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Regulatory horizon scanning is a process of monitoring and analysing emerging regulatory developments that could impact an organisation's operations or industry.
This involves keeping up-to-date with regulatory changes, upcoming legislation and policy initiatives as well as analysing the potential impact on an organisation's compliance obligations, risk exposure and business strategy. The goal of regulatory horizon scanning is to anticipate and prepare for changes in the regulatory environment so that an organisation can adapt and stay ahead of the curve. This can help organisations to mitigate risks, seize opportunities and maintain compliance with regulatory requirements.
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Technology can enable Organisations to scale their regulatory horizon scanning efforts by automating the process of monitoring regulatory developments. This can help Organisations keep up with the volume and complexity of regulatory information and identify new regulatory requirements in a timely manner.
Technology can automate many of the repetitive tasks associated with regulatory horizon scanning, such as searching for relevant regulations and analyzing their implications. This can save time and reduce errors, freeing up resources to focus on more complex tasks.
Technology solutions can help Organisations to ensure that they are capturing and interpreting regulatory information accurately, reducing the risk of missed or misinterpreted regulations that could result in compliance issues.
Technology solutions can help Organisations to quickly identify and respond to regulatory changes, reducing the time between when a new regulation is issued and when the organization becomes aware of it. This can help Organisations to stay ahead of the curve and adapt to new regulatory requirements more quickly
Technology solutions can provide Organisations with insights into emerging regulatory trends and patterns, helping them to anticipate future regulatory changes and prepare accordingly. This can help Organisations to be proactive in their compliance efforts and avoid compliance issues before they arise.
By automating regulatory horizon scanning, Organisations can save on staff costs associated with manual monitoring and analysis of regulatory developments. Additionally, by identifying regulatory requirements early on, Organisations can avoid costly compliance issues that could result in fines, penalties, or legal fees.
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