Increasing mandatory disclosures and the consideration of environmental, social and governance (ESG) factors, in addition to heightened standards for health, safety and welfare, are having a major impact on the responsibilities and day-to-day work of compliance teams.
It’s no surprise that the volume of regulatory changes and the task of staying on top of them were among the top five compliance challenges in 2023, according to individuals and boards surveyed for the Thomson Reuters “2023 Cost of compliance” report. Sixty-two percent (62%) of respondents said they spent one to seven hours per week tracking and analyzing regulatory changes. That’s a significant chunk of time taken away from the core functions of each team.
The Greatest Compliance Challenges in 2023
Volume and implementation of regulatory change
Keeping up with regulatory change
Balancing budgets and resources
Retaining skilled resources
Increased regulatory scrutiny
Source: Thomas Reuters 20231
Tackling the compliance challenge
One way to simplify the process and make it more efficient is to use an advanced software tool that can help collect data and streamline the process.
Sphera has a long history of supporting companies in their EHS&S management journeys. We understand that organizations need to have efficient tools at their disposal and demonstrate a systematic approach when responding to EHS&S challenges. SpheraCloud is an integrated EHS&S solution that includes and addresses environment, health, safety and sustainability challenges. Sphera’s developers built the robust and agile platform in conjunction with the product team and domain experts.
The innovative SaaS platform allows for a comprehensive view of ESG performance and risk in real time, breaking down information silos so everyone can have the same view of EHS&S risk.
Turn compliance into performance
The EHS&S solutions available on our cloud platform can help turn your mandatory but time-consuming compliance tasks into a winning EHS&S performance formula that helps your organization become safer, more sustainable and productive.
SpheraCloud Operational Compliance
EHS&S begins with compliance. A single system for identifying and managing compliance requirements and actions is key. With the right software, companies can proactively mitigate the risks associated with complex regulations:
Regulatory (CyberRegs) software empowers your workforce to efficiently identify, track and manage compliance obligations with an online regulatory compliance library.
Compliance Assurance software helps you determine which regulations, permit conditions and corporate policies apply to you. Ensure that your compliance obligations are met with a single system with EHS&S data and records to help track findings, recommendations, observations, best practices and corrective actions.
SpheraCloud Environmental Accounting
With increasing environmental regulations, companies are repeatedly running the reporting cycle and struggling to be efficient. Our software is built to create a traceable system for environmental data collection, file regulatory reports, predict performance and rapidly intervene when it is necessary to help mitigate risk. It offers a broad set of data management and calculation functionalities to establish an auditable record for air, water and waste management:
Air/GHG Emissions software brings high transparency to a company’s emissions calculation. The data helps ensure compliance with a single, traceable corporate system of record for emissions and operations data. It also powers corporate sustainability initiatives by feeding accurate, centralized and standardized emissions data into corporate reporting tools.
Water Emissions Management can help organizations manage large amounts of sampling data associated with wastewater discharge permits. Water quality is under increased scrutiny as both a sustainability metric and a regulatory compliance issue.
Waste Management helps organizations comply more easily and efficiently when it comes to stringent regulations regarding waste volume, shipping and tracking of final waste disposal. It offers a broad set of data management and calculation functionality to support the rigorously regulated waste inventory, corporate reporting and waste disposal.
Our EHS&S management platform provides EHS&S teams with the relevant solution to manage the challenges for their specific domains. Whether it is Operational Compliance, Environmental Accounting, Health and Safety Management or Corporate Sustainability, SpheraCloud is a proven and effective solution for all.
A single platform provides your EHS&S organization (and beyond) with a rich set of data that offers insights into the current status of the single tasks, process optimization, overall performance and enforces process discipline across the organization.
Contact us today to learn more about how we can help you transform your compliance program and build a foundation for sustainable success.
Taking Compliance by the Horns
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