Freeman Cebu Business

Why you need compliance management software

INTEGRITY BEAT - Henry Schumacker - The Freeman

Compliance officers, risk managers, IT executives: they all talk about automating compliance processes constantly, and for good reason. Most compliance processes are tedious pains in the neck.

Consequence: transform the way your program operates by bringing together all critical compliance systems and data into a single, integrated platform.

Explore the six integrated modules needed to a compliance platform, covering areas of data privacy, cyber security, anti-corruption etc.:

Risk – Create risk reports and implement mitigation activities through a company-wide catalog with inputs from all managers

Policy – Manage your policies: develop, publish and assign policies to employee groups for monitored implementation

Due Diligence – Evaluate, track and store third party and employee due diligence automatically.

Requests – Manage gifts, entertainment, and conflicts of interest all in one place. See how you can improve your request reporting rates.

Training – Train employee groups with e-learning courses and tests. Track and report the results.

Investigations – Capture whistleblower reports via online, emails and anonymous hotlines, manage cases and monitor and report outcomes.

When business leaders talk about competitive advantages, building and maintaining an ethical culture must be part of the agenda. They have to be aware that being caught in corruption, unfair competition, data breaches, cybercrime etc. will not only lead to heavy fines but will definitely affect the reputation of the company.

Consequently, top management expects that compliance professionals are proactive, savvy and strategic. I believe that the compliance management software you rely on should be too, as it seamlessly brings together all of your needed compliance functions.

It is important that you store all your data in one place. Never waste time trying to locate the information you need again. An automated compliance platform gives you a single source of truth for your compliance data, giving you visibility and peace of mind.

Compliance is perceived as a team effort, throughout the organization, that takes a proactive approach that enables the team to respond to global and local risks before they happen.

Compliance management software allows compliance teams to easily complete and monitor tasks, generate reports and focus on making strategic decisions about their programs and processes.

It is essential to move away from manual processes and transition to automated workflows that are customized to your operations.

Final Thoughts

A compliance program is never a one-size-fits-all affair. In order to craft an automated program appropriate for your organization, it is essential to first understand the critical components of a program and then tailor each element to the specific needs of the business. Technology is the backbone of any successful program, allowing your team to easily manage processes rather than getting bogged down in manual tasks.

If assistance in automation is needed, send me an email at schumacher@eitsc.com

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