The Practical Application of Regulations
Companies make the mistake of thinking that you can take a piece of legislation and train staff without considering how it applies practically to their operation. In many instances, legislation is written generically to apply across a broad spectrum of businesses and therefore requires specific interpretation by a company before it can be applied correctly.
Structure and Approach
To this end we have a service that we offer whereby we take legislation, more often than not in cases where it is new legislation that requires to be analysed by a company, and we go through a process with the appropriate stakeholders dealing with the regulatory compliance side of the business to unpack the requirements and identify and resolve issues of interpretation. This is done in a structured process whereby Requests for Rulings are tabled with a special forum we set up for the purpose called a Legal Standing Committee.
Singing Off the Same Hymn Sheet
Once resolution is reached on a request it is captured in a Register of Rulings (ROR) for that legislation. The discussions and findings leading up to the ruling are also logged as evidence and act as a form of due diligence that can be used to support a position taken where rulings may be challenged. The ROR becomes the company’s set of interpretations and ensures everyone is singing off the same hymn sheet for that particular legislation.
Using the Register of Rulings in a Regulatory Compliance Solution
These RORs form part of the library of legislation, standards and policies that are part of our Regulatory Universe solution in the COMPLY module of TP-RCS. Without these you are stuck with the “vanilla” version like everyone else has and this is not good business practice. Further details can be found under Regulatory Risk Solution. This is especially applicable where companies are looking to not just deal with RORs but also want them to fit into a more fully integrated regulatory compliance framework, something TP-RCS offers.
Request a call back
Should you wish to find out more about this or any of our other Regulatory Risk Services or Solutions, request a call back from one of our team by completing the Request form.