The ability for companies to keep up with changes to regulation and to ensure that business units are operating compliantly is increasingly a board level concern. Companies are seeking solutions to assist them in this space.
Shepherd and Wedderburn has developed a global risk and compliance monitoring solution that helps to structure knowledge of changes and reduce the internal costs involved in monitoring these changes. It also provides enhanced horizon scanning ability allowing for better resource allocation and early intervention and influence on legislation and policy. The solution helps to provide assurance that the business is aware of its compliance requirements, ensuring penalty avoidance and reducing reputational risk.
This tool, which currently covers over 40 countries and a vast range of topics, can be adapted to the particular client’s needs. It provides consistent, coherent monitoring of forthcoming changes in areas of regulation. Updates are provided on a timely basis across a range of jurisdictions along with a tailored risk rating for the individual company that allows that company to decide how to respond.
Our tool utilises inputs from qualified lawyers from relevant jurisdictions who represent the best firms in this space as opposed to many tools that are based on data scraping.
As an independent law firm, we are not tied to using particular offices in the way that many larger law firms are. Our choice of firms allows us to ensure that the advice reflects not only the black letter law of the country in question, but also the realities of the local marketplace, competitor activity and key concerns of stakeholders in the country. This, in addition to an extensive multilevel in-house review process, where our own experienced compliance team tailor items specifically to a client’s presence in any given jurisdiction and if requested to provided recommendations of appropriate compliance steps.
Shepherd and Wedderburn compliance monitoring can add value to your compliance monitoring process by providing:
- flexibility and experience to build an integrated compliance system to fit your needs;
- commercially relevant information with feedback system to ensure continuous improvement;
- tools to prioritise investment decisions and shape global growth strategy;
- support to your Public Affairs team in the form of early notification on consultations;
- rapid and relevant translations and interpretations; and
- help with engagement with local and government authorities.
Utilising a partner network covering 40 plus countries, our compliance tool allows for the centralisation and integration of a fully auditable compliance monitoring system, pulling in information feeds from trusted legal counsel in each jurisdiction. Clients can receive a tailored list of regulatory updates, insight into how developments may affect them, and assessment of what urgency of action is recommended in order to ensure they remain compliant.
Our item classification and risk level flagging system allows clients to efficiently search and categorise updates, in addition to allowing quick and effective cross referencing to previous related items. Our system also flags issues of material importance or with imminent deadlines, on an ad hoc basis to ensure that nothing is missed. This and other add on services, such as consultation flagging, provides the opportunity to input into policy and legislative processes as you see fit. Clients in turn have the opportunity to continuously report back to S+W with feedback, enabling us to tweak relevancy reviews accordingly on a country-by-country basis, to ensure that updates are as bespoke as possible.
The scope of the product is highly flexible and has almost unlimited potential for expansion. With a network covering all core jurisdictions, and the global reach to allow us efficient identification and on boarding of partner firms in new jurisdictions, virtually no region is off limits. In turn, clients have the opportunity to continuously report back to us with feedback, enabling us to tweak relevancy reviews accordingly on a country by country basis to ensure that updates are as bespoke as possible.
In addition to the ongoing monitoring system, we also have the ability to perform deep dives into particular jurisdictions or flagged items, and to report back with legal memos and detailed information on the effects on your business. Full translations of any foreign laws and documentation identified can also be provided using our local counsel in each region.
Horizon scanning and periodic region-specific heatmaps, illustrating key compliance areas to look out for, are also popular services that we provide as part of our global compliance monitoring service.