A business needs to adhere to various rules and regulations prescribed by the governments, regulatory bodies, and employee unions. Compliance Management ensures that an organization is following prescribed Compliance Standards for business processes, policies, audits, documentation, security controls, and other fields. The hiring and development process, employee retention, and training aspects also need to be compliant as per Compliance standards. Therefore HR is also an integral part of an organization’s compliance structure.
Why Compliance Management Matters?
Comply with relevant legislation and any internal or external standards is mandatory. Non-compliance may result in heavy losses. The Non-Compliance Risks you face depends on an organization’s business model, processes, and employees.
Compliance standards are not static. And businesses have to respond to the continuous surge of new laws and regulations. Compliance adds value to an organization. Therefore, Compliance Management is an investment and not an expense.
Following are the compliance issues a business may face:
- To manage a dynamic IT environment
- To understand and manage corporate risk
- To reduce the non-compliance risk
- To understand and managing compliance in international markets
- To manage a robust compliance program
Compliance Software Necessity
Organizations have faced numerous challenges as products and businesses have become more complex with the diversified needs of customers. The speed and sophistication of transactions are also going up enormously. There is a need for technology and automated processes to face substantial new challenges in procedures and systems. Because tracking and monitoring compliances manually is a mammoth task.
There is a need for an updated solution that can cope up with business operations, market conditions, laws, and customers as well. It should be able to predict potential issues and must include controls and checks to protect against them.
You can choose COMPLIANCE iNBOX to solve every compliance issue in your business. It is suitable because of its following features:
1. Easy to use
COMPLIANCE iNBOXis designed for busy professionals and requires minimal training. It includes a variety of tools to automate recurring flows and processes. It reduces dependency on manual processes. You will be always ready for audits. It is ideal for Compliance Professionals as they can need not rely on support from their internal IT staff.
2. Fully SAAS based
COMPLIANCE iNBOXis designed for easy maintenance. You need not work hard to install and maintain. This ensures security and longevity with minimal IT expenses. You will appreciate the ease of remote online access instead of searching printed manuals. It is supporting the culture of integrity, transparency, trust and thus improves operational efficiencies.
3. Agile and Adaptive
COMPLIANCE iNBOXis the solution that can meet your growing requirements with the growth of your business. It is fully customizable for quick adaptability to address your compliance and risk management.
Contact BA Fintech for further queries on Compliance iNBOX.
BA Fintech (a joint venture between Boston Financial Advisory Groupand 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.
Why not give us a call & find more about us? We are here to help you.
Also, we provide free training & support regarding the use of COMPLIANCE iNBOX.
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