Regulatory compliance is not an easy challenge. No matter the industry or the scale or complexity of business operations, companies throughout the world have to manage an ever increasing number of laws and rulings. This is especially true in the United States where an average of 2,500 to 4,500 new rules are passed each year. Some receiving the most attention lately include the Food Safety Modernization Act (FSMA), the Pesticide Container and Containment rule and the Unique Device Identification rule.
While complying with regulatory requirements is a necessity, it is also burdensome and costly. In fact, a National Association of Manufacturers report estimates that federal regulations cost an average of $10,000 per employee per year in 2012. Eighty-eight percent of those surveyed say that federal regulations are a top challenge for their firm.Read More