Which Industries Are Most Affected by Regulatory Compliance & How?

By August 9, 2017 No Comments

A number of industries deal with regulatory compliance maintenance and management on a day-to-day basis—in fact, most industries do. If a company provides a product or a service, most likely those goods and amenities must comply with some or many regulations, whether they are national, international, or local regulations.

Some fields are more heavily affected than others, but all have various compliance regulations that must be kept up with in order to provide the safest, most secure, and legally sound products and services to consumers.

At OnRule, we streamline compliance with our cloud-based software that does all the heavy lifting, compliance-wise, for you. Our clients range from tech companies to pharma organizations and everything in between. We’ve seen it all and have provided compliance-management solutions for the various types of industries out there.

We’re talking through some of the most common industries dealing with regulatory compliance issues and upkeep—and, while this list showcases some main players in the compliance world, it certainly is not comprehensive. If your company is in any of the following industries, or others not included, we can help you organize and empower you as you maintain compliance with ease.

Electronics: Technology compliance can be complicated, but we can’t ignore it. One of the biggest issues to deal with is Payment Card Industry compliance, where accepting credit and debit cards must be protected and secure in a climate of increasingly intelligent payment card theft. The failure to meet guidelines and rules set by compliance standards—mostly having to do with keeping sensitive customer data safe—could mean penalties, fines, and loss of trust.

Pharmaceutical: Pharmaceutical compliance comes down to one important word: safety. Of course, product safety affects the well-being of patients, can jeopardize relationships between a company and regulators, and can risk reputation (and share price) of a pharmaceutical company. Several standards have been set in order to maintain product safety, protecting patients, health care professionals, and pharma companies.

Medical: HIPAA, the Health Insurance Portability and Accountability Act, is a big one in the medical field. It places an emphasis on the management of vendors, captures patient data, and directly affects healthcare CIOs’ compliance obligations. The security of patients’ and medical workers’ information must be protected in the correct way, among other important regulations to uphold.

Food: Obviously, the Food and Drug Administration places several regulations and restraints on the food industry. Keeping on top of particular food rules isn’t always easy, though, especially since they change and adapt so often.

Utilities: Energy and utility organizations are under more and more scrutiny, as ethics, governance, and risk management are top priorities in a highly regulated environment. Utility enterprises face daily trials having to do with technological efficiencies, documentation, and reporting standardization; these are imperative in reducing company costs and creating a strong company culture.

Automotive: Automotive compliance laws have been a hot topic of late, with Volkswagen falsely stating that their diesel-engine cars produced 40-times fewer emissions than they actually did, a direct violation of the EPA’s Clean Air Act. Environmental regulations, as well as safety ones, are becoming more complex and robust in the automotive world—and rightfully so.