The advent of technology to business has brought about tremendous changes. But it is not limited to it. Regulatory authorities have also realized the benefits of technology and have started deploying methods embedded with it to ensure Regulatory Compliance. This has given regulators the ability to quicken the pace of regulation deployment, and consequently, compliance requirements. Complying with regulations is considered an activity that slows business down. So, agility with compliance may seem an ironic proposition. However, Agile Compliance Management makes this possible.
An agile business is expected to quickly adapt to changes in the business world related to both opportunities and threats. Quick adoption of new processes, techniques, and regulatory requirements results in continuous improvement, effective prioritization, and remaining on the right side of the law. Agile Compliance Management is based on the principles of agile and lean business practice. Some of those principles are as follows:
- Delivering effective products and services regularly.
- Focusing on technical excellence.
- Revaluating and readjusting.
- Enhancing sustainable development.
- Bringing product producers and markets together.
- Leveraging change to attain a competitive advantage.
Further, lean business practice intends to attain the following:
- Jettison waste
- Create quality.
- Create knowledge.
- Optimize operations.
- Deliver results quickly.
Agile Compliance Management focuses on mitigating risk that a company faces when tackling rapid development on regulation. Not only does a company have to ensure GRC (Governance, Risk, and Compliance), it also needs to ensure that the business activities are not impacted. It brings different departments of a company together to contribute to the Regulatory Compliance goal. Because of this, a company needs to ascertain and establish data integrity which helps it ensure that all key information is available for quick review. On the broadest canvas, this helps a company smoothen its process of delivering customer value even further.
Deploying Agile Compliance Management effectively ensures that in-house talent is adequately trained and understands the importance of compliance in business. Such trained employees, along with a lean business process, helps a company to leverage on change in regulation instead of being bogged down by it.
Putting Agile Compliance Management into practice may seem laborious initially, but its benefits far outweigh the effort required to implement it.
If your company can find the right partner to put into practice agile compliance principles, the process can become much easier. BA Fintech is such a partner. It has a tool named COMPLIANCE iNBOX which can make Compliance Management a breeze. It has a comprehensive Dashboard that provides key stakeholders with important information on a single screen. It has a built-in Compliance Calendar that keeps a tab of upcoming compliance events and sends out alerts so that your company never misses the due date.
The tool has comprehensive coverage including Income Tax, Indirect Tax, Labor Laws, Corporate Laws, as well as state and Federal Compliances. Making the company your partner in deploying agile Compliance Management can give you a seamless transition and help manage compliance better.
BA Fintech (a joint venture between Boston Financial Advisory Group and Avanze Group has an excellent product known as COMPLIANCE iNBOX (CiB). It is a Compliance Management software that integrates and streamlines the approach to Compliance Management. It promises timely and accurate compliance without the typical cost and hassles associated with the activity. Its Dashboard provides a comprehensive view of the status of various compliances and audit activities across an entire business on a single screen. It generates dynamic reports which present information in the form of charts, tables, and data grids which greatly simplify the decision-making process for Promoters and senior personnel and lets them focus on the core business.
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