According to the 2016 Thompson Reuters Survey, the cost of senior compliance resources is expected to increase, with 67% of the respondents expects the cost of senior compliance professionals to rise. The survey also cites that the increase in the cost has been driven by the lack of availability of compliance skills. It is indeed the main driving point for increased outsourcing of compliance functions in an organisation.
To bridge this gap in the compliance program of an organisation, businesses are increasingly leveraging the ease and efficiency of technology. Apart from augmenting the skill gap, technology solutions are making structural implementation of compliance program more effective and insight driven.
Influence of Technology in Compliance Management
The last mile reach:
Often it has been the case that the implementation of compliance directives loses traction at the local business unit level. In absence of full-time compliance enforcer, the unit head acts as both the operations and compliance lead. Thus, it may sometimes result in less than effective implementation of the program. Technology has simplified and streamlined this process and has been effective in creating a centralized compliance network in sync with the local business units. Thus, it has enabled a cost-effective solution to the successful implementation of the compliance framework in an organisation.
The automation of compliance directives drives the overall effectiveness through lesser human intervention. It also keeps the record for audit purpose. Thus, in an event of any modification in the directed guideline or the initiatives taken, the historical record serves as a safeguard to preempt any major compliance violation. At the same time, it pinpoints the aberrations in compliance directives. Moreover, by having the digital imprint of the compliance activities centralized and archived with drilling down option, the data can be easily segregated by verticals and departments.
With digitalization of records, it has been easier to delegate responsibility across the reporting structure. In an event of non-compliance, the response time involved in mitigation has also been reduced. What is of great advantage, is the fact that technology has helped in a cost-effective and efficient deployment of compliance guidelines irrespective of the organisation size and its expanse. The app interfaces with full functionality of the web platforms, assist with updated information and compliance management on the go. Some of the compliance management platforms come with a full calendar that shows you all your responsibilities in one place. You can also synchronise this with the Google Calendar. Features like these and more help to drive the productivity and safeguard against non-compliance penalties.
Insight Driven Approach:
With the reduction of paperwork and automation of the information gathering process, the compliance officers can now delve deeper into compliance performance. They can track and identify the instances of non-compliance more actively. A historical trend analysis can give insight into the bottlenecks in compliance directives execution. This can service as a guidance to the business functions which are historically prone to non-compliance events.
Dedicated smart platform for compliance management has enabled speedier and organised communication across teams. Entities have replaced the traditional email communication with a centralized collaborative platform. It helps in maintaining a complete transaction log and associates documents for each compliance responsibility. Many compliance platforms have power of individual compliance performance monitoring and feedback mechanism. Features like setting up of reminders or creating a customized database of applicable compliance guidelines for particular business function. This helps to negotiate the maze of compliance management better.
V-Comply is a SaaS tool which does the heavy lifting of compliance management for you. Moreover, is has features like Cal Repository, Compliance Library, Assign and Remind functionality, Cloud storage integration, Performance Tracking, Risk Classification. Thus, these powerful productivity features makes the process of compliance management simplified.Add to favorites