Regulations for energy suppliers are constantly evolving with new requirements regularly coming into force worldwide, spurred on by climate change, sustainability concerns and a decentralized energy market.
Staying clued up about your legal requirements and how to remain compliant is a constant challenge, even for larger legal compliance teams. Below are 5 powerful ways that legaltech can, and already is, helping energy suppliers know their applicable regulations and manage compliance tasks.
1. Minimize the legal legwork with custom, trackable legal registers
Automated legaltech solutions like Libryo will curate, standardize and configure site-specific legal registers customized to your business activities and jurisdiction. This means it’s quick and easy to know your relevant EHS law across your entire business at an operational and country level. What may have taken teams days or weeks of legal research can be cut right down to just seconds. Libryo's tracking technology also keeps you updated with any changes made to your relevant law, so you'll always be on the front foot, and never need to trawl back through the law for legal updates.
2. Know your current compliance status, no matter the jurisdiction
Seeing your compliance status at a site level and getting a holistic view is complex and near impossible without having a big GRC system in place or compliance teams that constantly self-assess against your legal obligations. With a legaltech solution, it’s possible to know and understand how to be compliant as well as assign any actions needed to maintain compliance. Businesses can also report on their current compliance status on a site-by-site basis and provide more attention for any areas of greater risk.
3. Evidence your compliance with collaboration tools
Auditors will often ask how you show accountability for compliance related tasks and actions. They may also want to see what tools you use to communicate these actions and record this information. Legaltech solutions can offer an array of collaboration tools that let you assign tasks to yourself or others, attach related legal and compliance documents and set reminders. All of this helps a company evidence its compliance status for senior management and is particularly handy during external audits.
4. Full alignment with your ISO standards
If your business is ISO certified and looking for ways to maintain this, or looking to achieve ISO certification, legaltech solutions can make this much more straight-forward to manage and attain. For instance, Libryo's platform is aligned with ISO 14001, ISO 50001 and ISO 45001, making it super easy for an EHS manager or auditor to check against the ISO standards within the platform and see their compliance with any related legal requirements. Organizations also have the ability to link risk assessments, relevant documents and assign tasks all within a single tool.
5. Understand your risk exposure and prevent consequences of non-compliance
Legal technologies can provide global teams with a consolidated overview of the company's current compliance status and risk level. This means a business can limit their risks and prevent any future consequences of non-compliance such as imprisonment, brand damage, fines or accidents. It’s estimated that the cost of non-compliance is 2.71x higher than the average cost of compliance (excluding any reputational costs, which increases further again).
Learn how Libryo helps energy suppliers better navigate legal compliance.