Regulatory Compliance Solutions: How Maximo helps with Regulatory Compliance

Posted by Cohesive Solutions on April 26, 2021

Regulatory compliance solutions maximo

The majority of clients we work with are operating in highly regulated industries such as Utilities, Oil & Gas, and Nuclear Energy. These organizations are subject to regulatory agencies which govern and guide how an organization and its employees operate and maintain their assets.

Some of the  regulatory and standards bodies that govern our clients are:

Challenges of Regulatory Compliance

It can be challenging to maintain the ever-evolving scope of regulatory compliance, especially when we are focused on day to day activities. When regulatory requirements change, it typically requires change in how business is done and documented.

In addition to keeping up with the requirements themselves, keeping track of how you are maintaining and ensuring compliance is another step in the process. Organizations are regularly audited against these regulations and must have efficient and effective  tracking of  documentation. Utilizing a system that tracks, records, and reports the right actions keeping them compliant is essential in meeting this need.

Failure to remain compliant can result in, at a minimum, hefty fines and increased security.  In the worst-case scenarios, failure to remain compliant can result in injury, death, or environmental impacts. These failures can lead to a great deal of mistrust for your brand amidst your clients and communities which can take years to rebuild.

Tips for Maintaining Regulatory Compliance

  1. Hire a maintenance compliance officer or designate a team in your maintenance program to be in charge of compliance 
  2. Schedule routine checks into what’s been updated within the regulatory bodies that govern your industries
  3. Compliance training for new employees, especially those working directly within the bounds of processes which are regulated
  4. Work with certified, industry experts who know your industry and understand the regulations you are operating against, and can offer the best way to pair processes and systems to make your life easier, and operations efficient and compliant
  5. Develop/refine a preventative maintenance plan that will ensure your assets are running properly and to standard, and that your documentation is recorded
  6. Use a sophisticated EAM system to track, monitor, and automate your work and asset management processes, reporting, and documentation

How Maximo Can Improve Regulatory Compliance in Highly Regulated Industries

Maximo will modernize, streamline and automate operations around work and asset management to help keep your operations compliant. 

  1. Document Trail – Maximo holds records of work and asset management tasks, as well as reports created from the work completed. The documents provide a trail that creates a less stressful, more efficient audit trail for your organization to demonstrate regulatory compliance with ease.
  2. Reporting – Reporting functionality within Maximo is another opportunity to easily demonstrate regulatory compliance for internal checks or for a formal compliance audit. Reports can be made on a wide range of  factors.
  3. Inventory Tracking – The inventory tracking functionality within Maximo enables organizations to easily see what is in their storeroom so they never run out of important parts needed for compliant operations such as ANYTHING?
  4. Automated Preventative Maintenance  – A world class EAM system such as Maximo, paired with deep industry expertise that Cohesive provides, all has the end goal of streamlining your operations to increase efficiency, and extend the lifespan of your critical assets. A large part of that is knowing what action to perform to your assets, and at what time. Maximo automates maintenance work on assets to increase efficiency in wrench time and ensure your assets are reliable so your operations remain compliant. Learn about our Reliability Centered Maintenance solution for Maximo here.
  5. IoT and Sensor Connectivity – Within Maximo, you can get a real time health check on your assets conditions. These enable monitoring and automation within Maximo to ensure non ideal conditions are rectified in a timely manner in order for operations to remain safe, effective, and compliant.
  6. Technical Configurations – Maximo allows for technical configurations that enable organizations to processes and automations within Maximo unique to their organization and compliance regulations. An example of this is Cohesive’s MOC Solution for IBM Maximo – our Management of Change (MOC) application controls the full cycle of change, as required by PHMSA, inside of the Maximo system. This tailors the system to work for the organization 

Book a Regulatory Compliance Consult for your Maintenance Org

Topics: Maximo

Written by Cohesive Solutions

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