In today’s world, organisations need to keep on top of constantly changing and stringent compliance regulations. Be it government rules, code of conduct, geopolitical disturbances, etc organisations have found that traditional ways of managing compliance may cause regulatory or reputational risk.
In our experience, the main hurdle in compliance adherence is the siloed structure of many organisations. Breaking down silos is one of the main reasons why the ReadiNow platform was recognised by CIOReview as one of the 20 Most Promising Compliance Technology Solution Providers of 2019 . You can read more about that here.
However, in this blog, we will discuss four important reasons why you should consider an integrated governance, risk and compliance management system.
1) Hard to keep up with the pace of updates
Heraclitus, a Greek philosopher, said, “Change is the only constant”. In the modern world, this has come true when we talk about compliance updates. “In Australia, every state has its own regulations and guidelines. In the year 2019 itself, there have been close to 2700 updates and it is expected to increase at an alarming rate,” said Kieran Seed, Senior Content Manager, Regulatory Compliance, LexisNexis while addressing a webinar organised by ReadiNow Corporation.
This means a lot of time and manual labour in doing the work, time that your highly qualified staff could be using to do more strategic and less manual work.
2) Need to restructure complex and unstructured information
The array of regulations from multiple bodies that a company needs to adhere to are extremely diverse and interconnected. This creates complexity in the company operations and the enormous compliance manuals comprising technical jargon, legal dictum, and endless regulations affect business decisions. Moreover, the bigger the organisation, the higher the complexities and compliances.
In order to remain compliant, the web of regulations need to be untangled in order to maintain manageability over the company’s compliance framework, and this can only be done with an agile compliance solution.
3) Duplication and inefficiency in the organisational processes
As organisations grow, either organically or via acquisition, overlapping regulations and controls become common place. Repeating steps create more confusion for the ones who execute it and even for those who are affected by it. It happens often when in bigger companies, there is a lack of coordination and collaboration between departments. This brings in more inefficiency having a huge impact on the functioning of the organisation. A platform that automates workflows to simplify the process for users by removing redundant steps is integral to improving efficiency and control when maintaining compliance with regulations.
4) Different locations, development centres, facilities
If an enterprise is spread across the globe with different offices in different parts of the world, there is a greater risk of compliance items being missed. With so many departments, employees, portfolios, projects and hierarchies to worry about, a spreadsheet or a manual compliance approach will not suffice. This leads to the generation of individual compliance reports and framework in all the offices which fail to deliver an accurate report to regulators. A platform that facilitates a consistent compliance reporting and adherence across every department and business unit is essential.
If you’d like to see one of the most promising compliance solutions in action, book a demo.
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