

Data Privacy, ISO, Industry: one central location for all your complienace work.

In addition, your digital twin can be used to optimise cost, quality, even productivity

 

Book a call at a time to suit you.

This is a 30 minute slot to see if we can help.

Types of regulation.

We look at 3 types of regulation.

General regulations that apply to all organisations that set up in business based on the location of the business, but also the location of their clients.
Voluntary regulations that we choose to apply to our business
Industry related regulations based on the Products and services we offer, the steps or practices we follow, even the type of clients that we service.

General

Examples:

Health & Safety, Digital, and Data

  • Health & Safety at Work Act
  • GDPR
  • EU NIS2
  • etc
  • etc

This list is always goi

Voluntary

Examples:

Quality, Retail, People, Sustainability

  • ISO
  • Investor in People
  • The Planet Mark
  • B Corp
  • Fair Trade
  • etc
  • etc

This list may be voluntary, but that just means the costs are not just measured exclusively in financial terms

Industry

Examples:

Financial, Medical, Construction, Waste etc

  • Health and Social Care Act 2008
  • DORA Act
  • FCA PS21/3
  • GCP
  • CDM
  • WEEE
  • EPR
  • Money Laundering
  • etc
  • etc

This list just keeps getting longer

The True Cost of Non-Compliance

Despite compliance challenges and the rising costs associated with them, it’s clear that non-compliance is vastly more expensive and far riskier to a company’s reputation, stakeholders, and bottom line. 

In addition, it can impact a business as follows:

  • Business Disruption
  • Possible Data Breaches
  • Reputational Damage
  • Revenue Loss

Its a fact: – Regulation is here to stay

Regulation is here to stay.

The list will get longer, the regulator’s teeth will get sharper, and the fines will get both bigger and be applied more often.

Do you need to become a statistic?

 

This graph show the dramatic increase in both the value and number of fines being applied by the EU.

What is a Digital Twin?

A digital representation of your business.

Digital twins can help an organization simulate real situations and their outcomes, ultimately allowing it to make better decisions.

Digital twins have the potential to deliver more agile and resilient operations.

Their potential isn’t lost on CEOs: McKinsey research indicates that 70 percent of C-suite technology executives at large enterprises are already exploring and investing in digital twins.

Intelidat are pleased to be Official Partners of iGrax, a world leader in this field.

What can we do about it?

At Intelidat, we advise our clients to build a Risk & Compliance tool that includes all regulations in one place. We use a Digital Twin

  • Where you can review an individual risk, or all risks.
    • From all the required angles: Location, Departmental, Process, System, Technology.
  • You can standardise your Mitigation and Control.
  • You can see
    • Who is Accountable & Responsible.
    • Who needs to be Consulted, who needs to be informed.
  • You can review whether Mitigation and Control is reasonable or excessive.
    • You can asses whether it is building in inefficiency and excess cost.

In Short, you can take control of your Complete Regulation Landscape,.

  • Reduce the fines
  • Reduce the cost of compliance
  • Identify benefits and deliver value.

Where do you start?

We find the best place is to start with your business. Build a Digital Twin, and then review your risk exposure within the context of your business.

In a world where the regulators are looking for how you manage compliance, it is not enough to just do the right thing, you have to be seen to be doing the right thing.

it is not enough to just do the right thing, you have to be seen to be doing the right thing

Understanding your risk landscape, accountability and centralising all your documentation is a great place to start.

Reviewing all your responsibilities and risk in one place makes for a cost effective solution. If you have already done some work, import it!

Doing it within your Digital Twin gives lots of other potential advantages and it will not break the bank..

If you want to know more, let’s talk.

Book a call and we can discuss your needs, and demonstrate how we can deliver a cost effective solution that fits those needs.

We can offer Digital Twin solutions for Businesses of all sizes and all industries.

Book a call at a time to suit you.

This is a 30 minute slot to see if we can help.