A good example is the new European Union data protection reform laws coming into force in 2018, which put new obligations on companies.
– The new Data Protection Regulations apply to all businesses regardless of industry and mean that, depending on the seriousness of the issue, the company may be subject to millions of euros in penalties if it leaks personal information or if it is stolen, ENW Management Oy’s Managing Director, Marko Kiema, explains.
EU regulations are just one example of the requirements and obligations. Obligations also arise, for example, from standards and bilateral supplier contracts. The big question is, therefore, how the company ensures that its entire supply chain meets the obligations of the legislation. It is a major challenge in a networked operating environment.
Focus on relevant issues
According to Kiema, it is quite normal that a company may have to comply with up to one hundred different standards. The identification and monitoring of the operational regulations and laws is a separate matter, an almost impossible task, particularly for smaller companies.
– There is no question that the company would have to comply with each requirement to the smallest detail. The most important thing is to identify the requirements that must be complied with fully, as well as those for which there is no reason to be so worried about. Thus energy can be directed to the relevant issues of the company, Kiema further clarified.
Full-spectrum management
of regulation through ENW
How will ENW help with the overall management of your business? In Kiema’s words, ENW’s role is to translate legal requirements into the starting points for planned business developments in such a way that the company’s operations are less risky, more efficient and more profitable.
To solve this challenge, we developed LAWLY, an online legal watch and compliance management tool.
So inevitably, with our help, the company can be more productive in their business. The whole company will be dissected in terms of legal requirements, followed by an examination of the other requirements relevant to the business. After the basic study, a dissection review will take place, analysing how the requirements have been met so far. A goal will be set and a plan will be made on how the objective(s) can be achieved and how it (they) can be maintained, so that risks are under control. It pays to use external expertise of the kind ENW provides, in order for evaluation work to be carried out objectively and systematically.
TEXT: Mia Heiskanen
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LAWLY is an online
monitoring service
LAWLY is an online legal watch and compliance management tool, which allows the company to
follow the laws and regulations that affect its operations. Focus areas are health and safety, environment, food safety, ICT and data protection, vehicle HR (pending) and finance (pending).
