Understanding and staying on top of the myriad regulations that affect your company can drive you mad but failing to follow these regulations threatens your resources, your reputation, and your consumers and also may result in loss of access to a new market.
What is product compliance?
Regulatory product compliance is an integral part of any manufacturing and market access process. To be able to enter the market of any specific country companies must follow state, federal, and international laws and regulations relevant to its operations. The specific requirements can vary, depending on the industry and type of business.
Why product compliance matters?
Over the last years, the regulatory environment has dramatically changed. It touches every industry and has become an integral part of any business process. This creates the main bottleneck when today’s full compliance of your products is at risk. New standards appear and you have to adapt to the updates to keep your goods relevant. Otherwise, you put your business at risk beyond just fines but company reputation as well. That is why it is crucial for any manufacturing business to invest resources into product compliance.
How outsourcing can help?
As regulatory product compliance is such a big deal, companies have to take a comprehensive approach to creating an effective regulatory compliance program and dedicate internal resources to it. The role of a designated corporate compliance officer appears in many companies. This person’s main responsibilities are to stay at the cutting edge of the ever-evolving regulatory landscape and make the necessary compliance decisions.
Unfortunately, the biggest challenge for compliance is that it can be expensive and time-consuming. Large industry players need to create whole departments whose primary focus is the company’s regulatory compliance. However, in order to save money, many companies prefer to outsource these services to outstaff experts.
What are the benefits of outsourcing product compliance?
Outsourcing providers arrange full guidance to help companies understand and follow the laws and regulations that apply to them. They dedicate teams that are specialized in specific industries and business spheres. Moreover, they often have technical knowledge in a wide variety of areas and can serve as advisors in any tricky or complicated situations. Finally, outsourced compliance teams use expert-developed risk methodologies and professional tools, which can help companies understand industry standards and best practices in a specific industry.
To get a better understanding of the difference between these two approaches, check the table comparing outsource vs in-house compliance team below:
What does GMA Consult Group offer?
https://www.gma.trade/ offers its clients a virtual compliance team of dedicated specialists with proven expertise in worldwide regulations, compliance, certification, and conformity assessment. Having regulatory experts, project managers, account managers, finance and legal advisors on board, GMA Consult Group ensures compliance with ever-changing global regulatory requirements and leads all projects all the way. GMA’s team helps manufacturers to access any market hassle-free and without a need to search for specialized experts, dealing with local authorities or opening numerous offices worldwide.
With 1000+ successfully completed projects worldwide, GMA Consult Group is a reliable and trusted partner for many global institutions and largest TIC industry providers as well as product manufacturers.
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