The creation, capture, and data consumption have increased by roughly 5000% in the last 12 years. As a result, businesses are finding that proper handling of that data involves far more processes than it did in the past.

One process that businesses needed to implement in recent years is regulatory intelligence. Regulatory intelligence helps businesses monitor, analyze, and use data to stay compliant with local rules and regulations.

Regulatory intelligence manages and analyzes public and private data and communicates the information across the organization’s departments. This allows each department to apply essential protocols and procedures that help them run smoothly and stay compliant.

Without regulatory intelligence, an organization’s risk, compliance, and governance aspects will not be complete. Companies need regulatory information to monitor how policies and regulations evolve. As a result, regulatory intelligence professionals are attentive to any regulations, future policies, and guidelines changes.

Regulatory intelligence helps reduce regulatory risks, manage the organization’s time and cost, and achieve faster compliance and approvals.

When solid regulatory intelligence is in place, it’s easier to identify trends that could help manage a company’s compliance better. It can also help eliminate potential high-risk areas, preventing delays and penalty costs.

On top of that, profitability increases with regulatory intelligence because of faster turnovers. This results in increased revenue and better outcomes, thus allowing businesses to make better and more informed decisions.

There are three major components of regulatory intelligence are as follows:

Monitor

Monitoring regulatory changes is the first step towards identifying possible company policies and compliance impacts from regulatory or administrative changes. For this the regulatory professional will check, and include a long list of newsletters, trend data, announcements, guidance documents, and more. This is conducted through a series of research about a particular product’s regulatory norms in a specific geography.

Analysis

After careful monitoring, the data obtained has to be filtered according to relevancy. At this stage, regulatory professionals also need to analyze the information according to the latest industry patterns and trends. Data analysis also includes proper development strategizing by regulatory professionals. Data analysis also entails proper planning across a company’s disciplines to achieve data relevance

Strategy Implementation

Various companies will have different regulatory guidelines based on the country they’re based in. This is why regulatory professionals should establish an actionable plan outlining the company’s strategies for targeting regulatory climate shifts.

Also, strategy implementation depends on the industry. Regulatory intelligence’ standard protocols must be followed, especially when belonging to a highly-regulated industry such as finance or healthcare.

Although the increase in availability of information is generally embraced, it also creates challenges around timely uptake and appropriate dissemination of information. Generally, industry has reacted by assigning increased numbers of regulatory intelligence professionals full or part time to monitor and inform regulatory strategies. With the increase in information availability and growing complexity, the need for using developing technology – particularly artificial intelligence, natural language processing, and machine learning – becomes more prevalent. Despite this increased need, the regulatory intelligence function currently remains small, independent of company size, which underpins the need for implementation of evolving technology to support the regulatory intelligence team. 

Vistaar is one of the best regulatory intelligence tools that monitors, analyzes and helps in strategy planning by providing regulatory intelligence reports, alerting the changes in the updated regulations/guidance, maintaining a repository of health authority documents for various product types such as drugs, device, diagnostics, digital health, consumer, etc.

As shifting through all this data can take a while, Vistaar, a regulatory compliance and intelligence tool, helps regulatory professionals to speed up their research process. Doing so helps them stay informed in a quick timeframe and ensures that they aren’t missing any key pieces of information.

In order to keep your firm’s knowledge and compliance current, you need the most up-to-date information at your disposal. But the legal and regulatory landscape is ever-shifting. Risk of missing updates. Vistaar monitors all the health authority websites for changes and provides with the latest information.

Vistaar notifies within five minutes of crucial legal and regulatory changes, so you can instantly support your team with the latest information.

Vistaar Regulatory intelligence tool helps with the following:

1. Individual data points
2. Regulatory monitoring platforms
3. Defines sources
4. Alerting legislation changes
5. Establishes strategies for the implementation of changes in regulation across the organization

‍This system helps alert sellers to any changes they need to make to their storefronts to stay compliant and avoid fines. One way they’re using this AI is to scan product labels for any incompliant wording. Sellers can then use those insights to make necessary changes or upload compliance documents to their dashboards.

Take the next step in improving your regulatory intelligence strategy today. Contact us to learn more about how Vistaar’s Regulatory Intelligence tool can benefit your business.