Keeping up to date with what the latest legal requirements are for mining companies is complex. The larger the company you are, with more operational sites spanning multiple jurisdictions, the harder it is to manage your compliance and provide safe working environments for your workers.
Legaltech has evolved over the years to help mining companies get to grips with the above, and much more. Solutions now exist which can help teams on the ground comply with the local law and collaborate on required actions, while providing senior management teams with an overview of their compliance status and areas of greatest risk. Below are 3 core reasons why legaltech can transform the way legal, risk and compliance teams in mining companies operate.
1. One place to know your legal requirements, compliance and risk
Most mining companies will have Governance, Risk and Compliance (GRC) systems in place already, but what they tend to lack is the regulatory data feeding into the same system. With legaltech platforms like Libryo, you can understand your exact regulatory requirements, which can be integrated seamlessly with an existing GRC system. This means teams can continue to access a single place for their legal requirements, risk and compliance matters, saving time and stress.
For multi-location companies, it makes the entire business more efficient as everyone follows the same process and navigates their obligations in the same place. Integrated solutions like this also provide senior management with a clear picture of their recent business activities and its current compliance status.
2. Filter your relevant law at a site level, no matter where you operate
Legal registers. Complicated to compile, time-consuming to manage and always in need of updating. Sophisticated legaltech solutions such as Libryo can now auto-compilate and standardize applicable legal requirements that are specific to your business activities, industry and jurisdiction. All customers need to do is complete a quick set of questions about their business, and we'll do the rest.
Unique tracking technology also keeps you updated with any changes to your law, so you'll always be on the front foot and never need to trawl back through your legal register spreadsheets again. On average, Libryo tracks around 134 EHS laws for every company, and 1,789 relevant sections of law… and this can be significantly higher for large mining companies operating across many continents and engaging in various forms of mining activities from underground, surface, placer and in-situ.
3. A collaborative toolset for managing your compliance
Legaltech platforms can provide the tooling to assist legal, risk and compliance teams in managing their day-to-day compliance. Users can tag each other, add comments, assign tasks, link risk assessments, set reminders, complete self-assessments and attach related documents at the click of a button.
This not only encourages collaboration within the team but can unify a global mining company with multiple locations, cultures and languages. Legaltech solutions can help to standardize processes and encourage best practice within teams. Collaborative tools like this will also ensure accountability is taken and important matters are actioned quickly so that risks are prevented.
Learn how Libryo helps mining companies better navigate legal compliance.