Effective performance management is a key driver of businesses. The metrics of performance can be defined by the business through analytics – employing suitably applicable framework, statistics – taking into consideration historical data and present trends, and benchmarks – defining a baseline and setting targeted milestone.
When we talk about business performance we first think about financial performance and how this performance can ensure and drive the business growth and development of a company. Along with it, employee performance or even environmental performance, depending on your activity.
What is compliance management?
Compliance management is a process which ensures the implementation of rules and then the tracking of the performance of the resources responsible for enforcing the same. These rules can be either compliance standards, regulations, internal controls or even SOPs and guidelines.
Is there a way to manage compliance smarter?
What gets measured, gets done!
Nowadays, management of compliance using a complex combination of excel sheets and emails is rampant. Hence, it proves to be a daunting process for those who have to run it and take care of the compliance of a company.
A new smarter alternative to this complex process is gaining traction in the market, it’s e-GRC. This new way of managing compliance is based on the centralization of information, simplification of workflows, performance transparency, digitalization of information, effective risk management classification. The primary motivation being a reduction in time and effort, thus developing a smarter and scalable compliance management system in place.
The regulator is not your enemy!
For most of the people, regulation is barriers to growth, they are daunting administrative paperwork. Moreover, it slows your development pace.
Let’s see this with another point of view.
A research made by Ponemon Institute called “The True Cost of Compliance”, states that the cost of non-compliance is 2.65 times the cost of compliance!
This is usually not the figures we are thinking about when we talk about the cost of compliance. This number takes both obvious and hidden costs in account. They may range from the cost of financial penalties to the cost of reputation loss.
Complying with regulations and standards, in general, can become your competitive advantage. Indeed, another definition of compliance management can be reputation management, the stepping stone to a virtuous circle for your company!
Reputation and Compliance Management
Reputation is a game changer for a business. Compliance management is the basis of all your reputation management. With an ill-managed program, you may find your business behind the progress curve! Moreover, it may take much more time to gain a commanding foothold.
Compliance management can help a lot to guide you on the right side of the regulatory requirements. Once you build your reputation, don’t let it vanish!
Reputation building is a long term process! Such hard built credibility can fade in a second if you do not pay attention to the related factors.
V-Comply is a SaaS tool which does the heavy lifting of compliance management for you. It has features like Cal Repository, Compliance Library, Assign, and Remind functionality, Cloud storage integration, Performance Tracking, Risk Classification etc. These powerful features boast productivity and makes the process of compliance management Simplified.Add to favorites