(NewsUSA) - While a global economy is an advantage for many companies that operate internationally, compliance with the multitude of complex and ever-changing laws and regulations can be a burden to doing business, and the penalties of non-compliance can be severe. This is particularly true when it comes to environmental, health and safety (EHS) laws that can impact everything from public opinion and stock prices to your employees' well-being and safety. As multinational companies are faced with heavy scrutiny by many different governments cracking down on importing and exporting violations, increased regulations and heftier fines, it is clear that businesses need to consider compliance as a key tool for surviving in a global economy.
To underscore how costly non-compliance can be, a recent case study of one global steel company showed that EHS-related violations cost the company almost $2.7 million dollars over a five-year period. Compliance challenges for global businesses include not only the complexity and fast-paced changes of laws and regulations all over the world, but also tighter enforcement of these regulations, not to mention potential language and cultural barriers. An ongoing compliance management approach at a multinational company is a proactive and practical solution for businesses juggling the demands of sites around the world.
Besides the wide scope of expert coverage, other advantages of an outsourced approach to EHS compliance include:
- Increased Efficiency. Outsourcing the details of ever-changing compliance allows multinational companies to spend their time doing business rather than being bogged down in regulatory paperwork.
- Cost savings. Companies that are not in compliance with overseas business regulations may lose money to hefty fines and even jail time. In addition, accidents as a result of noncompliance may lead to extensive legal fees and decreased shareholder value.
- Industry insights. Compliance intelligence companies like Enhesa constantly monitor the latest developments in global business regulations to keep their clients up-to-date. In addition, Enhesa provides global businesses with blog posts, downloadable publications, articles and webinars about the latest news in EHS so they can plan accordingly.
- Almost unlimited coverage. With more than 75 EHS regulatory analysts from more than 40 nationalities covering more than 285 jurisdictions, global companies can profit in many ways from Enhesa, as opposed to trying to manage their EHS compliance in-house.
For more EHS-related news, tips and information about maintaining compliance with EHS regulations globally, visit enhesa.com.