Using Cloud-Based Software to Streamline Regulatory Workflow Automation

There are hundreds of processes that must be positioned for the organization to implement all the controls across the spectrum, not to mention the changes in regulations for the industry. How does an organization able to efficiently implement these processes, comply with all the latest regulations and manage such undertakings? Using cloud-based software to streamline regulatory workflow automation is very critical, it enables organizations to immediately automate processes across the enterprise and manage behavioral risk and audit gaps as a result of regulatory changes.

There has been an increased number of regulations over the years and compliance has not been static. As business continue to grow in an ever-changing regulatory landscape, your policy and procedures will have to evolve and the impact from your risk exposure to how it impacts your employees has to be assessed. This has been a great challenge for organizations over the years. Firms have been using excel, word access, sharepoint, relying on homegrown tools to address some regulatory compliance and licensing installed software to address other regulatory compliance exposure. Your Enterprise Regulatory Compliance must be automated and easily configurable to get an accurate assessment of your risk, brand and impact on your employees.

PREDICT360 is an enterprise regulatory change management cloud-based software platform which empowers you to take control of regulatory changes through integration of compliance tools, regulatory knowledge base, translation of the standards/regulations, expert advisory, and training to achieve continuous compliance. Our risk-based regulatory change management platform includes audit management, incident management, case management, policy & procedures management, competency management tools, risk management tools, industry specific regulatory expert advice with our time-tested learning management system and extensive library of more than 6,000 regulatory compliance courses to deliver an unparalleled solution for handling Governance, Risk, and Compliance (GRC) issues. Let’s underscore five main points on the benefits of using cloud-based software to streamline regulatory workflow automation:

• • Transparency – Dynamically manage your regulatory changes. PREDICT360 “indexes” the relevant regulatory websites, identifies changes to a regulation or standard, and identifies any new regulations or standards that have been added since the last update. Once the new content is identified, our staff member imports the content into the PREDICT360 software, pushes the updates out for deployment, and provides notification of the change.

    As a user of PREDICT360, you are notified of these changes, enabling your staff member to review and map such changes to relevant processes, procedures and/or training. PREDICT360, as a core component of your internal compliance program, captures the requirements you need to revisit and assists your staff member in mapping the changes to your documentation and internal controls.

    PREDICT360 will combine software and content to deliver solutions with embedded best practices templates, access to compliance training programs, expert advice alerts and integration of business processes with regulatory notifications and industry alerts to address your risk exposure. Regulations change, automate your process – reduce man-days, increase accuracy and ensure compliance with surveys, history reports, tracking and training.

  • Accountability – All history is captured and appropriate parties are notified. PREDICT360 dashboards and reports communicate compliance status to Management, Compliance, and Risk Oversight parties effectively proving compliance and efficiently handling audits. PREDICT360 also manages online training and risk assessments, improving the efficiency and workflow of your internal compliance program obligations. Additionally, 360Factors/360Training excels in content creation that adheres to regulatory compliance and tracking.

• • Visibility – Pull reports, dashboards and enable accountability, enforcement and execution based on your policies and procedures. This will help breakdown silos and provide you visibility at the Board of Director, C-level , Manager and front line employee level.

• • Policy and Procedures – PREDICT360′s policy and procedure software enables to manage the life cycle of policies through creation, communication, assessment/monitoring, tracking, maintenance/revising, version control with applicable laws and regulations. You can ensure processes, policies and procedures are aligned to industry standards, regulations, risks, incidents and best practices required for your business success.

• • PREDICT360′s Learning Management System includes all of Enterprise Learning management System features and in addition, it has some key compliance features such as the ability to create training plans and map those training plans to specific audit gaps and regulations as a part of the corrective and preventive action plan. The system has the ability to create a competency management system and stream line training to specific groups and individuals within the company. It has a very robust reporting and dashboarding engine that allows you to pull training reports by regions, location, by courses, work groups and non-completions.

Auditors and examiners have a predilection to automation over manual. Automation has less chances of human error; it is fast and has timely results. Fines and expensive investigations are just two of the many things that your organization can face as a result of non-compliance. They also have a negative impact on your company’s brand. Using cloud-based software easily identifies ownership, accountability and responsibility because it gives you an integrated and organized repository across all Change Regulatory Management areas to align your business processes with the standards and regulations.