The cost of non-compliance is 2.71 times more expensive than the cost of compliance.
Regardless of the industry an organization operates in, remaining compliant with ever-changing legislation is an important aspect of corporate operations. For businesses that focus on research and development (R&D) however, it’s essential. This is because of the frequently high-risk nature of the products being developed, and the potential for harm if there is an oversight during the testing process.
Put simply, laboratory experiments need to be transparent and traceable. Organizations must be able to prove that any product entering the market meets all required legal and safety guidelines. This means keeping up to date with the latest legislation, having a process in place to track experiments and data, and being able to prove intellectual property (IP) and accountability at all stages of development. However, with R&D departments facing pressure to increase productivity and output despite tightening budgets, this can prove difficult.
In this paper we discuss why compliance is so important and what steps can be taken to achieve it.