How to Ensure Compliance in Current Complex World?

Many organizations are being heavily regulated and the idea of staying compliant with changing regulations, and policy & procedures is an on-going challenge. Almost daily one comes across a news item informing us of penalty or fine imposed on companies which are negligent in staying compliant with the ever changing sea of regulations.

Today’s business climate is more complex and more challenging than ever before. It requires organizations to think about risk in new ways. According to a survey by Software Advice, there is a widespread consensus among employees that software is necessary to address the complexity and variety of regulations affecting the post-recession workplace. Also, the survey indicates that diversity and complexity of compliance requirements creates the potential for violations for over half of the respondents.

An automated and integrated approach to managing and enhancing enterprise risk and compliance activities is essential to help organizations seize opportunities, stay a step ahead of uncertainty, and meet stakeholder expectations. Compliance management software can assist companies in a variety of ways such as:

• Policy normalization features reduce the number of policies employees have to contend with by mapping emerging requirements to existing policies, aggregating similar policies etc.
• Policies can be mapped to controls to enhance visibility into the implementation of policies.
• Resource allocation can be improved with access to robust risk information.
• Institutions can capture data and ideas wherever they are created and convey them across the organization, ensuring everyone is harmonious with the latest information and is reflecting on ongoing business issues, as well as fresh solutions.
• Risk appetite and strategy can be aligned.

Predict360’s Enterprise Risk and Compliance Management Software automates the enterprise risk and compliance management process and helps achieve optimal visibility into all risk and compliance aspects of the organization. It leverages artificial Intelligence to provide regulatory insight, predict risks and drive operational excellence.

About the company

360factors, Inc. (Austin, TX) helps companies improve business performance by reducing risk and ensuring compliance. Predict360, its flagship software product, vertically integrates regulations and requirements, policies and procedures management, risks and controls, audit management and inspections, and on-line training and qualifications, in a single cloud-based platform based on artificial intelligence.

Source: https://www.softwareadvice.com/resources/compliance-management-software-employee-survey/

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