What Is Regulatory Compliance?
Security, privacy and regulatory compliances should be an essential part of every manufacturing company and engineering business. Regulatory compliant is becoming increasingly complex and all companies have to adhere to certain state laws, rules and guidelines expected from its operations.
For example, the supply chain and the automotive industry must follow the End-of-Life Vehicle (ELV) rules. Some teams have to be highly committed to the international standards of governance. You can also find other different types of laws such as:
- Restriction of Hazardous Substances (RoHS)
- The US Health Insurance Portability and Accountability Act of 1996 (HIPAA)
- European Union’s General Data Protection Regulation of 2006 (GDPR)
- California Consumer Privacy Act (CCPA)
- Payment Card Industry Data Security Standard (PCI DSS)
- Federal Information Security Management Act (FISMA)
- Sarbanes Oxley Act (SOX)
Even companies that are not coming from the regulated industries must conform to the requirements for securities, ISO and many others. As such, regulations compliance management has become a crucial component of most businesses over the past 20 years. Companies need to hire staff who function to ensure that they meet all the laws and guidelines required by the government.
Benefits of OpenBOM Company: How We Can Help
Tracking compliance to a specific regulation is hard. Different regulations can be applied to various parts and components of the product. To manage this regulation information and compliance reporting can be a mess.
OpenBOM helps businesses in different industries by providing a flexible data modeling capability to conform to multiple regulators and their requirements. Thus, businesses eliminate the risks and increase revenues.
We offer a way to create data modeling templates that could be easily configured and applied. Other advantages of OpenBOM include:
- Flexibility: there is support for all types of regulations with effective data management for each regulation type and validation..
- Online access: because OpenBOM is online, data sharing between suppliers and owners is possible thus facilitating the entire process.
- Simplicity: OpenBOM makes it easier for organizations to follow regulatory compliance laws by providing a controlled manner of dealing with data.
Try OpenBOM and easily configure data to conform to different regulations. Eliminate the risks and earn profit, supporting regulatory!