Compliance Management is a system that helps an organization ease its compliance procedures. It is a software-based automated program to monitor and audit business processes to align with legal requirements, organizational policies, and applicable laws. An organization can update its knowledgebase of compliance regulations and security standards at any time.
The needs of different organizations are different for an integrated Compliance Management System (CMS). Broadly these are:
- Regulatory and Legal Compliance
- IT Compliance
- Financial Services Compliance
Let us discuss these needs further.
- To meet Regulatory Compliance challenges. You may need to update documentation as often as necessary.
- To meet compliance requirements into business processes from sales to advertising to administration.
- To enforce and implement internal compliance and communicate updated compliance responsibilities to employees.
- To review operations and processes to make sure they are compliant and increase efficiency through defined processes.
- An audit from an external institution using cloud-based software programs with API integrations.
- Data protection to safeguard the organization against cyber-attacks.
- To reduce reputational risks and have good PR for the company as your capital partner needs to see that you abide by rules and regulations or not.
- To generate data-driven reports.
- To take corrective action and update tools and systems as needed
A Compliance Management System can be generic and industry-specific. The right software is required to run a successful compliance program according to an organization’s requirements.
Following are the parameters to evaluate Compliance Management software:
1. Organization’s Policies and Procedures
Board minutes must reflect a clear policy statement regarding procedures, and standards to establish clear expectations concerning compliance within the organization. Administer the audit functions if it is an outsourced function or not. Cloud-based software will help you to complete an outsourced function easily. Keep in mind these organizations need to choose a CMS.
2. Mandated Laws and Regulations
Administer what are the organization’s process for the development of new products or services, its distribution channels, and what is compliance risk involved. Identify regulatory requirements and update as per regulatory laws and regulations. And choose CMS in a view to reducing overall regulatory risk.
3. Quality and Efficiency
The primary objective of a CMS is to avoid manual errors in compliance processing. A quality CMS reduces the potential for errors or locates them early enough to avoid failures and penalties. It should provide complete oversight of all these compliance activities, with actions to be taken and possible deficiencies.
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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Also, we provide free training & support regarding the use of COMPLIANCE iNBOX.
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