Previously, we read about GRC and its uses. In the era of rapidly changing and complex regulations in the area of GRC , regulatory professionals are in need of a tool which can turn an array of data into manageable information. Regulatory intelligence (RI) enables them to utilize this information to take certain proactive measures to avoid cost of non-compliance before it is realized. Thus, they get to be proactive rather than reactive.
RI is no more a “nice to have” option seen only in large multinational companies. SMEs are readily investing in this essential tool as it is a key instrument necessary to efficiently run the business. For this, one needs to follow standardized GRC procedures. It is all about embracing change and new technologies by refusing to follow the redundant practices.
An evolved RI helps us to be compliance and effective in managing the internal controls set up by the organization. Moreover, one can integrate all its GRC procedures on one single platform instead of working in silos. This helps the management to effectively monitor the entire organization by simply looking at an interactive, graphical and comprehensive dashboard. To learn more about how VComply helps an organization achieve the positive results, access the infographic below
Advantages of deploying a Regulatory Intelligence in the organization :
Less complexity and increased clarity
Various sectors of the economy have to face the perils of changing regulations with an unprecedented speed. Thus, it becomes difficult for the companies working in such highly regulated sectors to cope up with those changes. Also, VComply offers a one stop solution to the users backed by an efficient platform to reduce the trouble of going through the voluminous regulations.
Business professionals always doubt about it being cost effective to deploy GRC tools. Yet, one doesn’t look at the advantage of controlling the costs of compliance in turn, maximizing efficiency.
Knowledge Base at your fingertips
Such tools have a comprehensive library of regulations, internal controls and standards. One can bifurcate them country wise and industry wise to make it easy to navigate. Thus, one can access whatever data one needs from one single platform at any time.
What are the major responsibilities of a RI tool?
- Continuous identification and communication of significant changes in the regulatory arena to the users of the platform.
- Also, it help the user conduct and view insightful reports and analyses on a single dashboard to facilitate strategic and proactive decision-making
- Hand hold the users to understand regulatory compliance via consultants . Hence, this helps them respond to the dynamic environment
- Facilitate access to high-value and frequently referenced regulatory intelligence sources
- Help the company to maintain a indelible audit trail to enable the auditor to monitor them as and when required on an interactive platform.