Organizations are concerned about the costs of compliance, and compliance violations remain a major headache for management. Organizations want to improve compliance, but the prevalent perception is that it will increase the cost and affect the company’s profits. Organizations thus need to find a way to improve compliance, while at the same time also lowering the costs of compliance. While this may seem unattainable, there are solutions that manage to do both.
Automation is the answer
With the help of automation based compliance management solutions organizations can achieve better, faster, and smarter compliance management while at the same time significantly lowering the associated costs.
How automation improves compliance performance
Automation based compliance solutions, like Predict360™, track compliance related tasks automatically. Managers can easily create tasks and assign them to employees. This means no need for follow-ups, and no possibility of anything slipping through the cracks. Managers don’t have to remember important tasks, because they are always being notified about them. You can even create recurring tasks on a schedule according to your organizational needs, to ensure that all repeating tasks are automatically created and assigned when they should be.
That’s not all – these solutions also allow managers to track and monitor tasks based on different attributes such as due date, nature, and last updated. If management wants to see the tasks that are due to be completed soon to ensure they are on track, they can do it in just a few clicks.
How automation makes compliance departments faster
A significant amount of time is spent by compliance officers simply looking for information and creating reports. These actions are required for better compliance, but they aren’t directly compliance related tasks. Automation takes over these tasks and allows compliance stakeholders to begin working on actual compliance issues faster.
Management will no longer need to ask compliance officers to create reports and wait while reports are created – they can generate instant reports through the compliance management system. This provides an instant view of all compliance related activities whenever needed. All the administrative time-sinks associated with managing compliance related spreadsheets and documents are eliminated. Since everything is contained within one system, all the relevant documents are accessible from within the system as well. Users can also search by keywords, type of issue, due date, creation date, and many other parameters to quickly locate exactly what is needed.
Smarter compliance management
Predict360™ Compliance management solution comes with a built-in compliance calendar. Any compliance tasks due automatically show up in it. This means that management can always see what tasks are scheduled, and manage all compliance tasks from the calendar. Managers can create tasks, add files, track progress, and have discussions, all in one place.
It also empowers the compliance department to gain more insights from compliance data. Compliance management automation allows managers to slice and dice data the way they want. This results in the generation of real business intelligence for making the right decisions.
How automation lowers costs
Automation based compliance management solutions lower costs of compliance in multiple ways. They remove the administrative time-sinks and allow compliance officers to work much faster. This significantly lowers the labor-hours spent on compliance tasks, enabling your compliance department to accomplish much more while having the same amount of people – because your compliance officers will have the tools they need to work better and faster.
Another major reason for costs of compliance spiraling out of control is the lack of any holistic compliance view for management. Management cannot account for much of the work done in compliance since everything is being handled manually, and thus cannot manage costs properly. Compliance management systems provide powerful dashboards and reports which makes everything systematic, allowing management to track costs and make improvements wherever needed.
Since automation improves compliance management, there is a direct effect on chances of being penalized resulting from non-compliance. Staying compliant adds to the bottom-line of the business, which is just one of the reasons why compliance management solutions are so beneficial for organizations.
If you want to see how your organization can benefit from a compliance management solution like Predict360™, contact us for a live demo. If you want to test out the system within your organization to see how it will benefit you and your organization, get started with our free 30-day trial.
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.