What are Regulatory Horizon Scanning Tools?
Regulatory horizon scanning tools are software solutions that identify, monitor, and forecast changes in government regulations, regional-specific laws, and industry standards that may impact organizations. These provide early warnings and actionable insights for comprehensive compliance management, enabling companies to adjust policies, processes, and strategies. These tools are especially important for industries such as healthcare, manufacturing, energy, and finance, where regulatory environments can evolve and change quickly and compliance and application is critical.
Importance
Regulatory horizon scanning tools have become vital for organizations when it comes to managing the fast-changing compliance landscape. Regulations and standards are constantly evolving across various industries and jurisdictions, and without an effective horizon scanning system, organizations can expose themselves to compliance gaps and reputational damage. These tools enable businesses to anticipate and prepare for changes before they take effect.
Along with that, these tools can help leaders make informed decisions and adjust policies, frameworks, and processes accordingly, as well as promote trust and stability with investors, partners, and customers by providing an up-to-date view of the regulatory environment and ensuring proactive compliance.
Key Features
When selecting a regulatory horizon scanning tool, it’s important to consider these key features to ensure optimal performance and align with your organization’s specific compliance objectives and industry requirements:
Automated regulatory alerts
Multi-jurisdictional coverage and industry-specific tracking
Document management with search and filter capabilities
Risk assessment capabilities
Compliance tracking
Collaboration tools with real-time updates
Analytics with AI-driven predictions
Mobile accessibility with offline capabilities
Strengthen Your Regulatory Horizon Scanning with SafetyCulture
While regulatory horizon scanning tools are a great help in staying updated with industry changes and updates, it’s also important to have a supplementary tool that can ensure workflows grow and adapt with their teams. One such tool that can help is SafetyCulture.
The SafetyCulture platform is designed to strengthen the effectiveness of regulatory horizon scanning by helping organizations improve visibility, collaboration, and documentation throughout their compliance processes. Teams can use this platform to digitize and streamline critical elements of their regulatory monitoring and response workflows with digital forms and integrations. Tasks like evidence gathering, audit trails, and reporting can then be streamlined, all the while providing real-time insights that can be accessed across teams and locations. By centralizing all administrative and workflow improvement tasks into a simple operations enhancementplatform, organizations can stay aligned and respond more effectively to regulatory changes.
SafetyCulture supplements regulatory horizon scanning efforts by improving how organizations to do the following:
Coordinate audits with clear deadlines and responsibilities for timely follow-up.
Manage compliance with regulatory industry standards with checklists to ensure consistent review and action.
Set and follow a dedicated scheduling system to stay updated on any changes in industry regulations and trends.
Access compliance data anytime via a secure cloud platform on mobile or desktop.
Record and sync observations offline when connectivity is restored.
Capture real-time insights from the field and remote teams for efficient information sharing.
Learn more about how SafetyCulture can help with keeping up on regulatory changes and updates here.
How to Choose the Right Regulatory Horizon Scanning Tools
Using the right regulatory horizon scanning tool can make or break your organization’s ability to stay compliant and competitive. Take another look at the top-rated options before making your final choice:
Regulatory Horizon Scanning Tools | Free Version | Paid Plan | Mobile App |
Finreg-E | No | Contact vendor for pricing | No |
SGS Digicomply | No | Contact vendor for pricing | No |
Ascent | No | Contact vendor for pricing | No |
Appian | No | Contact vendor for pricing | Yes |
Kodex AI | No | Contact vendor for pricing | No |
* billed annually