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Managing Regulatory Risks in the Dangerous Goods Industry

Posted on 
February 9, 2021
2.9.21
Tuesday
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The hazardous products industry has one major advantage: Because of the dangerous nature of the goods and the complex regulatory requirements that come with them, competition is often limited. Only the true best of the best can make it past the myriad of compliance hurdles. Unfortunately, this same advantage can also be considered one of the biggest risks.

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Bringing together leaders in industry and technology to drive innovation.
Matthew Wright
Founder & CEO
About Matthew
Matthew Wright is the founder & CEO of Specright, the first cloud-based platform for Specification Management. Specright has been recognized as a Gartner Cool Vendor, received the Salesforce Innovation Award and was named one of the Top Places to Work by the OC Register and Built in LA. Wright is also a published author and his book, “The Evolution of Products and Packaging,”was named to the Amazon Hot New Release List for Industrial Relations Business and has a five star rating.

Prior to founding Specright, Wright spent more than 25 years in the packaging industry, holding leadership positions at International Paper, Temple Inland, and rightPAQ — a packaging company he co-founded. He has also been involved in leading multiple M&A deals in the packaging industry and sits on the Packaging Advisory Board at Cal-Poly San Luis Obispo.
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Managing Regulatory Risks in the Dangerous Goods Industry

The hazardous products industry has one major advantage: Because of the dangerous nature of the goods and the complex regulatory requirements that come with them, competition is often limited. Only the true best of the best can make it past the myriad of compliance hurdles. Unfortunately, this same advantage can also be considered one of the biggest risks.

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Blog

Managing Regulatory Risks in the Dangerous Goods Industry

The hazardous products industry has one major advantage: Because of the dangerous nature of the goods and the complex regulatory requirements that come with them, competition is often limited. Only the true best of the best can make it past the myriad of compliance hurdles. Unfortunately, this same advantage can also be considered one of the biggest risks.

Posted on 
February 9, 2021
2.9.2021
Tuesday
Adam Fugate
VP, Customer Solutions, Specright
RegisterRegister
Download Presentation
No items found.

The hazardous products industry has one major advantage: Because of the dangerous nature of the goods and the complex regulatory requirements that come with them, competition is often limited. Only the true best of the best can make it past the myriad of compliance hurdles. Unfortunately, this same advantage can also be considered one of the biggest risks.

The hazardous products industry has one major advantage: Because of the dangerous nature of the goods and the complex regulatory requirements that come with them, competition is often limited. Only the true best of the best can make it past the myriad of compliance hurdles. Unfortunately, this same advantage can also be considered one of the biggest risks. Following strict hazmat regulations ensures safety for customers, employees, and property, not to mention your company’s reputation. Here’s a closer look at some of the ways to reduce regulatory risk using specification management software.

Segment Specific Requirements for Chemicals and Other Substances

Manufacturers need a simple, predictable way to manage all of their hazardous goods with confidence. Specification management software can provide that solution. At its core, specification data management serves as a central source of truth for all product specs, from chemical formulas to individual ingredients, shelf life, and labeling requirements, amongst others. For example, the FHSA details product labeling requirements, how to store products, and the appropriate language to use to communicate potential hazards on the product label. For example, this could be as simple as choosing the words “Caution” vs. “Warning” on a label or as complex as explaining how end users can protect themselves while using the product. Bringing all of these information points into a centralized database can help to eliminate any guesswork and repetitive extensive research by putting all important details at your fingertips.

Understand the Unique Hazards of Every Product

Every type of hazard, including corrosive, toxic, flammable, or combustible, has its own definition, according to the FHSA. When determining product hazards, the Act encourages companies to not only consider the individual ingredients, but also the final product and how it will be used. Managing these aspects is easier when all information regarding a product and its ingredients is present. Product specification management streamlines this process by storing all hazard definitions in a single place, including relationships and interactions between ingredients. This deeper-level insight can help companies manage their regulatory risk by ensuring proper labeling and understanding how their finished products behave under various conditions.

Identify Products Banned From Sale

Some products are so dangerous that they are banned from sale to the general public: carbon tetrachloride, general use garments that contain asbestos, and products containing soluble cyanide salts, to name a few. It’s imperative that companies ensure these products are not used in their own manufacturing. The use of product specification management can help to identify these products and their banned status to avoid compliance issues and eroded consumer trust.

Managing Regulatory Risks with Specification Management

Specright’s specification data management software makes it easy to manage the entire product lifecycle, from raw ingredients to delivered product. This is especially critical when dealing with dangerous goods, as the risks and consequences are much greater if quality and compliance fall through the cracks.Take a proactive approach to hazmat regulations. Download our ebook to explore Specright's specification management solutions.

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