Sysmax products make it easier for companies in many sectors to meet standards and pass regulatory inspections by demonstrating competency.
Meeting regulations is important for companies from several standpoints: moral, legal and financial. We like to start with the moral reason. Complying with regulations is simply the right thing to do. The other two - legal and financial - are intricately intertwined. Failure to meet regulations can have legal consequences, including heavy financial penalties and loss of revenues. And corporate manslaughter laws have been tightened up in recent years in many countries. For instance in the UK, the 2015 Sentencing Guidelines changed the risk management landscape, with directors facing personal fines and prison sentences for infractions. Companies need to be able to demonstrate that they're doing everything they can to manage competency, improve continuously, and achieve compliance with regulations and standards. In this blog, we'll take a closer look at how companies can use Sysmax products to prove all of those things and to pass regulatory inspections.
Regulations aren't just red tape
For many economic sectors and in every jurisdiction around the world, certain regulations are in place to protect workers, the environment, and public safety more generally. Health and safety legislation ensures that companies protect their human resources. (In some countries, such as the UK, this goes further by requiring employers to consider carefully the specific risks which an individual faces in lone working scenarios). Environmental legislation is just as broad-ranging, with high-level climate goals feeding through to lower-level limits on emissions and rules on handling potentially hazardous materials. And as for public safety, companies clearly have to take the issue seriously; that’s why, for outlying risks beyond the everyday, they're usually required to hold public liability insurance.
Ultimately, all these considerations become part of each company's approach to risk management, especially in sectors where getting things wrong can be a matter of life and death. Whatever risk matrix a company adopts, human resources play a huge part in determining how risks are mitigated. In certain circumstances, the actions of a few individuals within a company can have potentially catastrophic impact. In the UK, it has long been the case that there has been a statutory obligation to prove competency of people as part of risk management. Increasingly, other countries are introducing similar legislation (for instance, the USA and Australia both passed such laws in 2019).
No cause for panic with the right systems in place
Clients often come to Sysmax when they have notice of a regulatory inspection, and they need to prove their competency to the inspecting authorities. Failing such an inspection would have significant business critical effects, as it could negatively impact ongoing operations - or in some cases, shut them down entirely. As well as loss of current revenue, this may result in the degradation of assets and undermine future revenues. As already mentioned, depending on the sector and the breach of regulations, there may also be financial penalties involved in failing to meet regulatory standards. Moreover, the loss of reputation could be devastating, both within the market and in the eyes of the regulatory authorities. And for international businesses, it could threaten expansion into new markets.
With Sysmax products in place, companies can demonstrate a proactive approach to managing competency, improving skills, and monitoring compliance with regulations and standards. Casmax demonstrates that people, teams and business units are competent by applying four-dimensional analysis. Having identified any skills gaps or development opportunities, Sawmax can work to fill in those gaps with training across a company. And with Benchmax, companies can break compliance down into easily achievable and logical steps.
Using Sysmax helps companies day-to-day and long term
Whatever Sysmax products they’re using, we have a great track record of helping companies through regulatory inspections. You can read more in forthcoming case studies which will be available on our website in coming weeks. But in a broader sense, our systems offer the opportunity to go beyond the minimum standards represented by regulations. As well as protecting the health and safety of their workers, they allow companies to get the most from their human resources. Investing in Sysmax systems really can help to look after the long-term future of your company.
To find out more about how Sysmax products help companies to pass regulatory inspections by demonstrating competency, improvement and compliance management, contact one of the team today.
Post by Peter McAteer
Peter is the founder and CEO of Sysmax, a market-leader in the areas of compliance, performance improvement and competency management. He has more than 35 years’ experience working with global leaders in high-risk industries such and oil and gas extraction. Peter’s focus is on driving performance improvement through analysis of business compliance and staff competency, including risk analysis, high technology engineering and value development. He works with clients to ensure they make the most of the opportunities inherent with the Sysmax suite of products.