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Benefits of an Automated Compliance Management System

Posted by: Andrew Hunt | September 5, 2017

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Adhering to regulations is important for all institutions and organizations. Whether it is a manufacturing industry or Foreign Exchange or banking domain, each sector has a regulatory body that oversees its operations. The regulatory body has the responsibility of laying down guidelines and see to it that they are adhered to by the various institutions.

Benefits of an Automated Compliance Management System

Compliance: The Great Problem

Institutions like banks and stock exchanges have cross-functional departments which make it impossible to streamline and standardize the workflow without formulating strict compliances. With an increase in the number of rules and regulations, it is difficult to stay compliant with all the standards and policies. As today’s business climate is more complex than ever, the employees are finding it hard to adhere to the policies. Sometimes rules are broken due to negligence and sometimes due to lack of information about a newly created rule. It has become almost impossible to be compliant at all times by making use of rudimentary systems.

Automation and AI: The Rescue Act

The great problem of compliance has been a stumbling block for many organizations. Companies often incur fines and penalties due to negligence which costs them thousands of dollars and the sword of potential lawsuits, forever hangs over their heads. However, in the maze of rules and regulations, finally there is light at the end of the tunnel in the form of Compliance Management Software which is fully automated and powered by Artificial Intelligence (AI). It takes manual observation out of the equation by automating the enterprise risk and compliance management process and helps in achieving optimal visibility into all risky compliance specific aspects of the organization.

Need for a Compliance Management Software

After a lot of debate and surveys over devising the best approach for compliance management, it is agreed that Compliance Management Software is necessary to address the complexity and variety of regulations affecting the post-recession workplace. An automated and collective method for managing enterprise risk and compliance activities is essential to help organizations seize opportunities. A Compliance Management System lets you stay a step ahead of uncertainty, and meet stakeholder expectations.

Advantages of Using Compliance Management Software

There are five clear benefits of using a Compliance Management Software which are listed below:

  1. With the use of a Compliance Management Software, institutions can capture data and ideas wherever they are created and convey them across the organization. This ensures everyone is in sync and has the latest information. This allows everyone to ponder upon ongoing business issues and reflect on all the available solutions to the problems.
  2. The Compliance Management System comes with policy normalization features which reduce the number of policies the employees have to deal with by mapping emerging requirements to existing policies. The software also aggregates similar policies and helps in grouping them.
  3. Compliance Management Software helps in aligning risk appetite and strategy.
  4. With a Compliance Management System, policies can be mapped to controls. This provides better visibility when the policies are implemented.
  5. It is easy to allocate resources to address issues when you have access to solid information about prevalent risks. The Compliance Management System keeps track of the risks and provides all the important information.

Predict360’s Enterprise Risk and Compliance Management Software

The Enterprise Risk and Compliance Management Software by Predict360 is an innovative and groundbreaking software that addresses all the needs of compliance management. It makes use of artificial Intelligence and offers regulatory insights while predicting risk factors and allows an organization to carry out its operations smoothly.

Artificial Intelligence incorporated in the Predict360’s Compliance Management Software is the main reason why this software works so well. Without any need for manual intervention, it uses its internal logic to make decisions. The internal logic of the AI keeps on updating with regular use in a particular system. The AI observes all the patterns, analyzes data, and learns from the system in which it is employed. With the use of AI, the whole process of compliance management becomes automated. The use of the AI powered automated software enables an organization to cut down on resources and hence, helps in increasing its profit margins.

For more information about Compliance Management Software and how it can be further enhanced as part of an integrated risk and compliance management suite, visit https://www.360factors.com/.

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.

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