Navigating Regulatory Waters: The Integral Role of Paralegals in Regulatory Compliance
Paralegals play a pivotal role in supporting legal teams and businesses to achieve and maintain compliance. Don’t overlook your regulatory compliance team! This critical business aspect ensures companies adhere to laws, regulations, and guidelines to maintain ethical practices and prevent costly, painful legal consequences. This brief article explores paralegals' complex responsibilities in regulatory compliance and their contributions to upholding integrity in your company.
What can your Regulatory Compliance Paralegal do for you?
- Research & Analysis – Paralegals with compliance experience conduct comprehensive research to understand your industry's specific regulations and provide summaries of lengthy regulations.
- Policy Drafting – A seasoned paralegal has excellent communication skills, so they are able to collaborate with other team members to draft internal company policies.
- Document Management – Effective compliance requires accurate record-keeping. It is a foundational practice to keep. Your paralegal organizes and maintains documentation related to your compliance matters. Additionally, paralegals establish monitoring systems to track compliance matters and identify areas for improvement.
- Communication with Regulatory Authorities – Paralegals are the bridge between your company and regulatory agencies. They assist in drafting responsive documents or making sure fines are paid on time. Delegating this task to your paralegal frees up some of your time for other tasks.
It’s important to keep in mind regulations for any industry are constantly evolving. For your paralegal to be successful, they must stay updated on these regulations so your company can continue business smoothly. I’d be amiss if I did not mention the numerous other tasks your paralegal can perform including but not limited to drafting documents, billing and timekeeping, document filing, tech support, and more. In the world of regulatory compliance, paralegals are like the guides that help keep your legal team afloat.
Sincerely,
Samantha Misch
IPA Director