Technology and Compliance
The time for technology to work seamlessly with compliance functions is now and not in the future. With the available technology and the increased importance of compliance, organisations should be seamlessly merging technology with their compliance functions. It is often assumed that the larger organisations have sophisticated ERP systems but the number of fortune 500 companies that fail to embrace even basic tech tools will surprise you.
There are still many companies, including fortune 500 companies which rely on paper, spreadsheets, due diligence and contract management systems for managing their compliance. The number of companies still using such outdated methods is far greater than we acknowledge.
Organisations that still use outdated technologies will be left behind in the competitive market place. The demand for information sharing has increased significantly over the last decade due to the increasing interdependence of compliance functions and financial controls. An organization’s reluctance to incorporate modern engineering it into its compliance functions indicates a complacent approach towards compliance thereby increasing the risk of compliance failure.
With rapidly changing and improving technology it is essential that organisations avail the benefits of such tools. No longer are companies bound by bulky PCs that hold standalone software solutions – cloud based systems allow greater networking and increased accessibility to shared functions. There are several solutions available such as VComply, Riskpro, BWise, Metricstream to solve all your GRC problems!
Technology is game changer for every industry and management of compliance is no different. There are several ways in which engineering can help in the management of compliance for an organisation. Some of the ways in which technology can help in compliance management are :-
The rules and regulations of various government departments keep changing. Government keeps passing new regulations and hence it is essential to keep a track of these changes. Technology that helps track and manage regulatory changes and their business impact is essential for every business.
Policy and procedure management
Technology helps the organization in updating the members of the about the policies. Also, it helps to monitor the functionality of the policies . Technology helps in keeping an audit trail allowing the firm to ensure all policies are current and communicated to the members
Dashboard and key performance indicators
Technology helps in generating automated reports on compliance performance. Companies can analyse these reports further to improve compliance in areas which are not performing as per expectations.
Learning and Training management
It is crucial that employees not just aware of the rules and regulations but also know how to complete the compliance with respect to these rules and regulations. Technology can assist in training employees through delivery of training, conducting exercises and by taking tests.
Technology is be very useful to an organization in case of compliance failure or an unexpected incident. It would help in the document investigation process, incident management and facilitating collaboration. It would allow to record the variety of issues from different departments and the steps taken to resolve those issues. Once should review the results of the process. Thus, one can change/improve the process of tackling problems if required.
One of the key challenges for organisations across the world is compliance management. There are several organisations which do not have a compliance program in place. Some are still using outdated methods of compliance management. Organisations must use technology to not only enhance consistency of controls but also reduce costs associated with compliance. By not using technology organisations increase the risk of compliance failure, which can have drastic consequences such as loss of reputation, fines or even closure of business.Add to favorites