Spare talents – gain time – save cost
In times of turmoil, regulatory output increases to the point that corporate lawyers and compliance managers must spend a large portion of their work time trackingdown documents, leaving insufficient time resources to advise on the need for action.
If we now consider the acquisition time of a regulatory innovation, from the technical journal to third-party sources to finding the primary source, we can assume an average of at least 20 minutes.
Decision relevance is the basis for prioritization, which is why we use individual filters to pre-sort around 94% of the content and then make it available in prepared events.
The chart 1 above shows the ITEMS (Regulatory Elements in RISP) compared to the EVENTS (Items classified as relevant in shaping a decision basis for the user) over the course of a year.
Applying the described time factor of 20 minutes per item (1/3h) and 10 minutes per event (1/6h), we get the following time savings based on the original time spent and the new optimized time spent.
If one sets this time saving at an hourly rate of 125€ (1.000€ daily rate/8h), there are in part considerable savings potentials, which are all the more valuable as it is not easy to replace specialist knowledge in times of a shortage of skilled workers.