Chemical Regulatory Changes—Are We Managing Them Effectively?

Abstract

The introduction of new regulations such as the Globally Harmonized System of Classification and Labeling of Chemicals (GHS) and the Registration, Evaluation and Authorization of Chemicals (REACH) increase the challenges for companies to keep up with regulatory requirements. In addition, upcoming chemical regulatory requirements are being developed and implemented in all areas around the world where international exploration and production (E&P) companies operate. In addition to initiatives by companies, to provide more environmentally friendly products and greener technology, there is also an increased demand for transparency and accountability. Companies have to ensure regulatory compliance with the continuously changing regulatory landscape. There are increased requirements for proper management of documentation (safety data sheets (SDS), labels, etc.), integrated software/IT resources, training, auditing and more importantly internal and external communication to ensure compliance. A practical management system is required to monitor and implement these regulatory changes. The implementation of health, safety and environment (HSE) and regulatory programs can be supported through the effective management of regulatory changes. These regulatory changes can have a significant impact on corporate behavior and reputation. Identification, investigation, implementation and integration are key elements when managing regulatory impact. Identification and documentation of the regulations to monitor and track industry changes is critical in the process. Investigation requires the review and assessment of the regulatory requirements, considering the potential impact on products and business lines. Implementation involves updating relevant documentation to ensure compliance. The final step of integrating controls in the supply chain to ensure regulatory compliance is especially critical with international movement of chemicals and substances. This also involves training and communication to implement changes. This paper seeks to highlight the importance of monitoring and implementing regulatory updates and changes within the industry. It also explores an effective system for managing regulatory changes.