The main objectives of regulatory management include: compliance with regulatory and legal norms, assessment of regulatory impacts and establishment of reactive strategies and external corporate representation in the regulatory process.
Regulatory management can be divided into two groups: operational regulatory management dealing with operational tasks, and strategic regulatory management dealing with long-term and strategic tasks. The establishment of a concept for regular reporting, information submission and publication duties are tasks of the strategic regulatory management, while the implementation of the relevant activities for fulfilling this concept belongs to operational regulatory management.
DNV GL helps network, production and supply companies to establish and operate functional regulatory management. Functional regulatory management should cover external and internal activities. External activities are those which deal with communication with the regulator. Our consultants advise in the following areas:
- analysis of the regulatory requirements
- management of reporting requirements
- monitoring and anticipation of regulatory policy
- representation of the company in the regulatory process
- company’s regulatory strategy.
Internal activities include the identification and implementation of coordinated actions within the company to ensure compliance with regulatory and legal requirements. Our consultants advise in the following areas:
- organization of regulatory activities
- compliance checks
- data management for regulatory reporting purposes
- development of regulatory competence within the company.