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The Power of Compliance Calendar

Posted by: Carl McCauley | January 29, 2018

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The new world order has seen the rise of mega enterprises with complex infrastructure. Streamlining operations has become essential for consistent functioning of these enterprises, which is why following regulatory guidelines has become vital. Besides simply following the rules, staying ahead of deadlines is crucial for evading action by regulatory bodies. Hence, there has been a growing need for a solution that can provide alerts at the right time for timely completion of regulatory tasks. A compliance calendar comes with information and deadlines specific to filing requirements for any type of business. The power of Compliance Calendar has been harnessed by various sectors like stock exchanges and banking organizations. The Banking & Financial Services Industry (BFSI) industry, as a whole, has received a major boost in the form of compliance calendar. It can be procured as part of Compliance Management Solution for convenience in management of all aspects of your business. In the long line of solutions designed for compliance management, Artificial Intelligence (AI) based software is best at achieving the desired results.

The Power of Compliance Calendar

Compliance Officer and Regulatory Reporting Deadlines

Regulatory reporting deadlines need to be adhered to, for staying diligent in work operations and escaping fines. Most small- and medium-sized banks employ a compliance officer responsible for executing compliance-related tasks. The compliance officer ensures proper functioning of an organization with respect to guidelines laid down by the regulatory bodies. The compliance officers need to lookout for solutions that are modular and scalable at the same time, and also have the power of a compliance calendar to improve upon adherence to deadlines. When integrated into compliance-specific software, the compliance calendar can help a great deal in the proper operation of an organization. Some of its many advantages are listed below:

1. Better Security of the Organization Data

With the advent of stringent compliances like General Data Protection Regulation (GDPR), the compliance officers need to manage the workflow in such a way that all the regulations laid down by the regulatory bodies are followed to the letter. Any sort of laxity on part of the compliance officer can lead to hazardous repercussions like company server getting hacked or client information getting stolen. With a compliance calendar, everything is managed timely and complicated situations are avoided.

2. Employees kept in Check

Even if the upper management is keeping a keen eye on the operations of the organization, there is still a chance that employees at lower levels are not doing the same. Any sort of delay in the performance of a task can trigger a chain of events that can lead to flouting of rules and regulations. In such scenarios, a compliance calendar can come in really handy as it provides timely notifications to everyone in the organization.

3. Helps Reduce Silos

When information is not disseminated throughout all departments, it can lead to the formation of silos. Without timely distribution of data, there is a possibility of employees missing out on vital information, which can lead to compliance violations.

4. Reduces Pressure on Compliance Officers

The number of compliance functions has been regularly increasing with time and there is an added burden on compliance officers to perform their tasks. It has become imperative for organizations to employ a Compliance Management System with the power of compliance calendar, in order to take the burden off the compliance officers.

5. Better Efficiency in Reporting

A calendaring service can be of great help in scenarios where you need to be ready with timely reports. A check compliance officer can benefit greatly from Compliance Management Software that gives him the power to access all the information in an ordered fashion.

Infusing the Power of AI in Compliance Calendar

AI is a transformative technology that is ready to transform the face of humanity. With the power of AI, it is possible to build solutions that were hard to envisage a few decades ago. AI brings with it the power of automation, which can help greatly in automating compliance-related tasks. In the light of governance, risk, and compliance (GRC) challenges faced by organizations today, Predict360 provides a revolutionary solution in the form of Compliance Management Solution suite that comes with the power of compliance calendar.

For more information about Compliance Management Solution 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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