The ever-increasing volume of government regulations and costly enforcement actions are presenting new, unforeseen challenges to organizations as they attempt to become compliant. With the increasing complexity, regulatory compliance can no longer be left up to individual department managers. A centralized approach to regulatory compliance can help reduce costs and ensure full adherence to laws and regulations.
LogicGate takes the approach that technology must be used to efficiently and successfully become compliant with all regulations. The right technology can bring together the Legal, Compliance, and Internal Audit departments of organizations, which must work in concert to ensure full compliance. A successful regulatory compliance solutions produces a culture of compliance within an organization and assists the company to become a good corporate citizen – ultimately increasing customer retention and reducing cost in the form of fines, fees, and enforcement actions.
LogicGate's Approach to
Understand Regulatory Requirements
Remediation and Execution
Highly Regulated Industries
Regulations that impact financial services firms come from a wide variety of federal government agencies in the United States including the OCC, Federal Reserve, CFPB, SEC, CFTC, and FINRA to name a few. Given the large volume financial regulation authorities, ensuring organizational compliance can be a daunting task.
Pharmaceutical & Life Sciences
Organizations in the pharmaceutical and biotechnology industry not only face rigorous regulatory requirements from U.S. Federal agencies (e.g., FDA) but also from global regulatory bodies such as the European Medicines Agency. cGMP, ISO, and 21 CFR Part 11.
Organizations operating in the energy and utility sectors are bound by the rules put in place by several regulatory bodies including the Federal Energy Regulatory Commission (FERC), North American Electric Reliability Corporation (NERC), Commodity Futures Trading Commission (CFTC), and Environmental Protection Agency (EPA).
There are numerous other Federal, State, and Local healthcare regulations (ICD-10, Red Flags, etc.) that put pressure on healthcare organizations and disrupt normal business activities. Healthcare organizations that transmits patient information electronically are governed by the Health Information Portability and Accountability Act, or HIPAA.