As organisations strive to create (and sustain) value in the market, they come face-to-face with an ever-increasing set of uncertainties across labour law compliance, minimum wages, social security benefits, and more.
Unpredictable and always-evolving social, political, and environmental landscapes require them to embrace modern tools and technologies to deal with uncertainty and manage risks efficiently.
Technology, when implemented correctly, can help organisations transform their compliance management. From assessing existing compliance requirements to predicting future needs, identifying loopholes to driving real-time compliance reporting – there’s a lot that organisations can benefit from technology.
Here are ten reasons why you should use technology to manage your company compliance and maintain a robust risk, compliance, and governance program:
Organisations that struggle to monitor compliance risks efficiently have a lot to benefit from modern technology. A modern compliance solution can constantly analyse existing compliance data and monitor compliance risks. It can provide a 360-degree view of compliance status and provide role-based, drill-down dashboards to review current threats, predict the impact of these threats, and suggest appropriate action to be taken – to overcome risks and strengthen compliance posture.
As compliance requirements constantly change, technology solutions can make use of structured, rule-based processes to automate the compliance management process – without requiring any human intervention. Since automation eliminates time-consuming administrative tasks associated with documentation and review, you can pave the way for automatic monitoring of workflows and ensure the highest levels of compliance efficiency.
Since technology can be used to manage compliance needs, it eliminates the need for day-to-day monitoring of compliance – allowing compliance professionals to focus on more complex issues and exceptions management. Such elimination of mundane, repetitive, logic-driven tasks also helps increase reliability and transparency of the compliance management process.
Technology solutions can be used to manage the surging streams of unstructured data captured by organisations. Using technology, companies can efficiently manage data while predicting emerging compliance risks. Embedded data visualisation tools can provide an enterprise-wide view of compliance data while empowering compliance professionals to make the right decisions.
Modern compliance technology can also provide real-time access to an updated e-repository of documents related to Acts and Requirements. It can assess overwhelming amounts of data across the enterprise and identify (and review) compliance concerns facing your organisation. You can identify previously undisclosed vulnerabilities, review the likelihood (and impact) of such loopholes, and help in protecting your compliance environment.
Technology can not only help identify loopholes, but it can also help you in implementing the required changes from a central location. Instead of professionals having to implement each change manually, using a central enterprise-wide system, they can make edits to their existing compliance policies and have them reflected across the organisation – with a simple click of a button.
A robust compliance technology solution can also be used to carry out mundane, time-consuming tasks, and consolidate complex compliance requirements. By performing an array of intelligent tasks, it can review compliance data across the enterprise and help consolidate compliance requirements. It can help you stay up to date on changes to regulations, so you maintain a continuous compliance approach.
Using technology to gather and analyse data is also a great way to predict upcoming compliance needs. You can use compliance solutions to review the compliance level of your organisation while predicting the chances and impact of attacks based on your current activities. Using the data and information on activities, the business stakeholders can make inferences and decisions.
Compliance professionals can also leverage compliance solution platforms to carry out root-cause analysis and identify exceptions or problems earlier in the process. Such analysis can help you achieve fresh, data-driven insights while identifying interdependencies that had previously gone unnoticed – thus moving toward more continuous monitoring and value creation.
10. Enable real-time compliance reporting: Reporting is an integral part of the compliance management process and can be revolutionised with technology. Using modern compliance platforms, you can generate and view reports about compliance status – in a clearly structured format. You can enhance compliance process design while setting the foundation for real-time reporting and analysis. By embedding analytics across the organisation, you can also identify risks and learn to mitigate them before their occurrence.
In the modern world, organisations often get crushed under the weight of regulatory and compliance pressures.
To strengthen the efficiency and effectiveness of your compliance program, it is important to draw on technology to establish, monitor, and manage compliance needs and stay up to date with regulatory needs.
By using disruptive compliance technology solutions, compliance professionals can identify trends, patterns, and anomalies from compliance data to improve how daily risk mitigation activities are performed. So, embrace a modern compliance solution today to detect risk indicators, drive the strategic vision, and keep up with the pace of compliance change.