Best Practices for Compliance Automation

Regulatory compliance has local and international requirements, it also includes industry and legal regulations. Compliance failure may result to serious consequences like legal penalties and believe me, you don’t want to go that way. Aside from revenue loss, it will also destroy your brand image which can damage your reputation as a company. Automation is key to replacing inefficient and costly manual compliance.

The Essential Best Practices for Compliance Automation:

Invest in integrated platform, collaborative and cloud-based – an integrated regulatory change management platform that includes the latest regulatory library, regulatory knowledge management, risk management, audit management, incident management, case management, policy and procedures management, competency management tools, learning management, industry specific regulatory expert advice and compliance courses.

Risk-based approach to compliance – a technology that enables organizations to manage behavioral risk and audit gaps as a result of regulatory changes to prevent organizations from over and under complying with the regulations. Over complying and under complying with regulations or standards can be very costly to the company in the form of fines and damaged reputation. Typically this happens when organizations don’t have a sophisticated and scalable way to manage the regulations that apply to them. Every industry faces a unique set of risk mandates and compliance challenges that require close coordination and integration with many related GRC functions including regulatory and standards compliance, incident management, work place investigations, internal audit, and others.

Transparency – All history is captured and appropriate parties are notified. Communicate compliance status to Management, Compliance, and Risk Oversight parties.

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