How to Ensure Successful Compliance Management?

In an environment where the global economic recession, demise of major financial institutions, and ever-changing business landscape have led to stricter regulations in major industries and countries around the world, the phrase “Compliance Management” has become an extremely important phrase that can make or break a company.

Companies are challenged with the constant addition and modification of thousands of regulations with multijurisdictional requirements and increased pressure to deliver uncompromising compliance with reduced budgets and significant resource constraints. Many companies lack a structured approach to managing compliance and are often caught “Working in Compliance” vs. “Working on Compliance”.  Working in compliance involves being caught off-guard, being reactive and spending a lot of time and dollars putting out fires and dealing with the aftermath. Working on compliance entails doing proper analysis, being proactive and putting a regulatory compliance management structure in place.

Risk is attached to every regulatory compliance and an organization’s inability to “work on compliance” will potentially increase risk, leaving the company vulnerable. To ensure compliance, it is critical for organizations to implement an effective compliance management model and ensure that a culture of compliance is embedded within their organization.

Executive Management must take responsibility, become familiar with legislative universe of their organizations, and assist in providing assurance that structures and processes are adequate and effective to mitigate regulatory compliance risks.

Further, companies should be looking at reducing risk, cutting costs and improving performance by adopting a vertically integrated governance, risk and compliance solution. A vertically integrated  compliance management model and solution will lead to better reporting and provide a more complete and accurate view of critical risks facing the organization. This type of solution will bring together complex and disparate risk and compliance activities and direct these efforts more efficiently, provide consistency in taxonomy and alignment at the corporate level, and provide flexibility to business units to manage workflows and processes that are intertwined with the corporate strategy.

PREDICT360 Compliance Management Solution automates the process for organizations to better evaluate their overall risk profile as well as the effectiveness of their risk management and compliance programs to prevent compliance gaps. The real goal is not just compliance, it is to help organizations achieve the highest levels of business integrity by empowering them with tools to predict, analyze, plan and streamline internal controls and corporate governance – Compliance is just icing on the cake.

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.

Remain up-to-date on industry news / updates through our  Twitter & Linkedin profiles.

*All images are property of their respective owners