This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.
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1. THE BEGINNING
This innovation initially came to life when…
… we assessed to amount of regulatory changes that occur in Australia. In 2016, there were 5,414 changes to Acts and Regulations, which was 4.1% increase on 2015. The magnitude of regulatory change puts pressure on all organisations, regardless of their size. Businesses are already struggling to keep pace with maintaining compliance and they cannot simply pick and choose which regulations they want to adhere to because that leaves the business, as well as its clients and employees, at risk.
2. WHAT & HOW
The purpose of this innovation is to…
… empower businesses to take control of their regulatory risk by providing actionable content and practical guidance across all Australian jurisdictions. LexisNexis Regulatory Compliance is Australia’s most comprehensive legal obligations register and alerting solution.
It does this by…
… giving customers comprehensive content in a concise format. Legal content is drawn from all legal and regulatory material covering all Australian jurisdictions; and our experts explain legal and compliance responsibilities in an easy to apply business language. We alert clients of upcoming regulatory changes and our legal obligations registers are automatically updated as the law changes.
3. PURPOSE & BENEFITS
This innovation improves on what came before because…
… traditional legal registers comprise of long static lists of legislation and regulations, often in legalese. Our approach converts lists of legislation, codes and standards into a dynamic content approach with core obligations broken down into relevant modules for easy referencing and research. Our registers are automatically updated as the law changes.
Its various benefits to the customer/end-user include…
… content that’s comprehensive, current and easily understood; with proactive alerts and affordable pricing. Our product is available in two formats: “Enterprise” (large businesses); and “Online” (small businesses). It’s your online compliance department.
4. COMPETITIVE LANDSCAPE
In the past, this problem was solved by…
… manual collation of compliance information by compliance staff into time-consuming spreadsheets. Alternatively, law firms would be commissioned to build compliance registers; these would often only focus on one area of law (e.g. Employment), be quite static and expensive to build. Our product covers all core areas of law plus dedicated industry-specific modules.
Its predecessors/competitors include…
… law firms, SAI Global, and Thomson Reuters. Generally, these organisations would focus on specific areas of law. Our approach is more comprehensive. We cover all key laws that impact businesses in Australia and industry modules, e.g. Telecommunications.
5. TARGET MARKET
It is made for…
… anyone who has responsibility for compliance. It could be in house counsel, compliance managers, risk managers, operational managers or business owners. The content has been developed and written in a way that is practical, aligned to business processes and is easy to understand. Thus catered to supplement and support broad role types.
It is available for sale through…
… two ways. The Enterprise version is sold through our business development channel (face-to-face) and via our panel of selected software partners. The Online version can be bought via our website – https://compliance.store.lexisnexis.com.au/
Our marketing strategy is to…
… promote LexisNexis Regulatory Compliance through a multi-channel approach that mixes traditional marketing and digital. Activities include thought leadership whitepaper eDM campaigns through our internal database; Sponsorship activities with key compliance industry bodies; active participation at industry events; printed brochures; social media engagement; public relations and substantial digital advertising.
FINE PRINT: This SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity.
