Regulatory intelligence remains an essential component of regulatory affairs. It helps professionals stay informed and up-to-date on the latest regulations and guidelines in their industry. However, relying on outdated regulatory intelligence can have significant costs, both financially and otherwise.
In this article, we explore the hidden costs of relying on outdated regulatory intelligence.
- Fines and Penalties
One of the most apparent costs of relying on outdated regulatory intelligence is the potential for fines and penalties. Non-compliance with regulations can result in significant fines and penalties, which can impact a company's bottom line and reputation. Using outdated regulatory intelligence increases the risk of non-compliance and puts companies at risk of facing costly penalties.
- Delayed Time-to-Market
Another hidden cost is the potential for delayed time-to-market. Using outdated intelligence can lead to incorrect or incomplete information being submitted, leading to delays in the regulatory approval process. This can significantly impact a company's time-to-market and competitiveness in the marketplace.
- Increased Legal and Regulatory Costs
Using outdated regulatory intelligence can also result in increased legal and regulatory costs. Inaccurate or incomplete information can lead to non-compliance issues, which can result in costly legal battles and other regulatory costs.
- Lost Opportunities
The use of outdated regulatory intelligence can also result in missed opportunities. For example, failing to stay up-to-date with the latest regulations and guidelines can lead to missed opportunities for innovation or new product development. By staying informed and up-to-date with the latest intelligence, companies can take advantage of new opportunities and stay competitive in the marketplace.
- Damage to Reputation
Finally, relying on outdated regulatory intelligence can damage a company's reputation. Non-compliance with regulations can harm a company's brand and reputation, leading to a loss of customer trust and loyalty. By using the most up-to-date regulatory intelligence, companies can avoid these hidden costs and maintain a positive reputation in the industry.
To help in the prevention of any of these examples, it is important to utilise a comprehensive regulatory intelligence gathering methodology in your company. This can take many forms, however what it must always include is the gathering of the latest regulatory information and insights from a variety of sources. At RegIntel, we can help you achieve this via our off-the-shelf products and, when you require additional support, our tailored intel solutions.