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The perks of having a Compliance Management Solution

Posted by: Sarah Hamilton | November 16, 2017

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At a fundamental level, compliance is the confirmation of appropriate deliverance of a service or goods by an organization. When a company follows the rules laid out by a regulatory body to the hilt, it means that it is compliant with the regulations. A number of enterprises are hassled by the presence of rules and regulation, and believe that they are unnecessary and sometimes redundant in nature. This approach is not ideal because it hinders the incorporation of compliances in an organization’s structure. Major corporations and organizations should realize the importance of regulations and understand that they are not risks, but methods devised to keep an organization in check and free from risks. By helping you eliminate the dangers of ignorance and wrongful operations, it saves your company from debilitating financial losses and slander. The need of compliance management is pretty evident in the current state of the industries and a sound Compliance Management Software is definitely the need of the hour.

Real World Challenges that Plague Compliance Management Operations

There are many obstacles in the path laid out for compliance management, which make it difficult to manage compliances. Below is a list of some of the challenges:

  1. The increased pace at which new compliances are created in many industries, such as banking and financial services, make it difficult for organizations armed with rudimentary methods to keep up and stay up to the task and handle compliance related needs.
  2. Organizations use a variety of compliance management tools for different departments, leading to the creation of silos. It also increases the cost of operation and slows down the process to get updates. Management of tasks when using a large number of tools is also takes a lot of manual effort.
  3. The older tools used for compliance management do not manage risks proactively. So, it is highly likely that a company employing such tools will suffer losses due to same mistakes, over and over again.

The Perfect Approach for Handling Compliances

Devised in 2014, ISO 19600 standard defines an ideology about how risk and compliance should operate together. This standard promotes the principles of good governance, transparency, proportionality, and sustainability. It advocates the utilization of a “Plan, Do, Check, Act” cycle, which it recognizes as a management method that aids businesses and allows them to consistently improve products and processes. This standard is meant for the aiding the governance, risk and compliance (GRC) aspect of organizations and provides the perfect approach for handling compliances.

The perks of having a Compliance Management Solution

Perks of Compliance Management Solution

As discussed earlier, the significance of a Compliance Management System is undeniable. However, if you still feel that it is not required, below are a few of its perks that may change your mind:

1. Integration of artificial intelligence (AI) in the Compliance Management Software allows you to Stay Proactive: The capability of AI to learn from the system can be used for automating compliance management tasks. An AI-powered solution uses big data for understanding patterns and trends. By analyzing data, it is able to predict future events, and helps you in devising a proactive strategy for countering risks. If you can employ AI powered software, you will be able to minimize risks and take your business to new heights.

2. Cuts Down on Operational Costs: Once procured, modern compliance management software can significantly reduce operational costs for an organization by making the compliance team more efficient.

3. Prevents the Development of Silos: When multiple software is employed in a system for taking care of compliances, they result in the development of silos. Silos can hamper the overall workflow and turn into stumbling blocks that can have a major impact on your organization’s performance. It is best to employ a single Enterprise Compliance Management System for handling all your compliance related tasks.

4. Leverages the Performance of the available Workforce: The addition of AI-powered compliance management software can complement the efforts of the available workforce and allow them to handle their daily work in a better way.

Generally, Compliance Management software comprises many modules, and each module covers a certain area. From vendor management to audit management to regulatory change management, there modules share data and work as a single entity.

Predict360’s Compliance Management Software

In order to ensure total compliance and elimination of risks, you can employ Predict360’s Compliance Management Software in your organization. Endorsed by the American Bankers Association (ABA), Predict360 comprises of the following modules which can be procured for creating the perfect Compliance Management System for your organization:

  1. Audit Management
  2. Case Management
  3. Regulatory Change Management
  4. Policy and Procedure Management
  5. Enterprise Risk Management
  6. Learning Management System
  7. Competency Management System
  8. Certification and Qualifications Management
  9. Performance Management System
  10. Vendor Management System

For more information about Compliance Management System 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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