Frequently asked questions
Government approvals: Totum Compliance can be used to manage conditions associated with permits, approvals and approved plans. This provides a central place to manage obligations from any source such as environmental approvals, building and construction permits, , HSE plans etc.
Contracts: Totum Compliance can be used to manage expiry and renewal dates, party contact information and contractual obligations under any type of contract.
Company requirements: Your company policies, processes and procedures can be managed in Totum Compliance.
Standards etc: Any other requirements and commitments from, for example, ISO or other standards or codes of practice etc. can be managed in Totum Compliance.
Totum Compliance can be used to manage any type of risk, from strategic and enterprise risks through to operational risks. This includes health and safety risks, environmental risks, compliance and contractual risks.
ISO 19600 and other ISO standards describe an organisational commitment to develop, implement and continuously improve compliance management and other systems. In the introduction to ISO 19600, it is noted that in a number of jurisdictions the courts have considered an organisation’s commitment to compliance through its compliance management system when determining appropriate penalties for non-compliance. Totum Compliance demonstrates a comprehensive and considered approach to compliance management across the organisation. Some aspects of the ISO standards are outside of the scope of any software (such as governance-related matters) but software can, and Totum Compliance does, demonstrate conformance with key elements of the ISO standards for compliance management and other systems in a number of ways such as:
- Totum Compliance demonstrates leadership and commitment by top management in ensuring the integration of the compliance management system into the organisation’s business processes and establishing accountability mechanisms, including reporting on compliance and non-compliance.
- Totum Compliance supports the compliance function in setting in place a compliance reporting and documenting system and providing employees with access to resources on compliance procedures and references.
- Totum Compliance can be used to record and access documented information relating to the compliance management system.
- Compliance obligations (both requirements and commitments) can be added and managed in Totum Compliance.
- Compliance obligations are recorded in Totum Compliance in a way that is central and visible across the organisation, sites and teams as appropriate.
- Totum Compliance’s activity-based compliance management manages the implications of compliance obligations on the organisation’s activities, products and services.
- Regulatory changes can be managed and tracked in Totum Compliance and additionally Totum Compliance can provide a regulatory updating service.
- Totum Compliance reduces the risk of non-compliance by pro-actively managing compliance obligations related to business activities.
- Reporting on compliance status and the status of corrections and corrective actions is made simple in Totum Compliance.
- Compliance obligations can be linked to existing risks or new risks can be immediately identified, assessed and managed in Totum Compliance’s Risk module.
- Recurring tasks can be added for periodic review of compliance and other risks (eg monthly, quarterly etc).
Totum Compliance was initially developed by oil and gas industry experts to manage the complex regulatory requirements relating to petroleum exploration and production activities. Often there are numerous government agencies requiring information and approvals under a plethora of regulations relating to licensing, health and safety and environmental requirements. By bringing these laws and regulations together in an activity-based tool, compliance management can be confidently handled by operational teams, not just compliance experts and lawyers. Moreover, company processes and procedures can be integrated to deliver a complete picture of the obligations associated with a particular activity and create your compliance audit trail.
Regulatory Technology, or RegTech for short, is the use of technology by companies to help manage the wide range of regulatory and compliance issues they face. Whilst RegTech originated in the financial services sector, it is now seen as a critical tool in many sectors that have a heavy involvement from regulators.
As monitoring, reporting and regulatory requirements grow in, RegTech is allowing companies to respond with technology solutions that are highly accessible and provide real time information. This reduces the risks of compliance breaches, whether they be commercial, operational, health and safety or environment based, allows for better decision making, and provides confidence to shareholders, the community and government agencies.
Totum Compliance’s functionality was initially built around providing a RegTech solution specifically for the oil and gas sector.
Totum Compliance is hosted in Microsoft Azure’s cloud hosting environment. Our primary data centre is located in Australia East. Our disaster recovery instance is located in Australia South East. Alternative hosting options are available upon request.
No, Totum Compliance is licenced enterprise-wide, ensuring all relevant personnel can have easy access to compliance information. This reduces the risk of having only a few people with knowledge of critical organisational data and information.
Totum Compliance can be used to manage your assets in any location. Regulatory requirements vary from location to location, but with Totum Compliance, regulations specific to your assets can be entered, monitored and tracked.