How soon must a serious incident be reported to the regulatory authority?

A serious incident must be reported to the regulatory authority within 24 hours because timely reporting is critical for ensuring the safety and well-being of individuals affected by the incident. This time frame allows regulatory bodies to take immediate action if necessary, investigate the circumstances surrounding the incident, and mitigate any potential risks or further harm. Additionally, adhering to this reporting requirement helps maintain compliance with regulatory standards and demonstrates accountability within the organization. Prompt reporting emphasizes the importance of transparency and communication in the management of serious incidents, ultimately contributing to improved safety protocols and practices.