How a Compliance Management Solution Can Assist in Growth
Just as you’re getting set to hit the links for a relaxing day of golf, you get an email alerting you to the possibility of a non-compliance lawsuit.
What a waste of time! Your automatic compliance management system should have been reviewed.
Compliance management has an important part in both the external and internal activities of every firm, therefore if you’re reading this article, chances are you’ve already gone through this.
Automated compliance management is what it sounds like.
If you’re wanting to improve your existing compliance management system, one of the first components you should incorporate is compliance management software that automates tedious operations.
Aside from compliance management software, there are many more parts to an organization’s total compliance management program.
There are many different areas of compliance that may be monitored and audited utilizing a single software application.
A compliance management system is worth considering for many reasons.
It’s still possible to handle compliance using old-fashioned means like paper and spreadsheets.
1. Collaboration is lacking
Collaboration is one of the most difficult aspects of adopting manual techniques for compliance management. In most workplaces, Excel serves as a necessary evil, but it lacks the capabilities essential for effective cooperation.
2. Consuming Effort
Depending on the size of the company and the projects, locating, updating, and reviewing different parts of compliance using Excel may be incredibly time-consuming or need committed employees who might be focused on other aspects of expanding the business instead.
3. Information that is no longer relevant.
When utilizing spreadsheets, it is almost hard to keep up with the ever-changing laws and regulations that govern compliance.
An automated system is needed to keep up to date with these changes since they arrive in various formats, from different platforms or kinds of updates, and updating all current compliance papers manually is time-consuming.
4. Very Expensive
In the near term, Excel may seem to be a more cost-effective solution, but this is not always the case. Excel comes with extra expenses, such as the necessity for additional people to monitor and validate data and potentially non-compliance litigation because of inaccuracies.
5. The lack of data protection
Paper and spreadsheets are simple to lose or get into the hands of the wrong person. Excel, on the other hand, offers only minimal intellectual property protection and no location security.
Even though Excel may be suitable for small firms with a limited number of compliance requirements, it is not a model that can expand with the company and its compliance needs.
Compliance management systems should include the following qualities:
Some of the most sought-after features are channels for simple communication, updating documents, and general automation, however, this depends on the size and industry of any company
- Analytical and Reporting Tools
A reporting dashboard should answer all your compliance-related queries at a single glance. Inquiries such as these include:
- Is there anything I can do to help you? What is the breakdown of complaints by kind, and what are the trends over the last three quarters?
- How many of your suppliers were found to be in violation this month? How does one vendor stack up against the competition?
- Which members of the team have not completed their required compliance training? A test’s difficulty may be gauged by a student’s number of tries to pass.
- This month, how many remedial measures have been taken? How many audit findings have been made against which users/processes?
- What are the next audits?
Software for reporting and compliance management
- Resolving Complaints
This helps you to handle customer complaints in a single area and guarantee that they are resolved promptly. As a result, you’ll be able to see patterns that’ll help you improve your business and, ultimately, get rid of customer grievances altogether.
- Management of Vendor Relationships
The ability to follow and report on individual suppliers to verify that they are not just in compliance but also have completed all required paperwork. Third-party vendor audits may be set up with warnings for forthcoming audit milestones using vendor management software, as well.
Compliance and vendor management software
- Educating and Assessing
Customized test schedules and in-platform testing may be used to automate the provision of compliance training and tests. Saving hundreds of hours each quarter, prebuilt reports alert the user to expired certificates, delinquent users, and test results.
- A scarcity of experience
This is critical, not only for the sake of ensuring that the software’s end users understand how to use it but also for their benefit. For example, some features may save the team members many hours, and in some circumstances, the team’s time is wasted rather than saved by not having the appropriate training.
If the company doesn’t face legal consequences due to non-compliance, compliance isn’t a concern for them. While implementing compliance management software is a solid first step, it’s equally crucial to focus on how the software is utilized and ensure that everyone on the team is taking full use of it.
Step 1: Figure out how advanced your organization’s software needs are. Depending on the size of your company and the level of regulatory compliance, this may be determined
Step 2: Decide how much money you must spend.
Step 3: Research the existing alternatives on the market and select which one is ideal for your requirements using websites like Capterra and Software Advice.
Step 4: Narrow down your alternatives and test out several product demonstrations.
Step 5: The last step is to choose the finest software for your automated compliance management system.
Step 6: No more golf Saturdays you!
The 5 Principles of Proper Compliance Management
It is not a secret that the world is changing extremely fast in the current digital era. This fact applies to every part of our life, both personally and in the corporate sector, and it is especially important to keep up with these changes. This fundamental idea is the foundation of a fantastic new book written by Salim Ismail titled Exponential Organizations. In this book, Ismail describes how two essential facets of running a business are leading to exponential growth, which is drastically shortening the amount of time it takes to go from launch to wild success. These two facets are software and outsourcing.
The Paradigm of What a Contemporary Mega-Company Should Look Like
Ismail’s book covers a variety of topics related to outsourcing, one of which is how EXOS (Exponential Organizations) gain a competitive advantage by gaining access to, renting, or sharing assets rather than owning them. This makes EXOS more nimble and agile and provides them with a significant head start over other businesses. Software and many other digital resources are examples of one of the sorts of outsourced assets that truly make up the second side of his equation
Ismail makes mentions the 5 Ps of Big Data throughout his lecture, which are areas in which data gathering and analysis have the potential to significantly improve an organization’s performance and efficiency:
The findings based on years of data and feedback were outstanding. Given our firm, we applied these principles to the field of compliance to see how they may affect compliance management positively to help a business exponentially develop, and we found that the results were quite encouraging.
The 5 Principles of Proper Compliance Management
Compliance management Checkpoint is a classic example of how software may boost efficiency and productivity in an organization. It enables scalability, automation, and other capabilities across the organization, and it can even be extended to partners and other stakeholders. We established benefits associated with each “P” in Ismail’s book based on the input we received from customers over 20 years.
Productivity: Automation of compliance auditing and monitoring tasks leads to increased productivity and lower costs. This is one of the benefits of end-to-end compliance management software.
Prevention is achieved by activities like routine compliance checks, audits, inspections, and assessments. These activities help to reduce risk exposure in a variety of domains, including quality control and product safety.
Participation: Scalable software makes it possible for an organization to involve any enterprise stakeholders, members of the supply chain, or contractors in the compliance process. Additionally, the organization can utilize tools such as self-assessment capability for collaboration purposes and more.
Personalization is adapting compliance questionnaires to the needs of a customer. This ensures that the compliance data collected is genuinely valuable to the organization.
Prediction: Collecting and analyzing compliance data over time helps organizations foresee where risk rests and avoid future disruptions via proactive risk mitigation. This is made possible by the fact that compliance data can be tracked over time.
It is not something that “would be wonderful” for a company to become an exponential organization. It is necessary for long-term survival in today’s ultra-competitive climate, which makes it a requirement (although, according to the book written by Ismail, “long-term” may now mean no more than 15 years or so). And the adoption of technology and digital solutions that will enable you to apply the 5 Ps to as many aspects of your company as possible is the key to accomplishing that transition, which is why it is the most important step.
Because compliance is both a regulatory requirement and an all-encompassing practice that can assist in improving a variety of other aspects of your organization, adopting a software solution such as Compliance Checkpoint is an excellent way to bring your organization one step closer to achieving the status of an EXO.