Organizations looking for a seamless way to ensure they adhere to all necessary legal and HR regulatory compliances, wherever they operate and whatever their size, will soon have a simple solution.
Lawcubator Technologies Inc. and the University of Alberta have signed an agreement to create a regulatory and compliance centre of excellence at the university. It would be the largest centre of its kind in North America.
Lawcubator is a platform that enables organizations to seamlessly manage their legal and HR regulatory compliances. It is designed to simplify compliance processes, alleviate risks and enhance productivity.
“The platform automates and manages the entire process,” says Neeraj Gupta, co-founder and CEO of Lawcubator. “It doesn’t eliminate the need for law, consulting or HR firms, but it manages compliances in a better, more cost-effective manner.”
The platform and the expertise available at the U of A form the foundation of the planned centre of excellence. For example, experts in the Alberta School of Business can lend their knowledge in matters of sector-specific compliance. Faculty of Law expertise would be essential in developing regulatory compliance frameworks. And the Faculty of Science’s strength in machine learning is a valuable asset when creating realistic case scenarios.
“By leveraging our extensive expertise at the University of Alberta, this partnership will support both entrepreneurs and established companies in navigating the complexities of regulatory compliance so they can focus on bringing their innovations to market,” says U of A president Bill Flanagan.
“As a result of the centre operating within the U of A ecosystem, there are also opportunities to foster the next generation of innovators through co-op placements for students.”
This partnership lays the groundwork to address a pressing business need. Compliance is becoming increasingly complex for companies. Many organizations nowadays operate in multiple locations or have requirements based on their size or industry. Regulatory compliance is also often a requirement to qualify for government funding.
In addition, the consequences of non-compliance can be catastrophic, from monetary penalties to security breaches. Adherence to necessary compliances could also ensure a company’s ability to bring a product or idea to market in a timely manner. A centre of excellence for these matters could serve as a one-stop solution for companies that need to stay compliant but are looking for a more efficient way to do it.
Lawcubator’s platform allows you to essentially build your own solution, Gupta explains. Organizations can pick and choose precisely what they require, including multiple ways of adhering to particular requirements, to form a tailored plan specific to their needs.
“We are thrilled to partner with the University of Alberta, an institution renowned for its expertise across diverse fields,” Gupta adds. “By leveraging the university’s domain expertise and research capabilities, we aim to advance our mission of promoting regulatory adherence and driving innovation in compliance practices."
The centre of excellence will adopt an ecosystem-based collaboration approach, bringing together diverse partners from industry associations, law firms and regulatory bodies across North America.
Several collaborations are already planned as a result of this partnership. One project led by Eleni Stroulia, professor in the Department of Computing Science, will focus on developing a platform related to building codes. Another project in collaboration with the Alberta School of Business involves creating an AI governance platform.