Regulated Industries

Any regulated environment requires defined processes, evidence, controls, monitoring, audit and reporting.

The first step in building up the appropriate infrastructure is to ensure the processes are right for the regulation, industry and business – this is where significant cost can be saved by making the process work for the business and not bending the business to the package (it happens). We estimate that costs in this region can drop by up to 50%.

The second step is to determine logical controls that do not hold up processes or risk their being circumvented; this means instigating practical monitoring and reporting procedures. Audit requirements are handled in much the same way, to ensure that the required internal audits are covered and, where required, pre-regulator visit preparation audits can be carried out to ensure all control aspects conform to regulatory demands. The frameworks allow the compliance officers to prove their understanding of the regulatory requirements, demonstrate that they have been distilled into the company’s operations and can report their continuous application with evidential quality audit trails and evidence notes. The result is quality Management Information (MI) of a qualitative nature in addition to a quantitative nature. Management is making decision on information that is current and correct.